**KUSUMA TRUST UK (A company limited by guarantee and not having a share capital)**
## **ACCOUNTS**
## **YEAR ENDED 31 DECEMBER 2024**
**Registered in England Companies House Registration No. 06753811 Charities Commission Registration No. 1126983**
## **KUSUMA TRUST UK**
## C O N T E N T S
## **Year ended 31 December 2024**
||**Page**|
|---|---|
|**Trustees’ Report, including Directors’ Report**|**2**|
|**Independent Auditor’s Report**|**14**|
|**Statement of Financial Activities**|**17**|
|**Balance Sheet**|**18**|
|**Statement of Cash Flows**|**19**|
|**Notes to the Financial Statements**|**20**|
1
T R U S T E E S ’ R E P O R T
## **KUSUMA TRUST UK**
## **Year ended 31 December 2024**
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 2024. 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:
- **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** : Creating and enhancing London’s greenspace, promoting community engagement with green spaces and urban biodiversity in London.
- **Health and Wellbeing** : Renovating, upgrading, and expanding local health facilities and supporting advanced treatment and cardiac research.
Although the 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
2
T R U S T E E S ’ R E P O R T ( c o n t i n u e d )
## **KUSUMA TRUST UK**
## **Year ended 31 December 2024**
## **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 on key milestones to measure progress and outcomes. Grants are followed up over the duration of our funding through reports, 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 the 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 2024, we signed 38 new grant agreements totalling over £10,000,000 in current and future payments.
Funding within our Access to Opportunities priority area has included a wide variety of programmatic grants. We have supported learning and pathway programmes and core funding for organisations working within this area.
Our new work in neurodiversity included four grants looking at whole-school approaches to improved learning for students with neurodiversity as well as specific classroom interventions.
Grants awarded in our Community and Green Spaces focus area included creating spaces for increased biodiversity. We also continued our London Greening Open Call, with our projects this year facilitating the creation of biodiversity-supporting greenspace for communities and museums alongside learning, mental health support and volunteer opportunities in these spaces.
As part of our commitment to support Health and Wellbeing initiatives, we increased the available funding for our medical open call by £100,000, allowing us to offer grants of up to £250,000 towards medical equipment. These grants contributed towards a number of state-of-the-art scanners, amongst other equipment needs. We have also supported a couple of large capital projects within hospitals leading to wider improvements.
In 2024, we started working with leading UK universities to launch our medical fellowships, which will support translational cardiac research. Our aim is to support researchers who are seeking to address heart failure for patients under 60.
We have signed multiple large grants in 2024, accumulating significant contingent liabilities to be paid over the coming years. We also have a robust pipeline of conversations for new grants underway for 2025. Continuing with our intentions of giving a smaller number of meaningful grants and the accumulated contingent liability, we will be more cautious about starting additional conversations in 2025. We are currently not seeking to give any new grants in India unless we find suitable opportunities.
3
## **KUSUMA TRUST UK**
T R U S T E E S ’ R E P O R T ( c o n t i n u e d )
## **Year ended 31 December 2024**
## **Our Achievements**
We made donations of £5,074,962 (2023: £4,812,140) to various charitable organisations in the year to 31 December 2024. The details of the grants awarded are included in note 3 of the accounts.
Some of our remarkable achievements in 2024 have included:
- Opening of Almeda Kusuma Education zone in Gibraltar.
- Opening of the Jurassic Garden in the Natural History Museum as a part of their wider Urban Nature Project featuring the beloved Fern the Dinosaur.
- Opening of the Quadra PET-CT scanner suite at the Royal Free Hospital, which will revolutionise cancer screening to meet the need for both timely diagnostic testing and increased research into cancer treatments.
- Enabling 31 London schools to take part in the National Theatre’s national programme for students to write their own plays, culminating in the New Views Festival, where the winning plays were staged and celebrated.
- St Paul’s Girls School opening its Centre for Design & Innovation Building, including its new innovative exhibition hall.
- The launch of our medical fellowship scheme to support cardiac research at leading universities within the UK.
We are delighted that our partners continue to receive recognition for the work that they do. Thames 21 won a prestigious river award for its collaborative ‘Rewilding the Rom’ project, and the Science Museum received a Bronze Award for Best Schools Programme from BETA for the Technicians: Meet the Employee Programme, both of which we funded.
The Migration Museum’s Learning team won the award for Education and Training at the Charity Awards 2024, and the Horniman won Learning Programme of the Year in the Museum + Heritage Awards 2024. Chiswick House and Gardens was recognised by the Green Flag Award Scheme as an “exceptional park,’ and Global Generation was recognised through several awards.
