Charlty Rgglstratlon No. 266741 IENglartd and Wale$l LADY RUTH KATHRYN LIPTON, ALEXANDER RUSSELL PARKER and SIR STUART ANTHONY LIPTON - as Trustees of - THE RUTH AND STUART LIPTON CHARITABLE TRUST REPORT & UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE RUTH AND STUART LIPTON CHARITABLE TRUST CONTENTS Page Reference and admlnlstrative detalls Report of the Trustees Independent EXaMir,5 Report to the Trustees Statement of financlal actlvltles Balance sheet Notes on flnancial statements 8-11
THE RUTH AND STUART LIPTON CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS Charity Stat Reglslered In England and Wales ¢harlty Number 28e741 AddroSS 40 Queen Anne Str&el London W1G 9EL Trustee Lady Ruth Kathryn Llpton Nell Wtnslon Benson OBE Ireslgned 13 December 20241 Slr Stuart Anthony Llplon Ajexander Russell Parkgr lappolnled 13 DEcemb8r 20241 Banke Coutls & Co 440 Strand London WC2R OQS Accountant¥ Lews Golden LLP Chartered Ac¢ouDianls 40 Queen Anne Stre8t London W1G 9EL Independènt Examlner Janlne Mansfield FCA Rickard Luckin knmi18d Chartered Account8nt8 and Reglstered Audllors Flrsl Floor County HoLt88 100 N6w London Road Chelmsford Essex CM2 ORG Inve8tment Advlser Royal Bank of Canada ICII Ltd Ga¥pé House 6fj-72 Esplan8 st Hellèr, Jarsey Ghannd Islands JE2 3QT
THE RUTH AND STUART LIPTON CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 The Trust888 submil their report and the fancIal statemen18 IOT the yeai ended S April 2024. The financia stalemenls have been prepared in accordanee with the 8CGounling p)licies set out on pago 8 and wlth applirAble Unlted Kingdom accounting standards, current statutory requirements, the Charities Act 2011. Accountlw and Reportlng by charttl.. Stalemenl of Recommended Pracllce applioable tD ch81iti8s praparlng Ih8ir accounis In accordancèwilh the Flnancial Rep)rtlng Standard appllcable In the UK&nd Republlc of Iieland IFRS 1021 (SeC(d Edlttonl and the Charlty's governing documwl. OblKtlves and ActSvitios The objecllves of the Trust as sel out In t) Trust Deed are lo support charllable in81ilutK)ns atKÉ provnot8 chatlli4iFe purposes. In odditiDn to reIng Income on tts Investments, in Some years, the Trusl recelvos Glft donations and recovers the appropriate Income tax on the58 donatlons. The Trust do&$ not actively lundraise. I'h&Truslees glthelrdlscr8tk)n hav8 appliedthis IOrneOn9r8nt5 lo th8 chariti88 li8ted in nottt4 to the finafidal $tal8tn8nts. Thp TrustBe5 confirm thal in accordance wllh Section 17 01 the Charit$ Act 2011, they hav8 r&f8rr¥d to the Cliarily Commlsslon's gener guidano on publlc benefit wh&n revl8wlng the Trust's alms and oblecdvès and In Ianning their future grgnl making actiifj1s. A¢hleveTnen15 and Performance During Ihs year. the Tru81 iec8iV8d illveslmont income of £54e12023.. £4001 with Headway fund paylng a ¢JivldenLf in th& year of £47912023.. £3771, The law value ol the Investment ptrollO increased to £95,91912023.' £86,467) al the year end as a re&ult of lavourable market ¢ondilion8. Governance costs, Including bank ch8rges, hsve incr88sed to £9,84212023'. £8,218). The 18v81 ol donalions paid d8cr#88ed by IO% to a lolal of £50,47012023.' £55,9311. Th15 includes £25,000 12023.. £17,Sml lo the Cornmunlty S8curily Trust., £8,75012023.. £5,250) lo th8 Royal Opera Hou$B Covent Garden Foundallon,. £5,00012023.. £nill to tho Chld(cn Sh¢d Theatre Trust., £4,54012023'. £nill to the Beibl¢gn Centre Trust.. £3,08012023.. £10,281) to the We51ern Marble Arch Synagogue and £3,00012023'. £nlll toXLP. Flnancl81 Revlew 2024 2023 DDn8llons and asÉoclated Income lax recoverablé amounted I Incotne frDrn Investsll8nt8 and income tax 18coverab19 amounted to 75.875 546 67,500 400 Total income for the yearwas Out olwhlch 8xp8ndilure on chatilabl¢ activities was payab18 01 aThd 9overnancg Costs were payab18 01 And bank charges ware p8y8tAe of 76.421 150,4701 19,8241 1181 67.900 155,9311 18,2031 1151 Resulting in a surplus after expenditure lor the year ol Nel inve81m¢nl 9ain$llloss&81 tot811&d 16.109 9,452 3,751 14,9291 Givlng a net movement n fund5 the year of Funds b81ances brought lopward at 6 A1 2023 amounted lo 25,581 90,389 11,1781 91,587 Glvlryj totAI ttust funds carrled fomgrd at S Api4 2024 of 115.950 9D,389
