KUSUMA TRUST UK (A company limited by guarantee and not having a share capital)
ACCOUNTS
YEAR ENDED 31 DECEMBER 2025
Registered in England Companies House Registration No. 06753811 Charity Commission Registration No. 1126983
KUSUMA TRUST UK
I N D E X
Year ended 31 December 2025
| 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 2025
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 2025. 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:
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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.
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Community and Green Spaces : Creating and enhancing London’s greenspace, promoting community engagement with green spaces and urban biodiversity in London.
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Health and Wellbeing : Renovating, upgrading, and expanding local health facilities and supporting advanced treatment and cardiac research.
Although causes mentioned above are the areas we are actively interested in, the Trustees can choose to support other causes. These are classified as ‘Random Acts of Kindness’.
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:
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The United Kingdom, primarily London
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Gibraltar
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India
We do not fund initiatives outside our geographical region of interest.
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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 2025
Objectives and Activities
The Trust makes grants to organisations in line with its charitable purposes, and strategic priorities.
We aim to partner with a range of organisations that are pioneers and leaders in their field, trying innovative solutions for lasting change. These may be world-class institutions or smaller organisations that are working with local communities. Our grants may cover programme costs, equipment, infrastructure, research, and further studies in our areas of strategic priority. For larger grants, we prefer to give matched funding.
We do not accept unsolicited applications. Our team of Trustees and staff find opportunities to fund partners through various networks, event participation, recommendations from advisors and specific open calls. Potential partners are asked for suitable proposals and undergo a due diligence process to ensure they have the appropriate governance, capacity and skills to deliver the project. We work with partners to define results we hope to achieve and agree key milestones to measure progress and outcomes. Grants are followed up over the duration of our funding through 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 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 2025, the Trust set the following objectives:
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Grant Making: Committing funding of between £5.5 million to £6.5 million in new and future funding to grantees that align with our areas of interest and have measurable outcomes.
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Partner Engagement: Maintaining regular communication with both new and existing partners to monitor progress and address any necessary changes.
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Sustainability: Continuously exploring opportunities to maintain a robust pipeline of potential projects to ensure effective, sustained grant-giving in the future.
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Strategic Review: Revisiting the priority areas for 2026 in consultation with the Founders.
In 2025 we signed 22 new grant agreements totalling over £7,000,000 in current and future payments.
Funding within our Access to Opportunities priority area this year was focused on a large grant to English Heritage to cover capital and programmatic costs for a new Neolithic Hall.
Grants awarded in our Community and Green Spaces focus area included creating spaces for increased biodiversity, benefiting both wildlife and improving access to greenspaces.
As part of our commitment to support Health and Wellbeing initiatives, we supported a large capital project in a London hospital. We also continued to initiate cardiac fellowships within leading UK universities to support researchers who are seeking to address heart failure for patients under 60.
We have signed multiple large grants in 2025, accumulating significant contingent liability to be paid over the coming years. We have developed a robust pipeline for new grants in 2026, have established new priority areas to explore, and continue with our intention of giving a smaller number of meaningful grants. We are currently not seeking to award 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 2025
Our Achievements
We made donations of £5,734,228 (2024: £5,074,962) to various charitable organisations in the year to 31 December 2025. The details of the payments awarded are included in note 3 of the accounts.
Some of the remarkable achievements our funding has helped achieve in 2025 have included:
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Enabling English Heritage to start work on their Kusuma Neolithic Hall at Stonehenge, a reconstruction based on archaeological records mostly built by volunteers with authentic technologies.
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Reaching over 100 schools through the Science in Schools programme at the Royal Institution, which in turn reached 4,500 family members and 1,300 teachers through their Continued Professional Development programme.
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A portfolio of five fellowship grants in cardiology at the cutting edge of research that individually will make a big difference but together has the potential to impact the sector more widely.
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Royal Botanic Gardens, Kew broke ground on their new Learning Centre which will house the Kusuma Seminar Room, a dedicated space for professional development and collaborative learning. Over the next five years, Kew aims to train 3,600 teachers, amplifying its impact across schools and communities.
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UCLH’s ‘Hypersight technology’ equipment has been installed and is improving imaging quality and increasing the number of patients seen from 2 per hour to an average of 3.5 per hour.