The projects funded in the year to 31 December 2024 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**|**Opportunity**|**Amount**|**Start Date**|**End Date**|
|---|---|---|---|---|
|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|
|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|
4
## **KUSUMA TRUST UK**
## T R U S T E E S ’ R E P O R T ( c o n t i n u e d )
## **Year ended 31 December 2024**
|**Grantee**|**Opportunity**|**Amount**|**Start Date**|**End Date**|
|---|---|---|---|---|
|British Educational Research
Association (BERA)|Neurodiversity in mainstream schools grant
programme|£224,000|03/06/2024|31/01/2026|
|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 2024|£25,000|13/03/2024|15/08/2024|
|Construction Industry Trust for
Youth|Pathways to Professional Careers (Key Stage 5
Programme)|£50,000|03/07/2023|15/09/2024|
|Create (Arts) Limited|creative:connections|£25,000|15/05/2023|31/03/2025|
|Equal People Mencap|Making Food Work 2|£24,802|16/01/2023|15/02/2024|
|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|
|Imperial College of Science,
Technology and Medicine
Donations|Imperial College Proto Maker Challenge|£78,827|16/01/2024|15/08/2026|
|Independent Provider of Special
Education Advice (IPSEA)|Advice services & e-learning|£58,792|01/08/2023|31/07/2024|
|The Kensington and Chelsea
Foundation|Core Funding|£100,000|01/05/2024|31/03/2025|
|King's College School|King's Business School|£60,840|15/07/2024|14/09/2026|
|London Transport Museum|21st Century Skills: Preparing for the Future|£46,650|08/09/2023|15/09/2024|
|Marylebone Cricket Club
Foundation|Action Plan for London|£25,000|17/05/2023|15/10/2024|
|Migration Museum Project|All Our Stories|£50,870|24/07/2024|15/09/2025|
|Museum of Brands|Widening Reach|£15,000|01/08/2023|30/08/2024|
|National Children's Bureau|Belonging Matters|£183,638|15/05/2024|31/07/2026|
|National Gallery|Articulation Three Year Extension|£225,000|20/10/2023|15/07/2026|
|National Portrait Gallery|Faces and Places Schools Outreach Programme|£197,655|22/01/2024|15/08/2026|
|National Theatre|New Views|£69,791|01/12/2023|31/08/2024|
|Nova New Opportunities|2023-24 Family programme|£20,000|20/06/2023|15/06/2024|
|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|RADiate and Core Funding|£100,000|11/09/2024|15/09/2025|
|Royal Institution of Great Britain|Science in Schools 2023-24|£97,730|01/09/2023|15/09/2024|
|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|
|St Paul's Girls School|Centre for Design & Innovation Building and
Exhibition Hall|£1,000,000|18/03/2024|15/09/2025|
|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|
|The Brilliant Club|Core Funding for the Join the Club strategy
2023-2026|£250,000|24/01/2024|15/10/2026|
|The Difference|Losing Learning Coalition|£75,000|01/08/2024|01/08/2025|
|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|
5
## **KUSUMA TRUST UK**
T R U S T E E S ’ R E P O R T ( c o n t i n u e d )
## **Year ended 31 December 2024**
|**Grantee**|**Opportunity**|**Amount**|**Start Date**|**End Date**|
|---|---|---|---|---|
|The Literacy Pirates Limited|Volunteering Programme|£25,000|12/04/2023|28/06/2024|
|The Smallpiece Trust|STEM Educational Enrichment for London
Schools|£49,403|13/10/2023|15/10/2024|
|Transform Schools UK|Transform Schools UK|£25,000|12/09/2023|30/09/2024|
|University of Cambridge -
Faculty of Education|Operationalising Neurodiversity in the Primary
Classroom|£153,461|02/09/2024|02/02/2026|
|Victoria & Albert Museum|Room 98 in the Photography Centre & the
Photography Centre redevelopment more widely|£2,000,000|15/05/2022|15/06/2024|
|Young Westminster Foundation|Needs Analysis 2023|£10,000|21/03/2023|15/01/2024|
## **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**|**Opportunity**|**Amount**|**Start Date**|**End Date**|
|---|---|---|---|---|
|Ashden Climate Solutions|SharingSpaces|£197,366|01/09/2023|30/09/2025|
|Asthma and Lung UK|Little Lungs Programme|£100,000|01/09/2022|01/03/2024|
|Buglife|Get London buzzing!|£90,000|15/06/2022|28/02/2025|
|Bumble Bee Conservation Trust|Buzzing in the East End|£60,000|01/11/2023|28/02/2025|
|Castlehaven Community
Association|Edibeds|£25,000|20/04/2023|20/01/2024|
|Chiswick House and Gardens
Trust|Cedar Yards Community and Creative Campus|£250,000|31/05/2024|30/11/2025|
|Conservation Education and
Research Trust|Teach Earth 2023|£25,000|26/04/2023|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|
|Design Museum|Growing Together|£24,885|30/09/2022|31/03/2024|
|Dulwich Picture Gallery|Dulwich Picture Gallery Grounds|£200,000|31/05/2024|30/09/2026|
|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|The Triangle|£240,000|01/01/2024|30/09/2025|
|Kew Gardens|Seminar Room|£1,500,000|01/11/2024|30/04/2027|
|London Met|Wild Ways|£58,232|01/08/2020|01/04/2025|
|London Wildlife Trust|Re-uniting Sydenham Hill/Dulwich Woods|£250,000|30/09/2024|30/09/2024|
|Loughborough Junction Action
Group|Growing Loughborough Farm|£25,000|30/11/2022|30/04/2024|
|Museum of the Home|Discovery Garden|£61,800|01/09/2023|30/08/2025|
|Natural History Museum|Urban Nature Project: Bronze Diplodocus and
the Jurassic Gardens|£1,500,000|01/12/2021|15/09/2025|
|Oasis Children's Venture|Environmental Education Programme for Young
People Disengaged from Nature|£62,030|01/09/2023|30/09/2024|
|Quentin Blake Centre for
Illustration|Revitalising New River Head|£250,000|15/03/2024|30/11/2026|
6
## **KUSUMA TRUST UK**
T R U S T E E S ’ R E P O R T ( c o n t i n u e d )
## **Year ended 31 December 2024**
|**Grantee**|**Opportunity**|**Amount**|**Start Date**|**End Date**|
|---|---|---|---|---|
|Royal Horticultural Society|RHS Lewisham Hospital garden and wellness
programme|£200,000|15/12/2022|30/08/2025|
|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|29/06/2024|
|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|Thames21-ReWilding the Rom|£99,915|01/09/2022|31/07/2024|
|The Garden Classroom|‘A Very Urban Forest School’|£28,595|16/06/2022|15/09/2024|
|The Horniman Public Museum
and Public Park Trust|Nature + Love|£500,000|09/12/2024|15/03/2027|
|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|01/09/2021|27/11/2026|
|The Royal Parks|Green Futures 2|£96,500|01/09/2023|30/09/2025|
|The Woodland Trust|Hainault – A forest for the people of London and
Essex|£77,779|01/11/2022|15/03/2025|
|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|31/07/2025|
|Walworth Garden|Environmental Learning Hub|£97,000|02/07/2024|31/12/2025|
## **Health and Wellbeing**
We choose to support our local healthcare system in London by investing in improving infrastructure, 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, with a particular focus on cardiac research.
