2023-12-31-accounts - Kusuma Trust UK

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KUSUMA TRUST UK

(A company limited by guarantee and not having a share capital)

ACCOUNTS FOR THE YEAR to 31 December 2023

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	14
Annual Accounts	17
Statement of Financial Activities	17
Balance Sheet	18
Statement of Cash Flows	19
Notes to the accounts	20

Trustees’ Report for the year to 31 December 2023

The Trustees, who are also the directors of the charitable company, present their Report together with the Financial Statements of the Charity for the year to 31 December 2023. 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 charitable organisations and initiatives for the benefit of society and the wider world. Grants are awarded for capital projects, pilot projects, and programme delivery or research in our chosen priority areas and geographical regions. Where possible we prefer to give matched grants to encourage others to give and make our funding go further.

Our current strategic priorities and geographical regions for grant-making are listed below. These are reviewed from time to time and may change as directed by Trustees.

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 research.
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 Green Spaces : Promoting community engagement with 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.

Geographic Focus

Our geographic focus reflects the regions where the Founders have lived as we understand more about the challenges and complexities of these regions. These regions are:

The United Kingdom, primarily London
Gibraltar
India

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 institutions or smaller organisations that are working with local communities. Our grants may cover programme costs, equipment, infrastructure, research, and further studies in our areas of strategic priority. For larger grants we prefer to give matched funding.

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. Potential partners are asked for suitable proposals and undergo a due diligence process to ensure they have the appropriate governance, capacity and skills to deliver the project. We work with partners to define results we hope to achieve and agree key milestones to measure progress and outcomes. Grants are followed up over the duration of our funding through phone calls and visits by staff as deemed necessary.

Occasionally, we commission independent agencies to evaluate some of our projects. Information from these evaluations is used 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.

In 2023 we signed 63 new grant agreements totalling over £5,000,000 in current and future payments.

Funding within our Access to Opportunities priority area has included a wide variety of programmatic grants. We have supported exhibitions, learning programmes and festivals in cultural organisations. We have also supported organisations helping to prepare people for employment. Another area of growing work has been supporting organisations working with neurodivergent people or those with special educational needs.

In 2023, as part of our commitment to support Health and Wellbeing initiatives, we have continued our medical open call, providing grants of up to £150,000 towards medical equipment or capital projects at London-based NHS hospitals. These grants contributed towards a number of ultrasound machines, imaging equipment and a genetic sequencer, amongst other equipment needs. We have also continued to support medical research including treatments after heart attacks and the effects of diabetes on cells.

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 facilitated the creation of gardens and orchards in schools, communities, hospitals and museums alongside learning, mental health support and volunteer opportunities in these spaces.

In 2024 our aim is to increase our giving with a focus on capital grants as well as developing research grants to address cardiac conditions and neurodiversity. We are currently not seeking to give any new grants in India unless we find suitable opportunities.

Our Achievements

We made donations of £4,812,140 (2022: £5,646,707) to various charitable organisations in the year to 31 December 2023. The details of the grants awarded are included in note 3 of the accounts.

Some of our remarkable achievements in 2023 have included:

The opening of the Kusuma Photography and the Book Gallery at the Victoria and Albert Museum,
The Alexander the Great: The Making of a Myth exhibition and Jaipur Literature Festival at the British Library,
The opening of a Stem Cell Transplant Unit in the Grafton Way building at University College London Hospital,
Over 200 schools participating in the Articulation Competition hosted by the National Gallery,
● The opening of a new Visitor’s Centre at Hainault Forest,
St John Ambulance receiving their custom-made vehicles to provide emergency health cover for events,
The opening of the Kusuma Trust Special Care Baby Unit at Gibraltar Hospital to stabilise premature new-borns and avoid having to transport them to hospitals in Spain.

We are delighted that our partners continue to receive recognition for the work that they do. The V&A Photography Centre redevelopment won Best Public Building Interior at the World Architecture Festival

2023 and the restoration of Leighton House won the AJ Architecture Cultural Project Award. In Gibraltar, the Garrison Library Digitisation Project we supported received the heritage award and in India, our partners at Transform Schools have been commissioned by the World Bank to facilitate teacher training across the State of Tripura over the next 3 years.

The projects funded in the year to 31 December 2023 are outlined below.

UK PROGRAMMES Access to Opportunities and Education

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	Amount	Start date	End date
A New Direction	London’s Cultural Ambassadors Week	£43,250	25/01/2022	31/03/2023
ADHD Foundation	Neurodiversity Umbrella Project London Schools – Talk Matters	£22,000	02/10/2023	15/09/2024
Ambitious About Autism	Employ Autism Longitudinal Evaluation	£48,354	24/02/2022	30/09/2024
Avenues Youth Project	Kitchen Skills Project & Kitchen Refurbishment	£25,000	01/09/2021	15/01/2023
Avenues Youth Project	Friday Seniors - Freestyle Fridays at The Avenues Youth Project	£25,000	12/09/2022	15/10/2023
Board of Trustees of the Science Museum (Science Museum Group)	Technicians: Meet the Employee	£42,294	01/09/2023	31/08/2025
Bonny Downs Community Association	Growing Well	£24,991	31/05/2023	15/09/2024
British Library	Alexander the Great: The Making of a Myth	£100,000	25/07/2022	15/04/2023
British Library	The British Library Jaipur Literature Festival London	£45,000	20/03/2023	15/08/2023
Camden Art Centre	SEN Schools Programme and Schools Programme	£57,193	13/09/2023	30/08/2024
Caxton Youth Organisation	Creating Communities, Opportunities, and Employment Support	£25,000	23/07/2023	15/10/2024
Chess in Schools and Communities	Chess Fest 2023	£25,000	30/03/2023	15/08/2023
Children's Discovery Centre East London	Evaluation and Teachers’ Forum and CPD project	£25,380	01/09/2021	15/12/2023
Construction Industry Trust for Youth	Building Futures in the Tri-Borough	£25,000	01/09/2021	31/03/2023
Construction Industry Trust for Youth	Pathways to Professional Careers (Key Stage 5 Programme)	£50,000	03/07/2023	15/09/2024
Create (Arts) Limited	environment:tales	£49,506	15/10/2021	16/01/2023
Create (Arts) Limited	creative:connections	£25,000	15/05/2023	15/09/2024
Creative Futures	My Sound Stories	£54,300	01/11/2021	15/01/2023
Doorstep Library	Doorstep Library Reading projects	£50,000	01/10/2022	30/09/2023
Equal People Mencap	Making Food Work 2	£24,802	16/01/2023	15/02/2024
Foundling Museum	Co-curated exhibition: 'Finding Family'	£41,500	07/11/2022	27/08/2023
Future Frontiers	To support 400 students from London to undertake the first year of the new 2 year Future Frontiers programme	£50,000	05/06/2022	31/01/2025
Go Live Theatre Projects	Playmakers	£25,000	20/04/2023	15/02/2024
Greenpower Education Trust	Expanding Participation in London	£24,304	15/02/2021	15/08/2023
Hammersmith & Fulham Youth Zone	Hammersmith & Fulham’s Youth Zone (WEST)	£150,000	01/10/2022	30/09/2023
Imperial War Museum	Documentary Challenge programme	£18,510	01/09/2021	31/08/2023
Independent Provider of Special Education Advice (IPSEA)	Advice services & e-learning	£58,792	01/08/2023	31/07/2024
IntoUniversity	IntoUniversity's Core Costs	£100,000	01/10/2022	30/09/2023
Little Village	Little Village Core Costs	£100,000	01/10/2022	30/09/2023