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A Hi-Rise CBCT scanner at Royal National Orthopaedic Hospital has improved patient care by allowing faster positioning while providing highly detailed 3D imaging ensuring foot and ankle clinics run more efficiently.
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Giving a core grant to Kensington and Chelsea Foundation, who in turn gave grants to local charities, supporting over 13,300 people.
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Supporting Future Frontiers to reach 400 students from 20 schools in London with the aim of coaching these young people to fulfil their potential.
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1,373 students participated (over 2 years) in the Green Futures programme in partnership with the Royal Parks. Each student visited the Royal Parks 3 times and year 12 students achieved a certificate for the programme.
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The country’s first RHS NHS Wellbeing Garden was created in University Hospital Lewisham and had more than 4,500 engagements.
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In Gibraltar, we supported the new Bayside and Westside school library to purchase furniture, shelving, books and materials for current and future students and a large grant to Gibraltar Health Authority supported a purpose-built suite to carry out robotic assisted surgery leading to increased precision and flexibility for surgeons.
We are delighted that our partners continue to receive recognition for the work that they do. The Kusuma Gallery in the Victoria and Albert Museum’s (V&A) Photography Centre was recognised as ‘highly commended’ at the SCONUL Library Design Awards. Fern the Diplodocus at the Natural History Museum was a winner in the Institute of Structural Engineers’ Structural Awards 2025.
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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 2025
The projects funded in the year to 31 December 2025 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, cultural institutions and community centres.
| Grantee | Opportunity | Amount | Start Date | End Date |
|---|---|---|---|---|
| Board of Trustees of the Science Museum (Science Museum Group) |
Technicians: Meet the Employee | £42,294 | 01/09/2023 | 31/08/2025 |
| British Educational Research Association (BERA) |
Neurodiversity in mainstream schools grant programme |
£224,000 | 03/06/2024 | 31/01/2026 |
| Create Arts | creative:connections | £25,000 | 15/05/2023 | 31/03/2025 |
| 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 |
| Imperial College of Science, Technology and Medicine Donations |
Imperial College Proto Maker Challenge | £78,827 | 16/01/2024 | 15/08/2026 |
| 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 |
| Migration Museum | All Our Stories | £50,780 | 24/07/2024 | 15/09/2025 |
| 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 |
| 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 | 31/08/2026 |
| Speakers Trust | Culturally Speaking programme | £83,900 | 01/09/2023 | 30/11/2025 |
| St Paul's Girls School | CDI Building and Exhibition Hall | £1,000,000 | 18/03/2024 | 15/09/2025 |
| Street League | Sport and Employability Academy in Southwark | £176,499 | 17/11/2023 | 31/01/2026 |
| The Brilliant Club | 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 English Heritage Trust | Neolithic Classroom - Stonehenge | £1,000,000 | 03/03/2025 | 28/09/2029 |
| University of Cambridge - Faculty of Education |
Operationalising Neurodiversity in the Primary Classroom |
£153,461 | 02/09/2024 | 02/02/2026 |
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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 2025
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 | Sharing Spaces | £197,366 | 01/09/2023 | 30/09/2025 |
| Bankside Open Spaces Trust | Marlborough Sports Academy Landscape | £200,000 | 15/01/2025 | 30/06/2027 |
| 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 |
| Bumble Bee Conservation Trust | Buzzing in the East End Continued | £125,234 | 05/06/2025 | 15/01/2027 |
| Canal & River Trust | WOW-Wings on Water | £150,000 | 01/07/2025 | 15/09/2026 |
| Chiswick House and Gardens Trust |
CHGT-Community and Creative Campus | £250,000 | 03/09/2024 | 15/03/2027 |
| Core Arts | Core Arts CommunityGarden | £64,200 | 01/11/2022 | 15/08/2025 |
| Dulwich Picture Gallery | Dulwich Picture Gallery Grounds | £200,000 | 31/05/2024 | 30/09/2026 |
| Fulham Palace Trust | Going Green | £106,892 | 15/06/2023 | 15/12/2025 |
| Global Generation | The Triangle | £240,000 | 01/01/2024 | 31/07/2026 |
| Kew Gardens | Seminar Room | £1,500,000 | 01/11/2024 | 15/12/2027 |
| London Met | Wild Ways | £58,232 | 01/08/2020 | 15/12/2025 |
| London Wildlife Trust | LWT Sydenham/Dulwich Woods | £250,000 | 04/11/2024 | 30/12/2027 |