|**Grantee**|**Opportunity**|**Amount**|**Start Date**|**End Date**|
|---|---|---|---|---|
|CW+|Day Surgery Unit (Treatment Centre)|£500,000|28/11/2024|31/07/2026|
|Evelina London Children’s
Charity|MRI Scanner|£250,000|11/10/2024|30/05/2026|
|Great Ormond Street Hospital
Charity|2 x Medtronic Stealth Image Guidance Systems|£79,556|13/03/2023|29/03/2024|
|Great Ormond Street Hospital
Charity|Children's Cancer Centre|£2,500,000|31/08/2024|31/12/2029|
|Imperial Health Charity|Play & Therapy Room Redevelopment|£70,000|01/05/2023|30/08/2024|
|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|Thunder Imager|£41,000|26/09/2022|15/01/2024|
|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|31/12/2024|
|SS. John and Elizabeth Charity|St John's Hospice - Garden Renovation|£97,652|01/11/2022|31/12/2024|
|The Royal Free Charity|Resus & UTC waiting rooms refurbishments|£19,200|02/07/2024|30/05/2025|
|The Royal Free Charity|Quadra PET-CT scanner|£149,449|01/03/2024|30/04/2025|
7
## **KUSUMA TRUST UK**
T R U S T E E S ’ R E P O R T ( c o n t i n u e d )
## **Year ended 31 December 2024**
|**Grantee**|**Opportunity**|**Amount**|**Start Date**|**End Date**|
|---|---|---|---|---|
|The Royal Marsden Cancer
Charity|Interoperative Ultrasound Machine & Mobile
Image Intensifier|£90,722|20/02/2023|31/12/2024|
|The Royal National Orthopaedic
Hospital NHS Trust Charity|The Imaging Ultrasound Project|£25,250|21/02/2023|30/04/2024|
|The Royal National Orthopaedic
Hospital NHS Trust Charity|Hi-Rise CBCT Scanner|£146,000|19/08/2024|15/12/2025|
|UCL|Medical Fellowship|£331,405|15/12/2024|15/04/2028|
|University College London
Hospitals Charity|Upgrade to the cancer facilities|£490,000|18/12/2023|31/12/2025|
|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 Leicester|Medical Fellowship|£400,000|01/10/2024|15/01/2029|
|University of Oxford|Choudhury Lab|£149,990|01/12/2023|31/12/2025|
|University of Oxford|Medical Fellowship|£396,480|01/10/2024|30/09/2028|
## **Random Acts of Kindness**
For the seventh consecutive year, staff and Trustees were given the opportunity to anonymously award one-off donations of up to £10,000 each to not-for-profit organisations that they feel passionate about. This allows us to give unrestricted grants to charities that might not normally fit into our wider strategy.
|**Grantee**|**Opportunity**|**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|
|Feast With Us|Random Act of Kindness|£10,000|13/11/2024|14/11/2024|
|Forest Gate Community Garden|Random Act of Kindness|£5,000|18/11/2024|18/11/2025|
|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|
|Jessie's Fund|Random Act of Kindness|£10,000|13/11/2024|14/11/2025|
|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 Inner City Kitties|Random Act of Kindness|£10,000|16/12/2024|14/11/2025|
|London Reclaimed|Random Act of Kindness|£10,000|17/11/2022|17/01/2024|
|Luma Foundation|Random Act of Kindness|£10,000|08/10/2024|14/11/2025|
|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|
8
## **KUSUMA TRUST UK**
T R U S T E E S ’ R E P O R T ( c o n t i n u e d )
## **Year ended 31 December 2024**
|**Grantee**|**Opportunity**|**Amount**|**Start Date**|**End Date**|
|---|---|---|---|---|
|North East London Community
Healthcare Charity|Random Act of Kindness|£10,000|07/10/2024|14/11/2025|
|Possible|Random Act of Kindness|£10,000|20/11/2024|14/11/2025|
|Rosetta Art Centre|Random Act of Kindness|£10,000|01/01/2023|01/01/2024|
|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|01/01/2023|01/01/2024|
|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 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|
|The Mayhew Home|Random Act of Kindness|£10,000|20/11/2024|20/11/2025|
|The Whittington Health Trust|Random Act of Kindness|£10,000|18/11/2024|18/11/2025|
|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|
|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 support 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 & Operational Costs'24|£736,315|01/01/2024|31/12/2024|
|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**
The Charity’s Head of Investments and the Trustees review investment management arrangements and invest a significant part of the Charity’s assets internally in passive portfolios. The remaining part of the Charity’s assets are managed by Rothschild & Co Wealth Management UK Limited on a discretionary basis. During the year (in May 2024) the Trustees decided to self-manage the entire funds previously managed by Goldman Sachs International.
To protect the economic value of the endowment, the investment objective set by the Trustees is to achieve a real rate of return of at least 3% more than the weighted average rate of inflation of a currency basket consisting of 35% USD, 25% EUR, 5 % GBP, 10% SGD, 10% JPY, 10% CNY and 5% BRL.
9
T R U S T E E S ’ R E P O R T ( c o n t i n u e d )
## **KUSUMA TRUST UK**
## **Year ended 31 December 2024**
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 the value of any individual currency or currency bloc.
Investments held at 31 December 2024 had a market value of £518,626,917 (31 December 2023: £482,830,921) and were acquired in accordance with the powers of the Trustees. During the year to 31 December 2024, £10,000,000 has been drawn down from the investment portfolios to fund the Charity’s operational and charitable expenditure (31 December 2023: £3,483,867 (USD 4,380,000)).
The investment policy is set by the Trustees, and in doing so, the Trustees have regard to various factors, including income requirements, the Trust’s expenditure projections, the Trust’s risk profile and consideration of market prospects in the medium term. The investment policy is reviewed as the Trust’s circumstances evolve.