Grantee	Project	Amount	Start date	End date
London Transport Museum Limited	Inspire Engineering Careers	£36,538	01/11/2021	15/01/2023
London Transport Museum Limited	21st Century Skills: Preparing for the Future	£46,650	08/09/2023	15/09/2024
Marylebone Cricket Club Foundation	MCCF - Action Plan for London	£25,000	17/05/2023	15/10/2024
Mayors Fund for London	Access Aspiration’s expansion into at least 10 new schools	£50,000	01/12/2021	15/08/2023
Migrants Organise Ltd	Mind the Gap	£15,000	01/11/2021	28/02/2023
Migration Museum	Migration Museum Education Programme	£45,900	05/09/2022	20/12/2023
Museum of Brands	Reconnecting Learners With Culture	£10,000	01/04/2022	31/03/2023
Museum of Brands	Widening Reach	£15,000	01/08/2023	30/08/2024
Museum of London	My Story Pilot	£80,000	01/04/2022	15/04/2023
MyBnk	Money Works	£24,500	01/11/2022	15/12/2023
National Autistic Society	Autism-friendly Guides	£21,104	01/05/2022	31/08/2023
National Gallery	Articulation	£126,000	01/04/2022	31/03/2023
National Gallery	Articulation Three Year Extension	£225,000	20/10/2023	31/03/2026
National Theatre	NT - New Views	£69,791	01/12/2023	31/08/2024
New Horizon Youth Centre Ltd	New Horizon Youth Centre Core Costs	£100,000	01/10/2022	30/09/2023
Nova New Opportunities	Family Programme’s School Holiday Activity Programme	£21,112	01/04/2022	31/03/2023
Nova New Opportunities	2023-24 Family programme	£20,000	20/06/2023	15/06/2024
Photographers’ Gallery	Teen Tours	£9,900	09/06/2021	31/03/2023
Photographers’ Gallery	Develop Programme	£31,649	07/09/2023	15/09/2026
Pursuing Independent Paths	Bridging the Gap	£65,490	16/01/2023	15/04/2025
Royal Academy of Dance	RAD - A New Home for Dance	£200,000	05/09/2022	15/10/2023
Royal Institution of Great Britain	Science in Schools 2023-24	£97,730	01/09/2023	15/09/2024
Royal Society for Blind Children	Culinary Horizons	£47,769	09/11/2021	15/01/2023
School-Home Support	To fund School-Home Support’s core costs	£100,000	01/11/2022	31/10/2023
Solidarity Sports	Solidarity Sport’s Core Costs	£25,000	01/11/2022	31/10/2023
Somerset House Trust	Makerversity exhibition and learning programme	£115,304	10/08/2023	15/03/2024
Southbank Centre	Imagine Festival 2024	£25,000	07/11/2023	15/03/2024
Speakers Trust	Culturally Speaking programme	£83,900	01/09/2023	31/07/2025
Speech and Language UK	Talk Boost Year 7	£50,000	01/11/2021	15/09/2023
St Giles Trust	To fund the St Giles Trust’s work in Kusuma Trust’s three London boroughs	£100,000	01/10/2022	30/09/2023
St Paul's Girls’ School	Funding towards the Bursary Programme	£100,000	01/06/2021	31/08/2023
St Paul's School	Colet Mentoring	£19,905	01/02/2022	31/08/2024
Street League	Sport and Employability Academy in Southwark	£176,499	17/11/2023	31/12/2025
Teach First	Teach First's Core Costs	£200,000	01/12/2022	30/11/2023
The Barbican Centre	Barbican Curriculum	£49,250	01/12/2022	15/10/2023
The Brilliant Club	Core Funding and South London Scholars Programme Expansion	£68,000	10/04/2022	15/09/2023
The Education Endowment Foundation	Early-Stage Programme Development – Innovation Stage	£77,000	17/10/2022	30/09/2024
The Friends of Leighton House	Developing the Leighton House Learning Centre	£45,450	01/06/2021	15/10/2024
The Literacy Pirates Limited	LP - Volunteering Programme	£25,000	12/04/2023	28/06/2024
The Media Trust	The Media Trust-Digital Creative Media Project	£50,000	01/07/2022	15/10/2023
The Smallpeice Trust	STEM Educational Enrichment for London Schools	£49,403	13/10/2023	15/10/2024
The Winch (The Winchester Project)	Roof repairs and dance machine replacement	£5,000	23/07/2021	01/07/2023
Transform Schools UK	Transform Schools UK	£25,000	12/09/2023	30/09/2024

Grantee	Project	Amount	Start date	End date
Universify Education	Improving Impact Data Collection	£5,000	30/06/2022	15/07/2023
Victoria & Albert Museum	Room 98 in the Photography Centre & the Photography Centre redevelopment more widely	£2,000,000	15/05/2022	15/06/2024
West London Zone	Supporting children and young people	£100,000	01/10/2022	30/09/2023
Young Westminster Foundation	Cultural Connections	£16,805	01/06/2022	31/07/2023
Young Westminster Foundation	Needs Analysis 2023	£10,000	21/03/2023	15/01/2024