| Museum of the Home | Discovery Garden | £61,800 | 01/09/2023 | 30/11/2025 |
| Natural History Museum | Urban Nature Project | £1,500,000 | 01/12/2021 | 15/09/2025 |
| Quentin Blake Centre for Illustration |
Revitalising New River Head | £250,000 | 15/03/2024 | 31/03/2027 |
| Royal Horticultural Society | RHS Lewisham Hospital | £200,000 | 15/12/2022 | 30/08/2025 |
| Sufra NW London | Community Garden Manager | £23,973 | 16/05/2023 | 15/02/2025 |
| The Horniman Public Museum and Public Park Trust |
Nature + Love | £500,000 | 09/12/2024 | 15/06/2027 |
| 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 | Walworth Gardens- Environmental Learning Hub | £97,000 | 02/07/2024 | 31/12/2025 |
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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 2025
Health and Wellbeing
We choose to support our local health care 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 | 31/12/2026 |
| Great Ormond Street Hospital (GOSH) Charity |
Children's Cancer Centre | £2,500,000 | 31/08/2024 | 30/05/2030 |
| Imperial College London | Imperial Medical Fellowship | £400,000 | 28/02/2025 | 15/07/2029 |
| King's College London | KCL Giacca Lab | £399,681 | 01/01/2025 | 15/09/2029 |
| King's College London | KCL Bromage Group | £171,468 | 01/01/2025 | 31/12/2028 |
| Moorfields Eye Charity | Oriel | £2,500,000 | 28/02/2025 | 31/12/2028 |
| Raise, West Hertfordshire Hospitals Charity |
Interventional radiology ‘super scanner’ | £159,000 | 01/09/2022 | 31/03/2025 |
| The Royal Free Charity | Quadra PET-CT scanner | £149,449 | 01/03/2024 | 30/04/2025 |
| The Royal Free Charity | Resus & UTC waiting rooms refurbishments | £19,200 | 02/07/2024 | 30/04/2025 |
| The Royal National Orthopaedic Hospital NHS Trust Charity |
Hi-Rise CBCT Scanner | £146,000 | 19/08/2024 | 15/12/2025 |
| University College London | 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 | 31/10/2026 |
| University of Cambridge | Cambridge Medical Fellowship | £299,165 | 01/06/2025 | 15/10/2028 |
| University of Leicester | Leicester Medical Fellowship | £400,000 | 01/10/2024 | 15/09/2029 |
| University of Oxford | Choudhury Lab | £149,990 | 01/12/2023 | 15/03/2026 |
| University of Oxford | Oxford Medical Fellowship | £396,480 | 01/10/2024 | 30/09/2028 |
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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 2025
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 |
|---|---|---|---|---|
| Forest Gate Community Garden | Random Act of Kindness | £5,000 | 19/11/2024 | 18/11/2025 |
| Imperial College London | Random Act of Kindness | £10,000 | 21/08/2025 | 03/11/2026 |
| Jessie's Fund | Random Act of Kindness | £10,000 | 13/11/2024 | 14/11/2025 |
| London Inner City Kitties | Random Act of Kindness | £10,000 | 16/12/2024 | 14/11/2025 |
| London Inner City Kitties | Random Act of Kindness | £8,800 | 21/08/2025 | 03/11/2026 |
| Luma Foundation | Random Act of Kindness | £10,000 | 08/10/2024 | 14/11/2025 |
| Mid South Essex NHS Trust Charity |
Random Act of Kindness | £10,000 | 21/08/2025 | 03/11/2026 |
| North East London Community Healthcare Charity |
Random Act of Kindness | £10,000 | 07/10/2024 | 14/11/2025 |
| Pelvic Radiation Disease Association |
Random Act of Kindness | £6,000 | 21/08/2025 | 03/11/2026 |
| The 1010 Foundation, aka Possible |
Random Act of Kindness | £10,000 | 20/11/2024 | 14/11/2025 |
| Stephens House and Gardens Trust |
Random Act of Kindness | £10,000 | 21/08/2025 | 03/11/2026 |
| The Bubble Foundation UK | Random Act of Kindness | £10,000 | 21/08/2025 | 03/11/2026 |
| 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 |
| Wetherby School Gold Standard Charitable Trust |
Random Act of Kindness | £10,000 | 21/08/2025 | 03/11/2026 |
| Women's Environmental Network |
Random Act of Kindness | £10,000 | 01/09/2025 | 04/11/2026 |
| Young Urban Arts Foundation | Random Act of Kindness | £10,000 | 21/08/2025 | 03/11/2026 |
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 | Opportunity | Amount | Start Date | End Date |
|---|---|---|---|---|
| Kusuma Trust Gibraltar | Programme and Operational Costs - 2025 | £855,547 | 01/01/2025 | 31/12/2025 |
| 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 |
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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 2025
Summary of future plans
In 2026, we anticipate signing grants with a total value of between £4.5 million and £5.5 million. This target will include both disbursements made in the year and in subsequent years, in addition to the contingent liability carried over from previous years. Our objectives for 2026 are to:
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Consolidate existing grants in cardiac health research and infrastructure.