The Trustees monitor investment performance regularly and as and when considered necessary.
## **Financial Review**
At the year-end, the Total Funds was valued at £535,277,339 (31 December 2023: £496,529,113), which consisted of Unrestricted Funds of £4,407,452 (31 December 2023: £6,822,629) and Expendable Endowment Funds of £530,869,887 (31 December 2023: £489,706,484). The principal funding source for the Charity is the investment income from the Expendable Endowment Funds.
At regular intervals, the Trustees 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 2024 was £8,230,283 (31 December 2023: £3,840,423) – see note 11 of the annual accounts.
## **Reserves Policy**
The Trustees 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 expenditures when sufficient income reserves are not available. The Trustees plan to spend the accumulated unrestricted funds of £4,407,452 (31 December 2023: £6,822,629) 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 2024, 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 a team based at 55 New Oxford Street, London, WC1A 1BS.
10
## **KUSUMA TRUST UK**
T R U S T E E S ’ R E P O R T ( c o n t i n u e d )
## **Year ended 31 December 2024**
The remuneration of the team is reviewed by the 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**
**Directors, Founders and Trustees:** Anurag Dikshit Soma Pujari (Executive Trustee) **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 2 Putney Hill London SW15 6AB Macfarlanes LLP 20 Cursitor Street London EC4A 1LT **Bankers:** State Bank of India 5 King Street London EC2V 8EA HSBC Bank Plc 79 Piccadilly London W1J 8EU
11
## **KUSUMA TRUST UK**
T R U S T E E S ’ R E P O R T ( c o n t i n u e d )
## **Year ended 31 December 2024**
|**Bankers (continued):**|Rothschild & Co Bank International Limited|
|---|---|
||St Julian’s Court|
||St Peter Port|
||Guernsey|
||GY1 3BP|
||Bank J. Safra Sarasin (Gibraltar) Ltd|
||First Floor|
||Neptune House|
||Marina Bay|
||Gibraltar|
||GX11 1AA|
||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:**|Rothschild & Co Wealth Management UK Limited|
||New Court|
||St Swithin’s Lane|
||London|
||EC4N 8AL|
12
KUSUMA TRUST UK
ST A TEMENT OF TRUSTEES
R ESPO NS I B I L I TI ES
Year endod 31 December 2024
The Trustees arg responsib for preparing the Trustees, Report and the financk71 stslements in
accordance wrth applKable Jaws aThJ regUlatnS.
Company law requires the Trustees to prepare the financial sements for e&h financial year. Under that
law, the Trustees have elected lo prepafe the financial sL*ements in &cordance with United Kingdom
Generally Accepted Accounting PractKe (Unrted Kingd¢)m Acwunling Standards and applicable lawl.
Under company law, the Trustees must not approve the financi81 slalements unless they are satisfied that
they give a true and fair view of the sL*e of affairs of charrtable company and of the proff( or loss of the
charitable company for that period. In preparing these financial slalements. the Trustees are required lo..
select suitsble &counting polKies and apply them CorlSten1..
Observe the methods and principles in the chare5 SORP..
Make judgments and acc(ntIng esb"males that are reasonle aThJ prudent,.
Prepare the financial statements on the going Conrn basis unless it ts inappropriate to presume
that the charrtable CL¥npany will clIne in busine5S.
The Tru5tee$ are responsible for keeping adequate accounliThJ rewds that are Sufflent to Show and
explain the charitable companls transaclsons and disclose with reasonable accuracy 81 any time the
financial posrtKJn of the charrtable company and enable them to ensure that the financial slalemenls
comply wth the Companies Act 20CE. They are also responsible for safeguarding the assets of the
chartiable company and, hen, for taking reasonab steps for the prevention and detection of fraLbd and
other irregularities.
Statement as to disclosure to our audltorn
In so far as the Trustees are aware at the time of approwng r Trustees. annual rewt..
There is no relevant infom)ation, n9 inforrnation needed by the audi(or in connection with
preparing their report, and
The Trustees, having made enquiries of fellThY Tnjslees that they ought to have indNidually taken,
have each taken all steps Ihat helshe is oblwJed to take as a Trustee in order lo make themselves
a%Ydre of any relevant audit infoffliatKJn and to establish that the auditor is aware of that information.
By order of the Board
Anura
Dikshrt {Dir&tor)
Dated.........
2025
13
I N D E P E N D E N T A U D I T O R ’ S R E P O R T
## **KUSUMA TRUST UK**
## **Year ended 31 December 2024**
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF KUSUMA TRUST UK**
## **Opinion on the financial statements**
We have audited the financial statements of Kusuma Trust UK (the “charitable company”) for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows 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 2024 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 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 course of 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.
14
## **KUSUMA TRUST UK**
I N D E P E N D E N T A U D I T O R ’ S R E P O R T ( c o n t i n u e d )