THE RUTH AND STUART LIPTON CHARITABLE TRUST REPORT OF THE TRUSTEES ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Flnanolal Revlewlcc+ntlnyedl There are no Sn dehcit 81 th8 dat8 of the financial slaloments. The TtU5t's linanuÈ5 Fosition gt th8 balan¢& sheet d81e is Buificlont lo meet ongoing expet¥fits*re and lulure plans. The TDist r8gerves ¢81$tOd ol the Unrestrlcled Income Fund of £115,950 81 5 Apiil 2D24. The Trust Deed allows fha Tru8lees lo apply both capltal and It0e at Ihelf absolute discret for chadlablp purposes. The Trustees intelld to continu8 this policy sut4ecl tD regular revlew al Tius18es M&&lings, Investment Poll¢y Tho Truslee8' powers tts Invesl the fvnds are unrestricted. Thg Trustees have decKled to Invest most of tho funLt5 In & hedge lund in order lo balonce income wlth capltal growth. The Trustees will continue to revlew th6 length and typo of Investrnent, wllh rpgard to the changing investment el'male. In Btklition lo this the Settlor Trusleg, Sir Stuart Anthony Lipton, rnak8s gift aid donatlDnG as and when there Is z shi)rtfall. Grant Makln9 Pollty The Tru51ees regularly roviow Ihc grant making pollcle$ of the charily which curr8nlly 8r8'. the Truste8swill conslder applitatlons for grants whith 8re in accordanc8wlh th8 Stated (Trblectlves of the Gharlty,, there is no mlnlmuTll Ilmlt far any urant,. ar all grants wll b8 approved unanimouY by the Trvstees, The chailty aims to di$lribul8 gran18 prlmarlly to those chaillabl& organlsalions that the Board of Trustees d8cide dre line with the objectVeS of the d)arity. 8y providlng such fin8ncial support the charity seeks lo en8bl8 other charitate organlsaiions to achiov¢ Ih¢ir objecllveG. Structure Govemance and Management The Trustwas established by Sir Stuart Anlhony Llplon as the S.A Lipton Charitabl8 Trust 4Mder a Trust Deed dated 10 Oclobei 1973. Tha Twst chahg9d 115 name lo IhE Ruth and Sluart Lipton Ch8r118tAe Trust by a solution dated 11 April 1989. Th8 Trust De dlows for the cap11 and income to be applled for general chaiilable purposes al the absolute di5crelton of the Trustees. The income15 to be sppll84J, and the Capilal may be applled, lor Gharitable purposes. There are no specific reslri¢tlons imposed by the Trust Deed concerning thèway in which the Twst Can opeiale and the Trustees may make such Investments as ihey Ihlnk fil. Thè TruslÈes continue lo invesl m05t ol tha lunds in a hedge fund and spedallsed charllable Inveslm8llts in order to balance a rcgular income with Gapital gromrth. The Trustees eonlinue to reeW the length and typp. of Investment. with iegarrts lo ¢he ¢hanglng InV881menl cl¥nate. In addition to this, Sr Stuart Anthony Llplon makes glft eid donallons as and whell there18 a 5hortlall. Sir Sluart Anthony Llpton has the aulhoTrty lo appdnl or rernTrve Twstees. The Trustees wlll eonsider methods for the recrultmènl and appolntmentol tkewTrusloos when new Trustees are appolnled. Neil Winston Benson OBE wa5 a partner In the year In Me8srs Lews Golden LLP whlGh prDvldes accountancy and adminlslralion services lo the Trust. Details of any fees recelved are digclosed in the ntslès ID Ihe financ[ slaternenls. The have b8en no changes in the pdldes ofthe TTrJst during the year, Rlgk A86e8sment The Trustees have prevlously undertaken a rl$k assessment. The assessment helped to identify th8 majDr risks to which th8 ¢harlty Is expused. The Trustee5 have r8vi8wd tha major risks and h8rfe establlshèd a system to mlligate Ihem.