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Explore and initiate grants to promote and showcase Indian Culture and Heritage in the UK.
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Maintain a programme of community grants, with a continued focus on Gibraltar.
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Allocate grants and donations at the discretion of the Trustees.
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Undertake discretionary acts of giving.
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. In November 2025, the Trustees decided to reduce the Rothschild portfolio by £68m and to selfmanage these additional funds.
Investments held at 31 December 2025 had a market value of £517,688,435 (31 December 2024: £518,626,917) and were acquired in accordance with the powers of the Trustees. During the year to 31 December 2025, £5,014,230 has been drawn down from the investment portfolios to fund the Charity’s operational and charitable expenditure (31 December 2024: £10,000,000). Cash held by Investment Managers amounted to £53,987,033 (31 December 2024: £8,446,399) which mainly reflects the withdrawal monies taken from the Rothschild portfolio as mentioned above (though the full withdrawal amount was not complete by 31 December 2025).
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 4% 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.
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.
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 were valued at £578,817,166 (31 December 2024: £535,277,339), which consisted of Unrestricted Funds of £728,344 (31 December 2024: £4,407,452) and Expendable Endowment Funds of £578,088,822 (31 December 2024: £530,869,887). 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 2025 was £7,350,099 (31 December 2024: £8,230,283) – see note 11 of the annual accounts.
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 2025
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 £728,344 (31 December 2024: £4,407,452) 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 always be at least two Trustees and at 31 December 2025, 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.
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).
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 2025
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: HSBC Bank Plc 79 Piccadilly London W1J 8EU 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
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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 2025
Bankers (continued): Union Bancaire Privée (UK) Limited One Bank Street 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
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KUSUMA TRUST UK ST A TEMENT OF TRUSTEES, RESPONSIBILITIES Year ended 31 December 2025 The Trustees are responsible for preparing the Trustees, Report and the financial stslemenls in accordance with applicable law and regulations. Company law requires the Trustees lo prepare the financial statements for each financial year. Under that law the Trustees have elected lo prepare the financial slalements in accordance with United Kingdom Generally Accepted Accounting Practice IUnf(ed Kingdom Accounting Standards and applicable lawl. Under company law, the Trustees must not approve the financial slalemenls unless they are satisfied that they give a true and fair view of the stale of affairs of the charitable company and of the profi( or loss of the charitable company for that period. In preparing these financial slalemenls, the Trustees are required to.. select suitable a¢UntIng policies and apply them consistently., Observe the method$ and principles in the CharitEs SORP,. Make judgments and accounting $slimates that are reasonable and prudent,. Prepare the financial Statements on the going concern basis unless rt is inappropriate lo presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy al any lime 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 taking reasonable slep8 for the prevention and dele¢tion of fraud and other irregularities. statomgnt as to disclosure to our auditors In so far as the Trustees are aware al the time of approving our Trustees, annual report". There is no relevant information, being information needed by the audrtor in ¢onneclion with preparing their report, and The Tfuslees, having made enquiries of fellow Trustees that they ought lo have individually taken, have each taken all steps that helshe is obliged lo take as a Trustee in order lo make themselves aware of any relevant audit infomialion and to establish that the audf(or is aware of that infOm)8In. By order of the B¢)ard Anurag Dikshrt IDirector} .2026
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 2025
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 2025 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:
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give a true and fair view of the state of the charitable company’s affairs as at 31 December 2025 and of its incoming resources and application of resources for the year then ended;
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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 2025
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 2025
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: 7 April 2026
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
Year ended 31 December 2025
| Note Unrestricted funds £ Income and endowments from: Investment income 2 2,661,068 Total income 2,661,068 Expenditure on: Charitable activities 3 6,218,328 Raising funds 4 121,848 Total expenditure 6,340,176 Net gain on investments 9 - Net expenditure/(income) (3,679,108) Reconciliation of funds: Total funds brought forward 4,407,452 Total funds carried forward 728,344 |
Endowment funds £ - - - 849,268 849,268 48,068,203 47,218,935 530,869,887 578,088,822 |
Total funds 2025 £ 2,661,068 2,661,068 6,218,328 971,116 7,189,444 48,068,203 43,539,827 535,277,339 578,817,166 |
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 |
|---|---|---|---|
All income and expenditure derive from continuing activities.