Health and Wellbeing

We choose to support our local health care system in London 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	Amount	Start date	End date
Barts Charity	Covidsortium	£49,400	20/10/2021	30/06/2023
Croydon Health Services Charitable Fund	Croydon sick children’s play appeal	£40,157	01/09/2022	31/10/2023
CW+	Covid Grant reallocated to RADICAL	£90,000	25/03/2020	15/01/2023
Great Ormond Street Hospital (GOSH) Charity	GOSH 2 x Medtronic Stealth Image Guidance Systems	£79,556	13/03/2023	29/03/2024
Imperial Health Charity	Play & Therapy Room Redevelopment	£70,000	01/05/2023	30/08/2024
King's College Hospital Charity	Wobble Room	£10,000	13/06/2022	13/07/2023
Kingston Hospital NHS Foundation Trust General Charitable Fund	Extending the REU & at first floor level the paediatric unit at Kingston Hospital	£92,000	17/10/2022	31/07/2024
Moorfields Eye Charity	Moorfields Eye Charity- THUNDER Imager	£41,000	26/09/2022	15/01/2024
Raise, West Hertfordshire Hospitals Charity	Raise, West Hertfordshire Hospitals Charity- Interventional radiology ‘super scanner’	£159,000	01/09/2022	31/03/2025
Royal Brompton and Harefield NHS Foundation Trust	Genetic Sequencer	£103,906	07/07/2023	30/09/2024
SS. John and Elizabeth Charity	St John's Hospice - Garden Renovation	£97,652	01/11/2022	30/09/2024
St John Ambulance	Purchasing and equipping four First Aid Units	£240,240	15/04/2022	15/12/2023
The Royal Marsden Cancer Charity	Interoperative Ultrasound Machine & Mobile Image Intensifier	£96,000	20/02/2023	31/12/2024
The Royal National Orthopaedic Hospital Charity	The Imaging Ultrasound Project	£25,360	21/02/2023	30/04/2024
UCLH Charity	Grafton Way Building and in particular the Stem Cell Transplant Unit	£500,000	10/05/2022	21/03/2023
UCLH Charity	Upgrade to the cancer facilities	£490,000	18/12/2023	31/10/2025
University of Cambridge	A cardiac patch to restore heart function after a heart attack (research)	£225,000	16/03/2023	31/01/2026
University of Oxford	Choudhury Lab	£149,990	01/12/2023	15/03/2026

Community and Green Spaces

We focus our giving on green space projects that help provide Londoners access to greenspace, improve the city’s biodiversity and environment and provide opportunities for environmental learning. The spaces we support, often in built-up urban areas, have the bonus of bringing together communities and positively impacting mental health and wellbeing.

Grantee	Project	Amount	Start date	End date
Art Fund	The Wild Escape	£150,000	16/01/2023	15/06/2023
Ashden Climate Solutions	Sharing Spaces	£197,366	01/09/2023	30/09/2025
Asthma + Lung UK	ALUK- Little Lungs Programme	£100,000	01/09/2022	01/03/2024
Buglife The Invertebrae Conversion Trust	Get London buzzing!	£90,000	15/06/2022	28/02/2024
Bumble Bee Conservation Trust	Buzzing in the East End	£60,000	01/11/2023	28/02/2025
Butterfly Conservation	Big City Butterflies	£9,267	06/12/2021	15/01/2023
Calthorpe Community Gardens	Closed Loop Waste Recycling & Food Production Micro System	£37,879	18/10/2022	01/01/2023
Castlehaven Community Association	Edibeds	£25,000	20/04/2023	15/07/2024
Chiswick House and Gardens Trust	Meet Me at the Gates	£23,315	14/03/2022	15/08/2023
City Harvest	Core Costs	£50,000	27/04/2022	27/04/2023
Conservation Education and Research Trust (Earth Watch)	Teach Earth 2023	£25,000	1/10/2023	30/09/2024
Core Arts	Core Arts Community Garden	£64,200	01/11/2022	15/08/2025
Crisis UK	Roots and Shoots	£29,777	01/09/2022	31/03/2024
The Design Museum	Growing Together	£24,885	1/10/2022	31/03/2024
Freightliners Farm	2023 Freightliners City Farm Core Costs	£25,000	05/05/2023	10/06/2024
Fulham Palace Trust	Going Green	£106,892	15/06/2023	15/12/2025
Global Generation	GrowingTogether, Learning Together	£25,000	01/08/2022	29/09/2023
Hammersmith Community Gardens Association	Volunteering Structure and Handbook & The GrowWell Programme	£24,165	04/07/2022	31/12/2023
Linking Farming and Environment	Regional Education Consultant in London	£16,000	01/09/2022	31/07/2023
London Met	Wild Ways	£58,232	01/08/2020	15/09/2025
London Wildlife Trust	Wild City Traineeships, Young Advisors and the Green Jobs Fair	£25,000	01/04/2022	31/03/2023
Loughborough Junction Action Group	Growing Loughborough Farm	£25,000	30/11/2022	30/09/2024
Museum of the Home	Discovery Garden	£61,800	01/09/2023	30/08/2025
Natural History Museum	Urban Nature Project	£1,500,000	01/12/2021	15/02/2025
Oasis Children's Venture	Environmental Education Programme for Young People disengaged from Nature	£62,030	01/09/2023	30/09/2024
Roots and Shoots	Set to Flourish!	£22,507	01/09/2021	28/03/2023
Royal Horticultural Society	The construction of a working garden at the RHS Lewisham Hospital and the development of wellness programming at the garden for 2.5 years	£200,000	15/12/2022	31/08/2025
RSPB	Girlguiding LaSER nature events in London at RSPB	£13,429	06/12/2022	30/04/2024
Social Farms and Gardens	Londoners Natural Future Together	£65,180	01/04/2023	29/06/2026
Sufra NW London	Community Garden Manager	£23,973	16/05/2023	15/02/2025
Thames Explorer Trust	Performance Improvements and School Subsidies	£24,380	15/04/2023	15/04/2024
Thames21 Limited	Thames21-ReWilding the Rom	£99,915	01/09/2022	31/07/2024
The Chelsea Physic Garden Company	Partnership Projects at the Chelsea Physic Garden Company	£12,070	01/09/2021	23/12/2023
The Garden Classroom	A Very Urban Forest School	£28,595	16/06/2022	15/09/2024
The Orchard Project	Growing Fruit and Skills	£24,895	06/12/2022	31/07/2024
The Ramblers' Association	Don't Lose Your Way	£25,000	01/09/2022	27/11/2026
The Royal Parks	Green Futures	£80,000	01/06/2021	31/08/2023
The Royal Parks	Green Futures 2	£96,500	01/09/2023	30/09/2025