## **Year ended 31 December 2024**
## **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.
15
I N D E P E N D E N T A U D I T O R ’ S R E P O R T ( c o n t i n u e d )
## **KUSUMA TRUST UK**
## **Year ended 31 December 2024**
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: 1 April 2025
16
## **KUSUMA TRUST UK**
S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S (Including Income & Expenditure Account and Statement of Total Recognised Gains and Losses)
## **Year ended 31 December 2024**
|**Note**
**Unrestricted**
**funds**
**£**
**Income and endowments from:**
Investment income
2
3,365,712
**Total income**
3,365,712
**Expenditure on:**
Charitable activities
3
5,629,909
Raising funds
4
150,980
**Total expenditure**
5,780,889
Net gain on investments
9
-
**Net (expenditure)/income**
(2,415,177)
**Reconciliation of funds:**
Total funds brought forward
6,822,629
**Total funds carried forward**
4,407,452|**Endowment**
**funds**
**£**
-
-
-
1,100,133
1,100,133
42,263,536
41,163,403
489,706,484
530,869,887|**Total**
**funds**
**2024**
**£**
3,365,712
3,365,712
5,629,909
1,251,113
6,881,022
42,263,536
38,748,226
496,529,113
535,277,339|**Total**
**funds**
**2023**
**£**
4,853,368
4,853,368
5,421,492
1,606,405
7,027,897
42,866,974
40,692,445
455,836,668
496,529,113|
|---|---|---|---|
17
KUSUMA TRUST UK
Company No: 6753811
BALANCE SHEET
At 31 December 2024
2024
2023
Fixed assets
Tangible assets
Investments
28,372
518.626,917
518,655.289
39,390
482,830,921
482.870.311
Curr8nl assots
Debtors
Cash at bank and in hand
10
11
56,267
16,676,682
16.732.949
365,125
13,656,451
14.021.576
LlabllFtles
Cre(litors". amunls falling due wrthin one year
Net current assets
12
1110,8991
16.622,050
1362,774)
13,658,802
535.277.339
496,529,113
The funds of the charity:
Un$t¢t fund5
Expendable end¢xvrnent funds
Total charlty fund8
13
13
4.407,452
530,869,887
535,277,339
6,822.629
489,706,484
496,529,113
The Notes pages 20 and 31 form part of these Acc(nts.
The accounts were approvgj and authorised for issue by the Directors on 31- - 2025. They were
signed on its behaff by..
Anurag Dik$hit
Chaimian
18
## **KUSUMA TRUST UK**
## S T A T E M E N T O F C A S H F L O W S
## **Year ended 31 December 2024**
|**Note**
**Net cash used in operating activities**
15
**Cash flows from investing activities**
Dividends and interest from investments
2
Investment management charges
4
Purchase of investments
9
Sale of investments
9
**Net cash provided by investing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
11
Change in cash equivalents due to
foreign exchange rate movements
9
**Cash and cash equivalents at the end of the year**|**Total Funds**
**2024**
**£**
(5,561,908)
3,365,712
(1,251,113)
(249,731,883)
260,418,841
12,801,557
7,239,649
13,656,451
(4,219,418)
16,676,682|**Total Funds**
**2023**
**£**
(5,721,193)
4,853,368
(1,606,405)
(374,703,524)
372,395,722
939,161
(4,782,032)
17,706,572
731,911
13,656,451|
|---|---|---|
19
## **KUSUMA TRUST UK**
## N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **Year ended 31 December 2024**
## **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 2023.
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, which was created as a gift from the founders. The income of this trust is restricted to providing grants to organisations in line with the objectives 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
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **KUSUMA TRUST UK**
## **Year ended 31 December 2024**
## **1. Accounting policies (continued)**
## **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 accrual 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 the 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:
|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.
## **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.
21
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **KUSUMA TRUST UK**
## **Year ended 31 December 2024**
## **1. Accounting policies (continued)**
## **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 a 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 receivables 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 constitute 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 constitute 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**
|**Unrestricted Endowment**
**Funds**
**Funds**
**£**
**£**
Income arising from:-
UK Listed investments
52,775
-
Non UK Listed investments
2,256,697
-
Non UK Unlisted investments
503,368
-
Interest on cash held with Investment
Managers
377,493
-
Interest on cash and Distribution
Reserves Cash deposit
175,379
-
3,365,712
-|**Total**
**2024**
**£**
52,775
2,256,697
503,368
377,493
175,379
3,365,712|**Total**
**2023**
**£**
166,600
2,972,352
1,378,417
282,871
53,128
4,853,368|
|---|---|---|
In the year to 31 December 2024, and the year to 31 December 2023, all investment income was unrestricted.
22
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **KUSUMA TRUST UK**
## **Year ended 31 December 2024**
## **3. Analysis of expenditure on charitable activities**
|**India**
**Note**
**projects**
**£**
Project costs
-
Support costs
5
-
Total
-
All expenditure on charitable activities was unrestricted.
**The donations awarded were as follows:**
**INDIA GRANTEES**
People for Action
Sree Chitra Tribunal Institute for Medical Sciences
**GIBRALTAR GRANTEES**
Kusuma Trust Gibraltar (Note 16)
**UK GRANTEES**
ADHD Foundation
Ambitious about Autism
Ashden Climate Solutions
Asthma and Lung UK
Barts Charity
Board of Trustees of the Science Museum
Bonny Downs Community Association
British Educational Research Association
Bumble Bee Conservation Trust
Buglife
C4WS Homeless Project
Calthorpe Community Garden
Camden Art Centre
Campaign Against Living Miserably
Castlehaven Community Association
Caxton Youth Organisation
Chess in Schools
Chiswick House and Gardens Trust
City Harvest Ltd
Conservation Education and Research Trust
Construction Industry Trust for Youth
Carried forward|**India**
**Note**
**projects**
**£**
Project costs
-
Support costs
5
-
Total
-
All expenditure on charitable activities was unrestricted.