17
KUSUMA TRUST UK Company No: 6753811 BALANCE SHEET At 310ecember 2025 Noto 2025 2024 Fixed assets Tangible assets Investments 17,427 517,688,435 28,372 518.626, 917 517,705,862 518,655,289 Current assets Debtors Cash at bank and in hand 10 11 34,024 61,337,132 56,267 16,676,682 61.371.156 16, T32,949 Liabilities Creditors.. amounts falling due within one year Net currènt assets 12 12S9,8521 61.111,304 {110,899) 16,622,050 Net assèts 578.817,166 535,277.339 The funds of the charlty: Unrestricted funds Expendable endowment fund5 Totsl charlty funds 13 13 728,344 578.088,822 4,407,452 530,869,887 535,277,339 578,817,166 The Notes on pages 20 10 30 form part of these Financial Statements. The accounts were approved and authorised for issue by the Directors on 3- p I - 2026. They were signed on ils behalf by.. Anurag Dikshil Chairman 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 2025
| 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 2025 £ (6,036,187) 2,661,068 (971,116) (143,563,558) 190,981,310 49,107,704 43,071,517 16,676,682 1,588,933 61,337,132 |
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 |
|---|---|---|
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 2025
1. Accounting policies
1.1 Basis of preparation and assessment of going concern
The address of the registered office is:
5th Floor 55 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 2024.
With respect to the next reporting period, year to 31 December 2025, 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
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 2025
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 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:
| 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 2025
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 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
| Unrestricted Endowment Funds Funds £ £ Income arising from:- UK Listed investments 36,103 - Non UK Listed investments 1,882,941 - Non UK Unlisted investments 354,794 - Interest on cash held with Investment Managers 155,918 - Interest on cash and Distribution Reserves Cash deposit 231,312 - 2,661,068 - |
Total 2025 £ 36,103 1,882,941 354,794 155,918 231,312 2,661,068 |
Total 2024 £ 52,775 2,256,697 503,368 377,493 175,379 3,365,712 |
|---|---|---|
In the year to 31 December 2025, and the year to 31 December 2024, 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 2025
3. Analysis of expenditure on charitable activities
| India Gibraltar Note projects projects £ £ Project costs - 855,547 Support costs 5 - 72,228 Total - 927,775 All expenditure on charitable activities was unrestricted. The donations awarded were as follows: 2025 Awarded £ INDIA GRANTEES Sree Chitra Tribunal Institute for Medical Sciences - - GIBRALTAR GRANTEES Kusuma Trust Gibraltar (Note 16) 855,547 855,547 UK GRANTEES Ashden Climate Solutions 57,541 Bankside Open Spaces Trust - Barts Charity - Board of Trustees of the Science Museum 21,147 British Educational Research Association 113,059 Bubble Foundation UK 10,000 Bumble Bee Conservation Trust 60,000 Buglife 40,000 Camden Art Centre - Canal & River Trust 25,000 Chess in Schools - Chiswick House and Gardens Trust 25,000 Construction Industry Trust for Youth - CW+ 500,000 Dulwich Picture Gallery 100,000 Evelina London Children’s Charity - Feast With Us - Forest Gate Community Garden - Fulham Palace Trust - Global Generation 60,000 Great Ormond Street Hospital Charity 277,777 Carried forward 1,289,524 |