Grantee	Project	Amount	Start date	End date
The Woodland Trust	Hainault – A forest for the people of London and Essex	£77,779	01/11/2022	15/03/2024
The Zoological Society of London	Snowdon Aviary	£100,000	01/04/2019	28/04/2023
Trees For Cities	London Healthy Playgrounds	£200,000	07/11/2022	31/12/2025
Vauxhall City Farm	Developing the Farm	£98,600	01/08/2021	15/08/2024
Wildfowl and Wetlands Trust	Wetland watching	£25,000	01/11/2021	15/08/2023

Random Acts of Kindness

For the sixth consecutive year, staff and Trustees were given the opportunity to anonymously award oneoff 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	Amount	Start date	End date
Bow Foodbank	Random Act of Kindness	£10,000	17/11/2022	17/01/2024
British Red Cross	Random Act of Kindness	£10,000	18/11/2022	17/01/2024
Bromley and Croydon Women's Aid	Random Act of Kindness	£10,000	02/12/2022	17/01/2024
C4WS Homeless Project	Random Act of Kindness	£10,000	29/11/2023	01/11/2024
Campaign Against Living Miserably	Random Act of Kindness	£10,000	29/11/2023	01/11/2024
Disability Snowsport UK	Random Act of Kindness	£10,000	25/11/2022	17/01/2024
Evie's Gift	Random Act of Kindness	£7,000	25/11/2022	17/01/2024
Friends of Royal London Hospital	Random Act of Kindness	£10,000	02/12/2022	17/01/2024
Give a Book	Random Act of Kindness	£10,000	02/12/2022	17/01/2024
Home-Start WKCHF	Random Act of Kindness	£10,000	29/11/2023	01/11/2024
Kentish Town City Farm	Random Act of Kindness	£10,000	29/11/2023	01/11/2024
Lewisham Music	Random Act of Kindness	£10,000	02/12/2022	17/01/2024
London Reclaimed	Random Act of Kindness	£10,000	17/11/2022	17/01/2024
Magpie Project	Random Act of Kindness	£10,000	25/11/2022	17/01/2024
Motor Neurone Disease Association	Random Act of Kindness	£10,000	18/11/2022	17/01/2024
Music Venue Trust	Random Act of Kindness	£10,000	18/11/2022	17/01/2024
Rosetta Art Centre	Random Act of Kindness	£10,000	17/11/2022	17/01/2024
Sebby's Corner	Random Act of Kindness	£10,000	29/11/2023	01/11/2024
Sports Traider	Random Act of Kindness	£10,000	02/12/2022	17/01/2024
Street Doctors	Random Act of Kindness	£10,000	17/11/2022	17/01/2024
Sufra NW London	Random Act of Kindness	£10,000	25/11/2022	17/01/2024
Switch180	Random Act of Kindness	£10,000	02/12/2022	17/01/2024
The Arts Emergency Service	Random Act of Kindness	£10,000	29/11/2023	01/11/2024
The Friends of Rosendale Primary School	Random Act of Kindness	£5,000	02/12/2022	17/01/2024
The Hall School Charitable Trust	Random Act of Kindness	£10,000	06/12/2022	17/01/2024
The Healthy Living Platform	Random Act of Kindness	£10,000	05/12/2022	17/01/2024
The Listening Place	Random Act of Kindness	£10,000	17/11/2022	17/01/2024
Tomorrow's Warriors Trust	Random Act of Kindness	£10,000	29/11/2023	01/11/2024
Turn 2 Us	Random Act of Kindness	£10,000	25/11/2022	17/01/2024
Two Ridings Community Foundation	Random Act of Kindness	£10,000	25/11/2022	17/01/2024

Grantee	Project	Amount	Start date	End date
UK for UNHCR	Random Act of Kindness	£10,000	25/11/2022	17/01/2024
UK for UNHCR	Random Act of Kindness	£10,000	29/11/2023	01/11/2024
Woman's Trust	Random Act of Kindness	£10,000	12/12/2023	01/11/2024
Yard Theatre	Random Act of Kindness	£10,000	29/11/2023	01/11/2024
Yorkshire Air Ambulance Limited	Random Act of Kindness	£10,000	18/11/2022	17/01/2024
Young Minds	Random Act of Kindness	£10,000	18/11/2022	17/01/2024

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 our ongoing support for a leading medical institute to pioneer a new model of pain clinic for the elderly.

Grantee	Project	Amount	Start date	End date
Kusuma Trust Gibraltar	Programme and Operational Costs	£706,500	01/01/2023	31/12/2023
People for Action	Transform Schools - Building a Growth Pathway	£50,000	01/01/2023	31/12/2023
Sree Chitra Tirunal Institute for Medical Sciences and Technology	Upgrade the pain clinic for conditions and related health issues for the elderly	£32,200	01/03/2021	31/05/2026

Investments

Rothschild & Co Wealth Management UK Limited and Goldman Sachs International are the Charity's investment managers whose brief is to manage multi-currency investment portfolios for the Charity on a discretionary basis. The Charity’s Head of Investments and the Trustees review investment management arrangements and invest part of the Charity’s assets in an internally managed passive portfolio. 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 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.

Investments held at 31 December 2023 had a market value of £482,830,921 (31 December 2022: £438,388,056) and were acquired in accordance with the powers of the directors. During the year to 31 December 2023, £3,483,867 (USD 4,380,000) has been drawn down from the investment portfolios to fund the Charity’s operational and charitable expenditure (31 December 2022: £9,000,000).