**The donations awarded were as follows:**
**INDIA GRANTEES**
People for Action
Sree Chitra Tribunal Institute for Medical Sciences
**GIBRALTAR GRANTEES**
Kusuma Trust Gibraltar (Note 16)
**UK GRANTEES**
ADHD Foundation
Ambitious about Autism
Ashden Climate Solutions
Asthma and Lung UK
Barts Charity
Board of Trustees of the Science Museum
Bonny Downs Community Association
British Educational Research Association
Bumble Bee Conservation Trust
Buglife
C4WS Homeless Project
Calthorpe Community Garden
Camden Art Centre
Campaign Against Living Miserably
Castlehaven Community Association
Caxton Youth Organisation
Chess in Schools
Chiswick House and Gardens Trust
City Harvest Ltd
Conservation Education and Research Trust
Construction Industry Trust for Youth
Carried forward|**Gibraltar**
**projects**
**£**
620,292
67,829|
|**UK**
**projects**
**£**
4,454,670
487,118|**UK**
**projects**
**£**
4,454,670
487,118||**Total**
**2024**
**£**
5,074,962
554,947
5,629,909
**2023**
**Awarded**
**£**
46,700
-
46,700
644,530
644,530
22,000
16,428
49,409
49,321
-
21,147
24,991
-
40,000
-
10,000
18,939
28,596
10,000
25,000
25,000
25,000
-
20,000
25,000
25,000
435,831||**Total**
**2023**
**£**
4,812,140
609,352
5,421,492
**2023**
**Contingent**
**liability**
**£**
-
19,336
19,336
611,325
611,325
-
-
147,957
-
25,000
21,147
-
-
20,000
60,000
-
-
28,597
-
-
-
-
-
-
-
25,000
327,701|
|---|---|---|---|---|---|---|---|---|---|
|||688,121||4,941,788||||||
|||**2024**
**Awarded**
**£**
-
-|||**2024**
**Contingent**
**liability**
**£**
-
19,336|||||
|||-|||19,336|||||
|||620,292|||-|||||
|||620,292|||-|||||
|||-
-
90,416
-
24,400
-
-
24,091
20,000
20,000
-
-
28,597
-
-
-
25,000
-
-
-
25,000|
||-
-
57,541
-
-
21,147
-
-
-
40,000
-
-
-
-
-
-
-
250,000
-
-
-|||||
|||257,504|||368,688|||||
23
## **KUSUMA TRUST UK**
## N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **Year ended 31 December 2024**
|**3.**
**Analysis of expenditure on charitable activities**
**UK GRANTEES (continued)**
Brought forward
Core Arts
Create Arts
Creative Futures (UK) Limited
Crisis UK
CW+
Dulwich Picture Gallery
Equal People Mencap
Evelina (Guy’s & St Thomas’ Foundation)
Feast With Us
Forest Gate Community Garden
Foundling Museum
Freightliners Farm Ltd
Fulham Palace Trust
Future Frontiers
Global Generation
Go Live Theatre Projects
Great Ormond Street Hospital Charity
Home-Start WKCHF
I CAN Charity
Imperial College
Imperial Health Charity
IPSEA
Jessie’s Fund
Kentish Town City Farm
Kew Gardens
King’s College School
Kingston Hospital NHS Foundation
London Inner City Kitties
London Metropolitan University
London Transport Museum Limited
London Wildlife Trust
Loughborough Junction Action Group
Luma Foundation
Marylebone Cricket Club Foundation
Mayors Fund for London
Migration Museum
Moorfields Eye Charity
Museum of Brands
Museum of London
Museum of the Home
National Art Collections Fund
Carried forward|**(continued)**
**2024**
**2024**
**Contingent**
**Awarded**
**liability**
**£**
**£**
257,504
368,688
-
-
-
-
-
-
-
-
-
500,000
100,000
100,000
-
-
-
250,000
10,000
-
5,000
-
-
-
-
-
106,892
-
-
-
140,000
100,000
-
-
-
2,500,000
-
-
-
-
51,771
27,056
70,000
-
29,396
-
10,000
-
-
-
-
1,500,000
20,280
40,560
-
-
10,000
-
15,489
26,351
-
23,325
-
250,000
-
-
10,000
-
-
-
-
-
25,435
25,435
-
-
-
-
-
-
10,900
30,900
-
-
872,667
5,742,315|**2023**
**2023**
**Contingent**
**Awarded**
**liability**
**£**
**£**
435,831
327,701
32,100
-
25,000
-
5,000
-
14,777
-
-
-
-
-
24,802
-
-
-
-
-
-
-
20,750
-
25,000
-
-
106,892
25,000
-
-
-
25,000
-
79,556
-
10,000
-
50,000
-
49,988
-
-
70,000
29,396
29,396
-
-
10,000
-
-
-
-
-
92,000
-
-
-
-
41,840
23,325
23,325
-
-
25,000
-
-
-
25,000
-
10,000
-
45,900
-
41,000
-
15,000
-
27,000
-
20,000
41,800
150,000
-
1,336,425
640,954|**2023**
**2023**
**Contingent**
**Awarded**
**liability**
**£**
**£**
435,831
327,701
32,100
-
25,000
-
5,000
-
14,777
-
-
-
-
-
24,802
-
-
-
-
-
-
-
20,750
-
25,000
-
-
106,892
25,000
-
-
-
25,000
-
79,556
-
10,000
-
50,000
-
49,988
-
-
70,000
29,396
29,396
-
-
10,000
-
-
-
-
-
92,000
-
-
-
-
41,840
23,325
23,325
-
-
25,000
-
-
-
25,000
-
10,000
-
45,900
-
41,000
-
15,000
-
27,000
-
20,000
41,800
150,000
-
1,336,425
640,954|
|---|---|---|---|
||||640,954|
24
## **KUSUMA TRUST UK**
## N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **Year ended 31 December 2024**
## **3. Analysis of expenditure on charitable activities (continued)**
|**UK GRANTEES (continued)**
Brought forward
National Children's Bureau
National Gallery
National Portrait Gallery
National Theatre
Natural History Museum
North East London Community Healthcare
Nova New Opportunities
Oasis Children's Venture
Photographers Gallery
Pursuing Independent Paths
Quentin Blake Centre for Illustration
Royal Academy of Dance
Royal Brompton & Harefield Hospitals Charity
Royal Horticultural Society
Royal Institution of Great Britain