India Gibraltar Note projects projects £ £ Project costs - 855,547 Support costs 5 - 72,228 Total - 927,775 All expenditure on charitable activities was unrestricted. The donations awarded were as follows: 2025 Awarded £ INDIA GRANTEES Sree Chitra Tribunal Institute for Medical Sciences - - GIBRALTAR GRANTEES Kusuma Trust Gibraltar (Note 16) 855,547 855,547 UK GRANTEES Ashden Climate Solutions 57,541 Bankside Open Spaces Trust - Barts Charity - Board of Trustees of the Science Museum 21,147 British Educational Research Association 113,059 Bubble Foundation UK 10,000 Bumble Bee Conservation Trust 60,000 Buglife 40,000 Camden Art Centre - Canal & River Trust 25,000 Chess in Schools - Chiswick House and Gardens Trust 25,000 Construction Industry Trust for Youth - CW+ 500,000 Dulwich Picture Gallery 100,000 Evelina London Children’s Charity - Feast With Us - Forest Gate Community Garden - Fulham Palace Trust - Global Generation 60,000 Great Ormond Street Hospital Charity 277,777 Carried forward 1,289,524 |
Gibraltar projects £ 855,547 72,228 |
UK projects £ 4,878,681 411,872 5,290,553 2025 Contingent liability £ 19,336 |
UK projects £ 4,878,681 411,872 |
Total 2025 £ 5,734,228 484,100 6,218,328 2024 Awarded £ - - 620,292 620,292 90,416 - 24,400 - 24,091 - 20,000 20,000 28,597 - 25,000 - 25,000 - 100,000 - 10,000 5,000 106,892 140,000 - 619,396 |
Total 2024 £ 5,074,962 554,947 5,629,909 2024 Contingent liability £ 19,336 19,336 - - 57,541 - - 21,147 - - - 40,000 - - - 250,000 - 500,000 100,000 250,000 - - - 100,000 2,500,000 3,818,688 |
|
|---|---|---|---|---|---|---|---|
| 927,775 | 5,290,553 | ||||||
| 2025 Awarded £ - |
|||||||
| - | 19,336 |
||||||
| 855,547 | - |
||||||
| 855,547 | - |
||||||
| 57,541 - - 21,147 113,059 10,000 60,000 40,000 - 25,000 - 25,000 - 500,000 100,000 - - - - 60,000 277,777 1,289,524 |
57,541 - - 21,147 113,059 10,000 60,000 40,000 - 25,000 - 25,000 - 500,000 100,000 - - - - 60,000 277,777 |
- 200,000 - - 48,454 - 65,234 - - 125,000 - 225,000 - - - 250,000 - - - 40,000 2,222,223 3,175,911 |
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 2025
| 3. Analysis of expenditure on charitable activities (continued) 2025 2025 Contingent Awarded liability £ £ UK GRANTEES (continued) Brought forward 1,289,524 3,175,911 Imperial College 37,056 400,000 Imperial Health Charity - - IPSEA - - Jessie’s Fund - - Kew Gardens 375,000 1,125,000 King’s College London 50,014 521,135 King’s College School 20,280 20,280 London Inner City Kitties 8,800 - London Metropolitan University 26,351 - London Transport Museum Limited 18,499 - London Wildlife Trust 25,000 225,000 Luma Foundation - - Mayhew Animal Home - - Mid and South Essex Hospitals Charity 10,000 - Migration Museum Project 25,435 - Moorfields Eye Charity 700,000 1,800,000 Museum of the Home 30,900 - National Children's Bureau 40,000 40,000 National Gallery 75,000 65,000 National Portrait Gallery 98,827 68,828 National Theatre - - Natural History Museum - - North East London Community Healthcare - - Oasis Children's Venture - - Pelvic Radiation Disease Association 6,000 - Photographers Gallery 10,550 - Pursuing Independent Paths - - Quentin Blake Centre for Illustration 120,000 60,000 Royal Academy of Dance 50,000 50,000 Royal Horticultural Society 32,696 - Royal Institute of Great Britian - - Somerset House Trust - - Speakers Trust - - SS John & Elizabeth Charity - - Stephens House and Gardens Trust 10,000 - St Paul's Girls School 300,000 - Street League 89,054 - Sufra – NW London - - Thames21 Limited - - The 1010 Foundation, aka possible - - The Brilliant Club 85,000 - Carried forward 3,435,159 7,482,326 |