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 their 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 £496,529,113 (31 December 2022: £455,836,668), which consisted of Unrestricted Funds of £6,822,629 (31 December 2022: £7,575,030) and Expendable Endowment Funds of £489,706,484 (31 December 2022: £448,261,638). 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 approximately one year of grant commitments and operational costs in cash and the distribution reserve. The balance in cash and the distribution reserve at 31 December 2023 was £3,840,423 (31 December 2022: £6,054,365) – 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 £6,822,629 (31 December 2022: £7,575,030) as programmes are further developed.

Structure, Governance and Management

The Kusuma Trust UK was established in the UK by a Memorandum of Association dated 13 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 revised Articles of Association, there must be at least two Trustees at all times and at 31 December 2023 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 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 charitable 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 charitable company being wound up, each member has guaranteed to contribute such amount as may be required (not exceeding £10).

Reference and Administrative information

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|||| |---|---|---| |Directors, Founders and Trustees:|Anurag Dikshit| |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| |5 King Street|79 Piccadilly| |London EC2V 8EA|London W1J 8EU| |Rothschild & Co Bank|Bank J. Safra Sarasin (Gibraltar) Ltd| |International Limited|First Floor, Neptune House| |St Julian’s Court|Marina Bay| |St Peter Port|Gibraltar GX11 1AA| |Guernsey GY1 3BP| |SG Kleinwort Hambros Bank Limited| |One Bank Street| |Canary Wharf| |London| |E14 4SG| |Auditors:|Dixon Wilson Audit Services LLP| |22 Chancery Lane| |London WC2A 1LS| |Investment Managers:|Goldman Sachs International| |Plumtree Court| |25 Shoe Lane| |London EC4A 4AU| |Rothschild & Co Wealth Management UK Limited| |New Court, St Swithin’s Lane| |London EC4N 8AL|

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Statement of Trustees, Responslblllties The Trustees are responsible for preparing the Trustee5' Report and the financial statements in accordance with applicable law and regulations. Company law require5 the Trustees to prepare the financial statements for each financial year. Under that law the Trustees have eletted to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a tnje 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 fin2nctal statements. the Trustees are required to.. Select 5uirable accounting politie5 and then apply them consistently.. Observe the methods and principles in the Charities SORP.. Make judgments and accounting escimates that are reasonable and prudenL Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will conrinue in business. The Trustees are responsible for keeping adequate accounting record5 that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accurdcy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for ¢aking reasonable step5 for the prevention and detection of fraud and other irregularities. Statement a5 to dlsclosure to our auditors In so far as the Trustees are aware at the time of approving our Trustee5' Innu21 report= There is no relevant information. being information needed by the auditor in connection with preparing their report, and The TNstees. having made enquiries of fellow Trustees that they ought to have individually taken. have each raken all steps that helshe is Obled 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 Dlkshlt (Dlrector) ..2024 13

Independent Auditor’s Report for the year to 31 December 2023

Opinion

We have audited the financial statements of Kusuma Trust UK (the ‘charitable company’) for the year ended 31 December 2023 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 2023 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 Trustees’ 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.

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 is 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 Trustees’ report has been prepared in accordance with applicable legal 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 material misstatements in 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.

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement set out on page 13, 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, 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.

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 noncompliance 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

Date: …..………………………………….2024

16 April

KUSUMA TRUST UK

STATEMENT OF FINANCIAL ACTIVITIES

(Including Income & Expenditure Account and Statement of Total Recognised Gains and Losses)

Note Unrestricted funds Endowment Funds Total Funds £ £ £ Income and endowments from: Investment Income 2 4,853,368 - 4,853,368 Total Income 4,853,368 - 4,853,368 Expenditure on: Charitable activities 3 5,421,492 - 5,421,492 Raising funds 4 184,277 1,422,128 1,606,405 Total Expenditure 5,605,769 1,422,128 7,027,897 Net gain/(loss) on investments 9 - 42,866,974 42,866,974 Net income/(expenditure) (752,401) 41,444,846 40,692,445 Reconciliation of funds Total funds brought forward 7,575,030 448,261,638 455,836,668 6,822,629 489,706,484 496,529,113 For the year to 31 December 2023 Total funds carried forward	December 2022 Total Funds £ 4,262,323
	4,262,323
	6,175,797 2,012,701
	8,188,498
	(35,142,301)
	(39,068,476) 494,905,144
	455,836,668

KUSUf4A TRUST UK Company Number 6753811 BALANCE SHEET AT 31 DECEMBER 2023 310ecember 2023 31 December 2022 Note Flxed A55ets Tangible a%sets Investments Total tsed assers 39,390 482,830.921 482,87Q,311 SO,418 438,388,056 438,438,474 Current Assets Debtor5 Cash a¢ bank and hand Total curret)t assets 365,125 13.656.451 14,021,576 405,049 17.706,572 Llabllltles Credi¢ors'. Amounts frdlllng due thin one year Net currenr assets 362,774 13,658.802 713.427 17.398.194 Total net assets The fijnds ofthe charlty: Unrestricted Funds Expendable Endowment funds 496,529,113 455,836.668 6322,629 489,706,484 7,575,030 448,261,638 rotul <hurlty funds 496,529,113 455,836.668 The No5 on pages 20 ¢0 32 lomi part of these Accounrs. Approved by the Director*". .2024 ANVRAG DIKSHIT CHAIRMAN 18

KUSUMA TRUST UK

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Total Funds at 31 December Note 2023 £ Net cash used in operating activities 15 (5,721,193) Cash flows from investing activities Dividends and interest from investments 2 4,853,368 Investment management charges 4 (1,606,405) Purchase of property, plant & equipment 8 - Purchase of investments 9 (374,703,524) Sale of investments 9 372,395,722 Net cash provided by investing activities 939,161 Change in cash and cash equivalents in the year (4,782,032) Cash and cash equivalents at the beginning of the year 11 17,706,572 Change in cash equivalents due to foreign exchange rate movements 9 731,911 Cash and cash equivalents at the end of the year 13,656,451	Total Funds at 31 December 2022 £
	(5,811,328)
	4,262,323 (2,012,701) (2,400) (264,619,231) 278,806,139
	16,434,130
	10,622,802 24,988,163 (17,904,393)
	17,706,572

KUSUMA TRUST UK

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 2022.

With respect to the next reporting period, year to 31 December 2024, 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.