Royal Society for Blind Children
Sebby's Corner
Social Farms and Gardens
Somerset House Trust
Southbank Centre
Speakers Trust
SS John & Elizabeth Charity
St John's Ambulance
St Paul's Girls School
Street League
Sufra – NW London
Thames Explorer Trust
Thames21 Limited
The 1010 Foundation, aka possible
The Arts Emergency Service
The Barbican Centre
The Brilliant Club
The British Library
The Difference
The Education Endowment Foundation
The Garden Classroom
The Horniman Public Museum and Public Park
The Kensington and Chelsea Foundation
The Literacy Pirates
The Mayhew Home
The Media Trust
The Royal Association for Deaf People
The Royal Free Charity
The Royal Marsden Cancer Charity DRF
Carried forward|**2024**
**Awarded**
**£**
872,667
103,638
85,000
30,000
69,791
575,000
10,000
-
31,015
21,099
32,745
70,000
-
-
58,504
48,865
-
-
-
57,652
-
39,990
77,652
-
700,000
43,722
23,973
-
11,640
10,000
-
-
165,000
-
50,000
-
-
-
50,000
-
10,000
-
-
168,649
90,722
3,507,324|**2024**
**Contingent**
**liability**
**£**
5,742,315
80,000
140,000
167,655
-
-
-
-
-
10,550
-
180,000
100,000
-
32,698
-
-
-
-
-
-
-
-
-
300,000
89,054
-
-
-
-
-
-
85,000
-
25,000
-
-
500,000
50,000
-
-
-
-
-
-
7,502,272|**2023**
**Awarded**
**£**
1,336,425
-
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
-
43,723
-
24,380
76,515
-
10,000
24,625
25,000
95,000
-
77,000
14,858
-
-
25,000
-
25,000
14,992
-
-
2,811,844|**2023**
**Contingent**
**liability**
**£**
640,954
-
225,000
-
69,792
575,000
-
-
31,015
31,650
32,745
-
-
-
91,202
48,865
-
-
-
57,652
-
39,990
77,652
-
-
132,777
23,973
-
11,640
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
96,000
2,185,907|
|---|---|---|---|---|
25
## **KUSUMA TRUST UK**
## N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **Year ended 31 December 2024**
|**3.**
**Analysis of expenditure on charitable activities (continued)**
**2024**
**2024**
**Contingent**
**Awarded**
**liability**
**£**
**£**
**UK GRANTEES (continued)**
Brought forward
3,507,324
7,502,272
The RNOH NHS Trust Charity
-
146,000
The Royal Parks
96,500
-
The Smallpeice Trust
24,702
-
The Whittington Health Trust
10,000
-
The Woodland Trust
77,779
-
The Zoological Society of London
45,000
-
Tomorrows Warrior Trust
-
-
Transform Schools UK
-
-
Trees for Cities
80,000
80,000
UCL
-
331,405
United Kingdom for UNHCR
-
-
University College London Hospitals Charity
490,000
-
University of Cambridge
113,365
190,096
University of Leicester
-
400,000
University of Oxford
-
473,043
Victoria & Albert Museum
-
-
Walworth Garden
-
97,000
Wildfowl and Wetlands Trust
-
-
Woman's Trust
-
-
Yard Theatre
-
-
Young Westminster Foundation
10,000
-
4,454,670
9,219,816
5,074,962
9,239,152
**Number of Grantees**
India
Gibraltar
UK|**2023**
**2023**
**Contingent**
**Awarded**
**liability**
**£**
**£**
2,811,844
2,185,907
25,250
-
-
96,500
24,701
24,702
-
-
-
77,779
30,000
45,000
10,000
-
25,000
-
-
160,000
-
-
10,000
-
-
490,000
75,000
150,000
-
-
73,427
76,563
1,000,000
-
-
-
15,688
-
10,000
-
10,000
-
-
10,000
4,120,910
3,316,451
4,812,140
3,947,112
**2024**
**2023**
**£**
**£**
-
1
1
1
58
82
59
84|
|---|---|
|||
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.
26
## **KUSUMA TRUST UK**
## N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **Year ended 31 December 2024**
## **4. Costs of raising funds**
|**Unrestricted**
**Endowment**
**funds**
**funds**
**£**
**£**
Investment management fees
-
1,018,133
Other professional fees
-
82,000
Other charges – withholding tax
150,980
-
150,980
1,100,133|**Total**
**2024**
**£**
1,018,133
82,000
150,980
1,251,113|**Total**
**2023**
**£**
1,369,818
99,000
137,587
1,606,405|
|---|---|---|
In the year to 31 December 2024 and 2023, 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.
|Staff costs (see note 6)
Operations support
Property expenses
Communications
Office expenses
Depreciation
Governance
**Governance costs**
Legal and professional fees
Audit and accountancy fees (see note 7)
General governance costs|**2024**
**£**
353,242
62,483
50,843
8,044
22,791
11,018
46,526
554,947
**2024**
**£**
9,752
36,740
34
46,526|**2023**
**£**
358,389
109,346
45,517
15,104
19,859
11,028
50,109
609,352
**2023**
**£**
24,403
25,643
63
50,109|
|---|---|---|
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.
27
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **KUSUMA TRUST UK**
## **Year ended 31 December 2024**
## **6. Analysis of staff costs and remuneration of key management personnel**
|Salaries and wages
Social security costs
Other pension costs
Other employment-related costs|**2024**
**£**
309,131
26,784
17,004
323
353,242|**2023**
**£**
308,575
26,428
21,340
2,046
358,389|
|---|---|---|
The average number of persons employed by the Trust during the year ending 31 December 2024 was six (December 2023: seven).
The number of employees who received employee benefits over £60,000 was two (December 2023: one).