2024 2024 Contingent Awarded liability £ £ 619,396 3,818,688 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 - 10,000 - - - 25,435 25,435 - - 10,900 30,900 103,638 80,000 85,000 140,000 30,000 167,655 69,791 - 575,000 - 10,000 - 31,015 - - - 21,099 10,550 32,745 - 70,000 180,000 - 100,000 58,504 32,698 48,865 - 57,652 - 39,990 - 77,652 - - - 700,000 300,000 43,722 89,054 23,973 - 11,640 - 10,000 - 165,000 85,000 3,117,953 6,759,617 |
|---|---|
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 2025
| 3. Analysis of expenditure on charitable activities (continued) 2025 2025 Contingent Awarded liability £ £ UK GRANTEES (continued) Brought forward 3,435,159 7,482,326 The Difference 25,000 - The English Heritage Trust 150,000 850,000 The Gold Standard Charitable Trust 10,000 - The Horniman Public Museum and Public Park 100,000 400,000 The Kensington and Chelsea Foundation 50,000 - The Mayhew Home - - The Royal Free Charity - - The Royal Marsden Cancer Charity - - The RNOH NHS Trust Charity 146,000 - The Royal Parks - - The Smallpiece Trust - - The Whittington Health Trust - - The Woodland Trust - - The Zoological Society of London - - Trees for Cities 80,000 - University College London 107,414 223,991 University College London Hospitals Charity - - University of Cambridge 296,530 192,731 University of Leicester 93,234 306,766 University of Oxford 266,517 206,526 Women’s Environmental Network 10,000 - Young Urban Arts Foundation 10,000 - Young Westminster Foundation - - Walworth Garden - 97,000 4,878,681 9,828,168 5,734,228 9,847,504 Number of Grantees Gibraltar UK |
2024 Awarded £ 3,117,953 50,000 - - - 50,000 10,000 168,649 90,722 - 96,500 24,702 10,000 77,779 45,000 80,000 - 490,000 113,365 - - - 10,000 - 4,454,670 5,074,962 2025 £ 1 49 50 |
2024 Contingent liability £ 6,759,617 25,000 - - 500,000 50,000 - - - 146,000 - - - - - 80,000 331,405 - 190,096 400,000 473,043 - - - 97,000 9,219,816 9,239,152 2024 £ 1 58 59 |
2024 Contingent liability £ 6,759,617 25,000 - - 500,000 50,000 - - - 146,000 - - - - - 80,000 331,405 - 190,096 400,000 473,043 - - - 97,000 9,219,816 9,239,152 2024 £ 1 58 59 |
|---|---|---|---|
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.
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 2025
4. Costs of raising funds
| 4. Costs of raising funds |
||
|---|---|---|
| Unrestricted Endowment funds funds £ £ Investment management fees - 774,268 Other professional fees - 75,000 Other charges – withholding tax 121,848 - 121,848 849,268 |
Total 2025 £ 774,268 75,000 121,848 971,116 |
Total 2024 £ 1,018,133 82,000 150,980 |
| 1,251,113 |
In the year to 31 December 2025 and 2024, 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 |
2025 £ 308,983 57,359 52,650 4,156 14,149 10,945 35,858 484,100 2025 £ 3,251 32,556 51 35,858 |
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 |
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.
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 2025
6. Analysis of staff costs and remuneration of key management personnel
| Salaries and wages Social security costs Other pension costs Other employment related costs |
2025 £ 271,837 21,714 15,108 324 308,983 |
2024 £ 309,131 26,784 17,004 323 353,242 |
|---|---|---|
The average number of persons employed by the Trust during the year ending 31 December 2025 was five (December 2024: six).
The number of employees who received employee benefits over £60,000 was one (2024: two). The number of employees who received employee benefits over £70,000 was one (2024: none).