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.

KUSUMA TRUST UK

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

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

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. Where the Fund Managers cannot source the traded price daily, the investments are valued using the most recent price available.

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.

KUSUMA TRUST UK

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

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

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 £ 166,600 2,972,352 1,378,417 282,871 53,128 4,853,368	Endowment Funds £ - - - - - -	Year to 31 December 2023 Total £ 166,600 2,972,352 1,378,417 282,871 53,128 4,853,368	Year to 31 December 2022 Total £ 258,217 3,402,035 464,731 114,878 22,462
				4,262,323

In the year to 31 December 2023, and the year to 31 December 2022, all investment income was unrestricted.

KUSUMA TRUST UK

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

3 Analysis of expenditure on charitable activities

Note India Projects Gibraltar projects £ £ Project Costs 46,700 644,530 Support costs 5 5,913 81,616 Total 52,613 726,146 All expenditure on charitable activities was unrestricted. Year to 31 December 2023 £ Awarded People for Action 46,700 Sree Chitra Tirunal Institute for Medical Sciences - 46,700 Kusuma Trust Gibraltar (Note 16) 644,530 644,530 ADHD Foundation 22,000 A New Direction - Ambitious about Autism 16,428 Ashden Climate Solutions 49,409 Asthma and Lung UK 49,321 Avenues Youth Project - Barts Charity - Beauchamp Lodge Settlement - Board of Trustees of the Science Museum 21,147 Bonny Downs Community Association 24,991 Bow Foodbank Limited - British Red Cross - Bromley and Croydon Women’s Aid - Bumble Bee Conservation Trust 40,000 Buglife - C4WS Homeless Project 10,000 Calthorpe Community Garden 18,939 Camden Art Centre 28,596 Campaign Against Living Miserably 10,000 Castlehaven Community Association 25,000 Caxton Youth Organisation 25,000 Chance to Shine - Chefs in Schools - Chess in Schools 25,000 Chiswick House and Gardens Trust - City Harvest Ltd 20,000 carried forward 385,831 UK GRANTEES The donations awarded were as follows: INDIA GRANTEES GIBRALTAR GRANTEES	UK projects £ 4,120,910 521,823 4,642,733 Year to 31 December 2023 £ Contingent Liability - 19,336 19,336 611,325 611,325 - - - 147,957 - - 25,000 - 21,147 - - - - 20,000 60,000 - - 28,597 - - - - - - - - 302,701	Total for the year ended 31 December 2023 £ 4,812,140 609,352 5,421,492 Year to 31 December 2022 £ Awarded 101,012 - 101,012 269,463 269,463 - 43,250 31,926 - 50,000 42,155 - 7,675 - - 10,000 10,000 10,000 - 30,000 - - - - - - 16,800 25,000 25,000 23,315 30,000 355,121	Total for the year ended 31 December 2022 £ 5,646,707 529,090
			6,175,797
			Year to 31 December 2022 £ Contingent Liability - 19,336
			19,336
			-
			-
			- - 16,428 - 50,000 - 25,000 - - - - - - - 60,000 - 18,939 - - - - - - - - 20,000
			190,367

KUSUMA TRUST UK

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

3 Analysis of expenditure on charitable activities (cont'd)

brought forward Conservation Education and Research Trust Construction Industry Trust for Youth Core Arts Create (Arts) Limited Creative Futures (UK) Limited Crisis UK Croydon Health Services Charitable Fund Design Museum Disability Snowsport UK Doorstep Library Equal People Mencap Evie's Gift Founders4schools Foundling Museum Freightliners Farm Ltd Friends of Holland Park Friends of Rosendale Primary School Friends of Royal London Hospital Fulham Palace Trust Future Frontiers Give a Book Global Generation Go Live Theatre Projects Great Ormond Street Hospital Charity Hammersmith & Fulham Youth Zone Hammersmith Community Gardens Association Home-Start WKCHF I CAN Charity Imperial College Imperial Health Charity IntoUniversity IPSEA Islington Play Association Kentish Town City Farm KIDS King's College Hospital Charity Kingston Hospital NHS Foundation Leaf UK Lewisham Music Little Village HQ London Metropolitan University London Reclaimed London Transport Museum Limited carried forward	Year to 31 December 2023 £ Awarded 385,831 25,000 25,000 32,100 25,000 5,000 14,777 - - - - 24,802 - - 20,750 25,000 - - - - 25,000 - - 25,000 79,556 - - 10,000 50,000 49,988 - - 29,396 - 10,000 - - 92,000 - - - - - 23,325 977,525	Year to 31 December 2023 £ Contingent Liability 302,701 - 25,000 - - - - - - - - - - - - - - - - 106,892 - - - - - - - - - - 70,000 - 29,396 - - - - - - - - 41,840 - 23,325 599,154	Year to 31 December 2022 £ Awarded 355,121 - - 32,100 24,753 24,150 15,000 40,157 24,885 10,000 50,000 - 7,000 25,000 20,750 - 8,137 5,000 10,000 - 25,000 10,000 25,000 - - 150,000 24,165 - - 33,861 100,000 - 34,400 - 8,003 10,000 - 16,000 10,000 100,000 16,392 10,000 18,269 1,243,143	Year to 31 December 2022 £ Contingent Liability
				190,367 - - 32,100 - 5,000 14,777 - - - - 24,802 - - 20,750 - - - - - 25,000 - - - - - - - 50,000 50,000 - - - - - - 92,000 - - - 41,840 - -
				546,636

