## **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**|
2
## **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.
3
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
4
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|
5
|**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|
6
|**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.
7
|**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|
8
|**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|
9
|**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.
10
## **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).
11
## **Reference and Administrative information**
**----- Start of picture text -----**
||||
|---|---|---|
|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|
**----- End of picture text -----**
12
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
14
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,
15
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
16
## **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**|
17
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 **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|
19
## **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.
20
## **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.
21
## **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.
22
## **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|
23
## **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|
24
## **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|
25
## **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|
26
## **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_
Yard Theatre
Young Westminister Foundation
West Hertfordshire Hospitals NHS Trust
West London Zone
Wildfowl and Wetlands
Yorkshire Air Ambulance
Young Minds
Young Westminster Foundation
**Total**
**Number of Grantees**
**INDIA**
**GIBRALTAR**
**UK**|**Year to**
**31 December**
**2023**
**£**
Awarded
4,110,910
10,000
-
-
-
-
-
-
-|**Year to**
**31 December**
**2023**
**£**
Contingent Liability
3,306,451
-
10,000
-
-
-
-
-
-
3,316,451
**3,947,112**|**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.
27
## **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.
28
## **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|
29
## **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.
30
**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**
31
## **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|
32