THE RUTH AND STUART LIPTON CHARITABLE TRUST REPORT OF THE TRUSTEES {CONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Rofor•n¢e and AdmlThistratlv& Dpta115 Reference and adminlBlratlve details Set out on pag8 1 forms part of Ihis report. Th8 Trustees thfoughoul the year Lady Ruth Kathryn LSpton, Neil IMTrslon Benson OBE and Sir Stuart Anthony Llplon, Fund$ Hld a$ Custodlan Tru$te The Tnjst does not kjld any funds a8 Cuslodl#n Trustee. Statem¢nt of Trusf898' Respon$ibllitl•$ The Truste25 are spOnSible lor preparing Ihe Annual R8POrt and th8 financlal statements In accordance wfth applicable law and regulotions. The law &pplicable to Charitles In England and Wa188 réquires thg Twstpes to pr8pare finan¢S8l statempnt5 fcr each finawal year in a¢¢ordance th Unlted Klngdom Cenorally Accepted Accounting P¥aclice (Unil$ Klngdom AccDunling Standards ond applicable lawl. The TrusteÈs must not approve the financial stalèmenls unle8s they are sallsfied that they giv8 a true and fair view of the $lale of affalrs of th& charity and of the Incoming rost)urces and appllGatlon ol resources, idIng the Income and expBndllure, of Ihe chailty for that period. In preparing th8S8 lin8ncid ststements, Ihe TM$tess arè required lo.. al select svltabk act>)unting pollci88 and apply them conslstentty.. bl observ8 the molhods and prindples in thE Charltles SORP., ¢1 makejudgmenls and accounttng e$timat68 that rer15Dnab and prudtsn¢ dl Stale whether 8ppIKable UK accountlng statKlards have been lollowed, 8ubjecl to any rnaterfal departures diSGlo$ed and eXaiNed In Ihts fIncIal statements,. and el prepare the fi'nanGlal sla18menls on the going crrn basis unless It is inappropriaie to yesumè th8t the charity will contlnue In operatlon. Th8 Trustees are iesponslbl8 lor keen0 sufficlenl accounlkng records thal dlsclose th reasonable accuracy al 8ny tlme the financial p0511ion olthe charlty and enable them to en6ure that the financial sl8lemenl8 comply wilh the charitS Art 2n71, the Charily (Accounts Repjrtsl Regulations 2008 and the provlstons of th8 Trust Deed. They (Ire also responslble for safeguarding the as5els of the cha¥ily and hence lor taklng r&asDnable 8t8P8 lor th6 wevenllon and detaction ol fraud and other liregular1es. Approved and signed by th¢ Trustees on .. Ak• Lady Ruth K8thryn Llpton Alexandpr Ru3¥ell Parker Slrsiuart Anlhony Llpton
THE RUTH AND STUART LIPTON CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 Indepfjndent Examiner's Rgport to the Trustees of The Ruth and Stuart Llpton Chatltsble Twst I rEPOrt to the Trustees on my examination ol the financial slalements of The Ruth and Stuart Lipton Charitable Trust I'the charily'l for the year ended 5 April 2024 which comprise the Stslemenl ol Financia5 Actiwlies. the Balan Sheet and relaled notes. Thls report is made solely lo the charity's Trustees, as a tdy, in accordan with sectlon 145 01 ihe Charities Act 2011. My work has been undertaken so that I might state to the charity's Tru81ees those mallers l am required to state lo them in this r8POrt and for no other wrpose. To the fullest extent permltted by law, I do not a¢cepl or assumè rèsponsibility to anyone other than the charity and the d)arity's Trustees as a t)ody, tor my Work, for this reporL or for the opinlons I have formed. Rèsponslblllties and basls of report As the Tru8tees ol the ¢haiity you are responble lor the pr8paration ol the fin8nual stalements in accordance fjlh the requirements of the Charities Act 20111'llie Acl'l. I report in respect ol my examination of the charity's financial statements carried out urKler section 145 01 the Act and in carrying out my examination I have followed all the applleable DIrectnS given by the Charity Comrnission under sEtlion 14515llbl ol the Act. An independent examinalioii does not Involve gathering all the evidence thalwould be required In an audit and conse.qiJently does not eover all the matters that an auditor consideis In giving their opinion on the fillan81 statements. The planning and COndt of an audit goes beyond the limited assuranTr that an independent examination can provide. Consequently l express no opinion as lo whether the financial slalement8 present & 'true 8nd fair, view dnd my report is limited to those speeAfic matleys set out in the independent examiner's slalemenL Independent exarnlnees ststement I have completed my examination. l confirm thst no mater181 matters have come to my attention in connection with the examination giving me cause to believe that in any materlal resp8ct'. 3ccounling record5 were not kept in respect uf the charity as required by Secllon 130 01 the Act," or
the financial siatements do not aGcaTd wlth those reccKds,' or the financial statements clo not comply the applicable requirements coneernlng the form arKI conlenl ol acmunts set out in the Ch8rilies IAccoull15 ad Reports) Regulats'ons 2008 other Ih8n any requirement that th8 8ccounts give a 'lrue and lair Mew which 18 not 8 matter Considered as parl of an independent &x8Mlnation. I have no concerns and have come across no other matters in connection with tha exaTninab"on to which attentlon Should be drawn in this report In order Its enable a proper understanding of the finanaal statements to be reached. Janine Mansfield Rickard Lud(iD Litniled Firsl Floor County House 100 New London Rd Chelmsford CM2 ORG Dated.