KUSUMA TRUST UK

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

3 Analysis of expenditure on charitable activities (cont'd)

brought forward London Wildlife Trust Loughborough Junction Action Group Magpie Project Marylebone Cricket Club Foundation Mayors Fund for London Migration Museum Motor Neurone Disease Association Moorfields Eye Charity Museum of Brands Museum of London Museum of the Home Music Venue Trust MyBnk National Art Collections Fund National Autistic Society National Gallery National Theatre Natural History Museum New Horizon Youth Centre Nova New Opportunities Oasis Children's Venture Photographers Gallery Pursuing Independent Paths Rosetta Art Centre Royal Academy of Dance Royal Brompton & Harefield Hospitals Charity Royal Horticultural Society Royal Institute of Great Britian Royal Society for Blind Children Royal Society for the Protection of Birds School Home Support Sebby's Corner Solidarity Sports Social Farms and Gardens Somerset House Trust Southbank Centre Speakers Trust Sports Traider Charity SS John & Elizabeth Charity St Giles Trust St John's Ambulance St Paul's School St Paul's Girls School carried forward	Year to 31 December 2023 £ Awarded 977,525 - 25,000 - 25,000 10,000 45,900 - 41,000 15,000 27,000 20,000 - - 150,000 - 126,000 - 200,000 - 20,000 31,015 - 32,745 - - 103,906 108,800 48,865 20,013 - - 10,000 - 65,180 57,652 25,000 43,910 - - - 126,240 - - 2,355,751	Year to 31 December 2023 £ Contingent Liability 599,154 - - - - - - - - - - 41,800 - - - - 225,000 69,792 575,000 - - 31,015 31,650 32,745 - - - 91,202 48,865 - - - - - - 57,652 - 39,990 - 77,652 - - - - 1,921,517	Year to 31 December 2022 £ Awarded 1,243,143 25,000 - 10,000 - 15,000 - 10,000 - 10,000 53,000 - 10,000 24,500 - 21,104 - - 375,000 100,000 21,112 - - - 10,000 200,000 38,465 - 32,995 27,756 13,429 100,000 - 25,000 - 30,780 - - 10,000 20,000 100,000 114,000 19,905 50,000 2,710,189	Year to 31 December 2022 £ Contingent Liability
				546,636 - 25,000 - - 10,000 49,500 - 41,000 - 27,000 - - - 150,000 - 126,000 - 700,000 - - - - 65,490 - - - - - 20,013 - - - - - - - - - 77,652 - 126,240 - -
				1,964,531

KUSUMA TRUST UK

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

3 Analysis of expenditure on charitable activities (cont'd)

brought forward Street Doctors Street League Sufra – NW London Swith180 Teach First Thames Explorer Trust Thames21 Limited The Arts Emergency Service The Barbican Centre The Bike Project The Brilliant Club The British Library The Chelsea Physic Garden Company The Education Endowment Foundation The Friends of Leighton House The Garden Classroom The Hall School Charitable Trust The Healthy Living Platform The Listening Place The Literacy Pirates The Media Trust The Orchard Project (Cause) Ltd The Royal Association for Deaf People The Royal Marsden Cancer Charity DRF The RNOH NHS Trust Charity The Royal Parks The Smallpeice Trust The Woodlands Trust The Zoological Society of London Tomorrows Warrior Trust Transform Schools UK Trees for Cities Turn2Us Charity Two Ridings Community Foundation United Kingdom for UNHCR Universify Education University College London Hospitals Charity University of Cambridge University of Oxford Vauxhall City Farm Victoria & Albert Museum Wildfowl and Wetlands Trust Woman's Trust carried forward	Year to 31 December 2023 £ Awarded 2,355,751 - 43,723 - - - 24,380 76,515 10,000 24,625 - 25,000 95,000 - 77,000 - 14,858 - - - 25,000 25,000 - 14,992 - 25,250 - 24,701 - 30,000 10,000 25,000 - - - 10,000 - - 75,000 73,427 - 1,000,000 15,688 10,000 4,110,910	Year to 31 December 2023 £ Contingent Liability 1,921,517 - 132,777 23,973 - - - 11,640 - - - - - - - - - - - - - - - - 96,000 - 96,500 24,702 77,779 45,000 - - 160,000 - - - - 490,000 150,000 76,563 - - - - 3,306,451	Year to 31 December 2022 £ Awarded 2,710,189 10,000 - 10,000 10,000 200,000 - 11,760 - 24,625 - 43,000 59,000 - - 45,450 13,737 10,000 10,000 10,000 - 25,000 24,895 14,992 - - 60,000 - - - - - 40,000 10,000 10,000 10,000 5,000 500,000 50,000 - 53,467 1,000,000 - - 4,971,115	Year to 31 December 2022 £ Contingent Liability
				1,964,531 - - - - - - 88,156 - 24,625 - 25,000 50,000 - 97,000 - 14,858 - - - - 25,000 - 14,992 - - - - - 75,000 - - 160,000 - - - - - - - - 1,000,000 - -
				3,539,162

KUSUMA TRUST UK

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

3 Analysis of expenditure on charitable activities (cont'd)

Year to 31 December 2023 £ Awarded 4,110,910 10,000 - - - - - - -	Year to 31 December 2022 £ Awarded 4,971,115 - - 159,000 100,000 9,312 10,000 10,000 16,805	Year to 31 December 2022 £ Contingent Liability
		3,539,162 - - - - - - - -
4,120,910	5,276,232	3,539,162

4,812,140	5,646,707	3,558,498
	Year to 31 December 2023 Total 1 1 82 84	Year to 31 December 2022 Total 1 1 103
		105

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.

KUSUMA TRUST UK

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

4 Costs of raising funds Other professional fees Other charges - withholding tax Withholding tax reclassification Investment management fees	Unrestricted Funds £ - - 137,587 46,690 184,277	Endowment Funds £ 1,369,818 99,000 - (46,690) 1,422,128	Year to 31 December 2023 Total £ 1,369,818 99,000 137,587 - 1,606,405	Year to 31 December 2022 Total £ 1,794,552 96,000 122,149 -
				2,012,701

In the year to 31 December 2023 and 2022, investment management fees and other professional fees were incurred in the endowment fund and withholding tax was incurred in the unrestricted 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 (see note 7) General governance costs	Year to Year to 31 December 31 December 2023 2022 £ £ 358,389 295,558 109,346 119,122 45,517 56,169 15,104 13,298 19,859 16,831 11,028 11,774 50,109 16,338 609,352 529,090 Year to Year to 31 December 31 December 2023 2022 £ £ 24,403 480 25,643 15,793 63 65 50,109 16,338 Total support costs	Year to Year to 31 December 31 December 2023 2022 £ £ 358,389 295,558 109,346 119,122 45,517 56,169 15,104 13,298 19,859 16,831 11,028 11,774 50,109 16,338 609,352 529,090 Year to Year to 31 December 31 December 2023 2022 £ £ 24,403 480 25,643 15,793 63 65 50,109 16,338 Total support costs
		529,090
		Year to 31 December 2022 £ 480 15,793 65
		16,338

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.