Employer pension contributions for the year totalled £17,004 (December 2023: £21,340).
|**7.**
**Net income for the year**
This is stated after charging:
Operating leases – property
Depreciation
Auditors remuneration (see note 5):
- Audit fees
- Accountancy services|**2024**
**£**
50,843
11,018
33,440
3,300
98,601|**2023**
**£**
45,517
11,028
22,643
3,000
82,188|
|---|---|---|
## **8. Tangible fixed assets**
|**Furniture**
**Office and**
**Office**
**and**
**computer**
**Renovation**
**fittings**
**equipment**
**£**
**£**
**£**
**Cost**
As at 1 January 2024
97,816
1,048
17,694
Additions
-
-
-
As at 31 December 2024
97,816
1,048
17,694
**Depreciation**
As at 1 January 2024
61,127
1,048
14,993
Charge for the year
9,780
-
1,238
As at 31 December 2024
70,907
1,048
16,231
**Net book value**
As at 31 December 2024
26,909
-
1,463
As at 31 December 2023
36,689
-
2,701|**Total**
**£**
116,558
-
116,558
77,168
11,018
88,186
28,372
39,390|
|---|---|
28
## **KUSUMA TRUST UK**
## N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **Year ended 31 December 2024**
|**9.**
**Fixed asset investments**
Market value at 1 January 2024
Purchases at cost
Sales proceeds
Net realised and unrealised gains
Investments at market value on 31 December 2024
Investment at book value at 31 December 2024
**Investments at market value comprised**
UK investments listed on a recognised stock exchange
Non-UK investments listed on a recognised stock exchange
Non-UK unlisted securities
**Total funds held by investment managers**
Investments at market value
Accrued investment income (note 10)
Cash held by investment managers (note 11)
Realised and unrealised gain on investments
Realised and unrealised (loss)/gain on cash at bank and in hand
Total net gain on investments|**2024**
**£**
482,830,921
249,731,883
(260,418,841)
46,482,954
518,626,917
434,118,476
**2024**
**£**
56,542,946
442,710,013
19,373,958
518,626,917
**2024**
**£**
518,626,917
32,728
8,446,399
527,106,044
**2024**
**£**
46,482,954
(4,219,418)
42,263,536|**2023**
**£**
438,388,056
374,703,524
(372,395,722)
42,135,063
482,830,921
392,354,861
**2023**
**£**
3,706,927
413,591,213
65,532,781
482,830,921
**2023**
**£**
482,830,921
341,586
9,816,028
492,988,535
**2023**
**£**
42,135,063
731,911
42,866,974|
|---|---|---|
As explained in the Trustees' Annual Report on page 9, the Charity’s assets are managed on a multicurrency basis.
In both the year to 31 December 2024 and the year to 31 December 2023, all realised and unrealised gains on investments were allocated to the endowment fund.
|**10.**
**Debtors**
Other debtors
Accrued investment income|**2024**
**£**
23,539
32,728
56,267|**2023**
**£**
23,539
341,586
365,125|
|---|---|---|
29
## **KUSUMA TRUST UK**
## N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **Year ended 31 December 2024**
|**11.**
**Cash at bank and in hand**
Cash and distribution reserves
Cash held by investment managers|**2024**
**£**
8,230,283
8,446,399
16,676,682|**2024**
**£**
8,230,283
8,446,399
16,676,682|**2023**
**£**
3,840,423
9,816,028
13,656,451|**2023**
**£**
3,840,423
9,816,028
13,656,451|
|---|---|---|---|---|
||||||
|**12.**
**Creditors – amounts falling due within one year**
Grants payable
Accruals
Trade creditors||**2024**
**£**
10,000
74,504
26,395
110,899||**2023**
**£**
63,723
261,918
37,133
362,774|
## **13. Total funds**
Funds as at 31 December 2024 are represented by:
|**Unrestricted**
**funds**
**£**
Tangible assets
28,372
Investments
-
Debtors
56,267
Cash at bank and in hand
4,410,489
Creditors falling due within one year
(87,676)
4,407,452|**Endowment**
**funds**
**£**
-
518,626,917
-
12,266,193
(23,223)
530,869,887|**Total**
**2024**
**£**
28,372
518,626,917
56,267
16,676,682
(110,899)
535,277,339|**Total**
**2023**
**£**
39,390
482,830,921
365,125
13,656,451
(362,774)
496,529,113|
|---|---|---|---|
The Trustees have considered the need for a separate fund-by-fund analysis; given that the fund structure is straightforward, the Statement of Financial Activities shows this information in sufficient detail.
## **14. Financial commitments**
Future minimum rentals payable under non-cancellable operating leases are as follows:
|Operating leases:
Property
Less than one year
Between 2 to 5 years|**2024**
**£**
58,391
102,183
160,574|**2023**
**£**
58,391
160,574
218,965|
|---|---|---|
(continued)
30
## **KUSUMA TRUST UK**
## N O T E S T O T H E F I N A N C I A L S T A T E M E N T S
## **Year ended 31 December 2024**
## **14. Financial commitments (continued)**
|**Movement in recognised provisions and funding commitments**
Grant commitments recognised at the start of the year
New grant commitments charged to the statement of financial activities in the year
Grants paid during the year
Amount of grant commitments recognised as at 31 December 2024|**£**
63,723
5,074,962
(5,128,685)
10,000|
|---|---|
## **15. Reconciliation of net movements in funds to net cash flows from operating activities**
|**Note**
Net incoming resources for the year
Gains on investments
9
Less investment income earned
2
Add costs of raising funds
4
Add depreciation
8
Decrease in debtors
10
Decrease in creditors within one year
12
Net cash used in operating activities|**2024**
**£**
38,748,226
(42,263,536)
(3,365,712)
1,251,113
11,018
308,858
(251,875)
(5,561,908)|**2023**
**£**
40,692,445
(42,866,974)
(4,853,368)
1,606,405
11,028
39,924
(350,653)
(5,721,193)|
|---|---|---|
## **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 £620,292 (2023: £644,530) were awarded to Kusuma Trust Gibraltar. At 31 December 2024, the balance owed to Kusuma Trust Gibraltar is £nil (2023: £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 £nil (2023: £25,000) were awarded to Transform Schools UK. At 31 December 2024, the balance owed to Transform Schools UK is £nil (2023: £nil).
|**17.**
**Financial instruments**
**Financial assets held at fair value**
Investments|**2024**
**£**
518,626,917
518,626,917|**2023**
**£**
482,830,921
482,830,921|
|---|---|---|
31