Employer pension contributions for the year totalled £15,108 (December 2024: £17,004).
| 7. Net income for the year This is stated after charging: Operating leases – property Depreciation Auditors remuneration (see note 5): - Audit fees - Accountancy services |
2025 £ 52,650 10,945 28,956 3,600 96,151 |
2024 £ 50,843 11,018 33,440 3,300 98,601 |
|---|---|---|
8. Tangible fixed assets
| Furniture Office and Office and computer Renovation fittings equipment £ £ £ Cost As at 1 January 2025 97,816 1,048 17,694 Additions - - - As at 31 December 2025 97,816 1,048 17,694 Depreciation As at 1 January 2025 70,907 1,048 16,231 Charge for the year 9,780 - 1,165 As at 31 December 2025 80,687 1,048 17,396 Net book value As at 31 December 2025 17,129 - 298 As at 31 December 2024 26,909 - 1,463 |
Total £ 116,558 - 116,558 88,186 10,945 99,131 17,427 28,372 |
|---|---|
27
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 2025
| 9. Fixed asset investments Market value at 1 January 2025 Purchases at cost Sales proceeds Net realised and unrealised gains/(losses) Investments at market value on 31 December 2025 Investment at book value at 31 December 2025 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/(loss) on investments Realised and unrealised gain/(loss) on cash at bank and in hand Total net gain/(loss) on investments |
2025 £ 518,626,917 143,563,558 (190,981,310) 46,479,270 517,688,435 432,014,099 2025 £ 138,524,498 364,962,642 14,201,295 517,688,435 2025 £ 517,688,435 10,485 53,987,033 571,685,953 2025 £ 46,479,270 1,588,933 48,068,203 |
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 |
|---|---|---|
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 2025 and the year to 31 December 2024, all realised and unrealised gains on investments were allocated to the endowment fund.
| 10. Debtors Other debtors Accrued investment income |
2025 £ 23,539 10,485 34,024 |
2024 £ 23,539 32,728 56,267 |
|---|---|---|
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 2025
| 11. Cash at bank and in hand Cash and distribution reserves Cash held by investment managers |
2025 £ 7,350,099 53,987,033 61,337,132 |
2025 £ 7,350,099 53,987,033 61,337,132 |
2024 £ 8,230,283 8,446,399 16,676,682 |
2024 £ 8,230,283 8,446,399 16,676,682 |
|---|---|---|---|---|
| 12. Creditors – amounts falling due within one year Grants payable Accruals Trade creditors |
2025 £ 210,000 33,245 16,607 259,852 |
2024 £ 10,000 67,542 33,357 110,899 |
13. Total funds
Funds as at 31 December 2025 are represented by:
| Unrestricted funds £ Tangible assets 17,427 Investments - Debtors 32,024 Cash at bank and in hand 936,745 Creditors falling due within one year (259,852) 728,344 |
Endowment funds £ - 517,688,435 - 60,400,387 - 578,088,822 |
Total 2025 £ 17,427 517,688,435 32,024 61,337,132 (259,852) 578,817,166 |
Total 2024 £ 28,372 518,626,917 56,267 16,676,682 (110,899) 535,277,339 |
|---|---|---|---|
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 |
2025 £ 60,203 45,152 105,355 |
2024 £ 58,391 102,183 160,574 |
|---|---|---|
(continued)
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 2025
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 2025 |
£ 10,000 5,734,228 (5,534,228) 210,000 |
|---|---|
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 Increase/(decrease) in creditors within one year 12 Net cash used in operating activities |
2025 £ 43,539,827 (48,068,203) (2,661,068) 971,116 10,945 22,243 148,953 (6,036,187) |
2024 £ 38,748,226 (42,263,536) (3,365,712) 1,251,113 11,018 308,858 (251,875) (5,561,908) |
|---|---|---|
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 £855,547 (2024: £620,292) were awarded to Kusuma Trust Gibraltar. At 31 December 2025, the balance owed to Kusuma Trust Gibraltar is £nil (2024: £nil).
| 17. Financial instruments Financial assets held at fair value Investments |
2025 £ 517,688,435 517,688,435 |
2024 £ 518,626,917 518,626,917 |
|---|---|---|
30