KUSUMA TRUST UK

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023 £ 308,575 26,428 21,340 2,046 358,389	Year to 31 December 2022 £ 255,452 22,472 15,540 2,094
		295,558

The average number of persons employed by the Trust during the year ending 31 December 2023 was seven (December 2022: seven).

The number of employees who received employee benefits over £60,000 was one (December 2022: nil).

Employer pension contributions for the year totalled £21,340 (December 2022: £15,540).

7 Net income for the year

This is stated after charging: Operating leases - property Depreciation Auditors remuneration: (see note 5) - Audit fees - Accountancy services	Year to 31 December 2023 £ 45,517 11,028 22,643 3,000 82,188	Year to 31 December 2022 £ 56,169 11,774 12,793 3,000
		83,736

8 Tangible Fixed Assets

Cost As at 1 January 2023 Additions As at 31 December 2023 Depreciation As at 1 January 2023 Charge for the year As at 31 December 2023 Net book value As at 31 December 2023 As at 31 December 2022	Office Renovation £ 97,816 - 97,816 51,347 9,780 61,127 36,689 46,469	Furniture and Fittings £ 1,048 - 1,048 1,048 - 1,048 - -	Office and Computer Equipment £ 17,694 - 17,694 13,745 1,248 14,993 2,701 3,949	Total £ 116,558 -
				116,558
				66,140 11,028
				77,168
				39,390
				50,418

KUSUMA TRUST UK

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

9 Fixed Asset Investments

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/(loss) on investments Realised and unrealised gain/(loss) on cash at bank and in hand Total net gain/(loss) on investments Sales proceeds Purchases at cost Market value at 1 January 2023 Investments at book value at 31 December 2023 Investments at market value on 31 December 2023 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/(losses)	31 December 2023 £ 438,388,056 374,703,524 (372,395,722) 42,135,063 482,830,921 392,354,861 31 December 2023 £ 3,706,927 413,591,213 65,532,781 482,830,921 31 December 2023 £ 482,830,921 341,586 9,816,028 492,988,535 31 December 2023 £ 42,135,063 731,911 42,866,974	31 December 2022 £ 469,812,872 264,619,231 (278,806,139) (17,237,908)
		438,388,056
		384,675,754
		31 December 2022 £ 6,159,209 347,422,469 84,806,378
		438,388,056
		31 December 2022 £ 438,388,056 381,510 11,652,207
		450,421,773
		31 December 2022 £ (17,237,908) (17,904,393)
		(35,142,301)

As explained in the Trustees' Annual Report on page 10, the investment managers are briefed to manage multi currency investment portfolios on a discretionary basis. The internally managed portfolio is managed under the same investment brief.

In both the year to 31 December 2023 and the year to 31 December 2022, all realised and unrealised gains on investments were allocated to the endowment fund.

KUSUMA TRUST UK

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

10 Debtors Other debtors Accrued investment income 11 Cash at bank and in hand Cash & distribution reserves Cash held by investment managers 12 Creditors - amounts falling due within one year Grants payable Accruals Trade creditors	31 December 2023 £ 23,539 341,586 365,125 31 December 2023 £ 3,840,423 9,816,028 13,656,451 31 December 2023 £ 63,723 261,918 37,133 362,774	31 December 2022 £ 23,539 381,510
		405,049
		31 December 2022 £ 6,054,365 11,652,207
		17,706,572
		31 December 2022 £ 404,125 282,718 26,584
		713,427

13 Total Funds

Funds as at 31 December 2023 are represented by:

Unrestricted Endowment Funds Funds £ £ Tangible Assets 39,390 - Investments - 482,830,921 Debtors 365,125 - Cash at bank and in hand 6,549,759 7,106,692 Creditors falling due within one year (131,645) (231,129) 6,822,629 489,706,484 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 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 2023 The Trustees have considered the need for a separate fund-by-fund analysis; given that the Statement of Financial Activities shows this information in sufficient detail.	31 December 31 December 2023 2022 Total Total £ £ 39,390 50,418 482,830,921 438,388,056 365,125 405,049 13,656,451 17,706,572 (362,774) (713,427) 496,529,113 455,836,668 31 December 31 December 2023 2022 £ £ 58,391 29,195 160,574 218,964 218,965 248,159 404,125 4,812,140 (5,152,542) 63,723 the fund structure is straightforward,	31 December 2022 Total £ 50,418 438,388,056 405,049 17,706,572 (713,427)
		455,836,668
		248,159
		404,125 4,812,140 (5,152,542)
		63,723

14 Financial Commitments

KUSUMA TRUST UK

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

15 Reconciliation of net movements in funds to net cash flows from operating activities

Note Net incoming/(outgoing) resources for the year (Gains)/losses on investments 9 Less investment income earned 2 Add costs of raising funds 4 Add depreciation 8 Decrease/(increase) in debtors 10 (Decrease)/increase in creditors within one year 12 Net cash used in operating activities	For the Year to 31 December 2023 £ 40,692,445 (42,866,974) (4,853,368) 1,606,405 11,028 39,924 (350,653) (5,721,193)	For the Year to 31 December 2022 £ (39,068,476) 35,142,301 (4,262,323) 2,012,701 11,774 (26,355) 379,050
		(5,811,328)

16 Related Party Transactions

Kusuma Trust Gibraltar is a related party in the year as it has Trustees in common with Kusuma Trust UK who are able to exercise significant influence over Kusuma Trust Gibraltar. During the year, grants of £644,530 (2022: £269,463) were awarded to Kusuma Trust Gibraltar. At 31 December 2023, the balance owed to Kusuma Trust Gibraltar is £nil (2022: £nil).

Transform Schools UK is not a related party in the year. However, the Trustees have chosen to disclose transactions between Kusuma Trust UK and Transform Schools UK as they have a Trustee in common. During the year, grants of £25,000 (2022: £nil) were awarded to Transform Schools UK. At 31 December 2023, the balance owed to Transform Schools UK is £nil (2022: £nil).

17 Financial Instruments

Financial assets held at fair value Investments	31 December 2023 £ 482,830,921 482,830,921	31 December 2022 £ 438,388,056
		438,388,056