THE RUTH AND STUART LIPTON CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 6 APRIL 2024 INCOME AND EXPENDITURE 2024 2023 Not98 Income 8nd &ndowm8nts from.. Voluntary Income.. Donations In[¢ lax on glft aid recoverable Inv8Stment income 60,700 15,175 546 54,000 13,600 400 Tfrtal 76,421 67.900 Expènrlltur8 On.. Cherlt8ble 8ctlvitlès ISJ,3121 164,?491 Net galnsll106S¢81 on Inve$tments 9,452 14.9291 Not lncomellexpItuFel 25,561 11,1781 Net movement In lunds 25,561 11.1781 Total fund$ brought lorw8rd ,389 91.567 Total funds carrled forward 115,950 90,389 All baL8n¢gB and balance sheet Ilpms rerxe8enl the Unrestrlcled Ineom8 Fund,
THE RUTH AND STUART LIPTON CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2024 NoteB 2024 2D23 INVESTMENTS Slo(*s and shares, al falr valu8 Cg$h 95,919 1,320 86,467 874 87,239 &7,341 CURRENT ASSETS Debtors Cash at b8nk and In hgnd 10,810 22.181 5,875 4,432 32,991 10.308 CURRENT LIABILITIES 114,2801 17,2601 Net Current As8OtsllLlabllltl881 18,711 3,048 N0tA6setg 115,950 90,389 UNRESTRICTED INCOME FVND 115,950 9D,389 Total Trust Funds 115.950 90,389 /.AV /.•... Aka Lady Ruth Kathryn Llpton Alemnder Russell Parker Slr StuartAnthony Llpton Apwoved and signed by thè Twslees on The notes on page& 8 to 11 fami part ofthèsa financlal slataments.
THE RUTH AND STUART LIPTON CHARITABLE TRUST NOTES ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 ACCOUNTING POLICIES lal 8851s of prgpar4llon The charity is a public bsnelit enlily. The financlal statements have been prepared In accordance wtth 'Accounliag and Reportlng by Chwitie8'. Statement of Re¢ommended Pract(ce applicable to charities paring theli aecounts In accordance the Fln8ncL91 R8POrtin9 Standard applicable in th8 UK and RepuFAic ol Ireland IFRS 1021 IS8¢ond Edition), and the Finanelal Reportlng Standard appllcable In the Uniled Kingdom and Republk ol Irèland IFRS 1021 and the Chariues Act 2011 and UK Generally Aec8ptod Practic8 as it applies from 1 J8NJary 2019 and thg Trusvs goveinlng d0Ment. The Ilnanclal statements have been prepared lo give a 'true and f8lr' view and have departed from th8 Charllles IAccounls and Reports) R8gulalion$ 2008 only to the exlenl requlied to provide a 'liue an4J fail vl6W. This départui8 has involved lollowng 'Accouiiling and Reporting by Charilies prepaiinq tholr aGCOUnt5 In cOrdanCe wllh the Finanoigl Repoillng Standard appll¢abl¢ in the UK and Republic ol Ireland IFRS 1021 (Second Edit1, rather Ihan th¢ Accounting and Reporting by Charilio3.' Statement ol REcommendeES Practlce effective from 1 April 2005 which has SIn been wilhdiawn. Ibl Accountlng Conventlon The finsncial statements have been prepared in arxordance with appllcable 8CCDUnting standards under the histor14 cost convention BB moditied by adjusting the Investments to fa1r value at the balanGe sheet date. (¢1 Income Investment Income and doriatlon1ncome Is Ined in the Stslemenl olFinancial Acliwties ISOFAI when.. Ihe charity becomes entllled to the resour¢&s', the TIu51ees are virtually certgin they will recewe the r850urcès,' and th8 moiietary value can be m8aSUr wlth suifiGlent rÈlabllity. Idl Expendlture ?ranl rnaklng and govemance costs aro r8cognised once there Is a 18gal or con$lrudive obligatlon to tnake a payment to a Ihlrd party, it is probablo that settlement will be requlred and the amount of the obligation Can be measurpd rellabty. lel Rea116ed and UnYeall$ed Galns and Lo#$•s on Investrnents Reali88d gains and losses on Investments repsent the dlfftrronc8 between the ssle proceeds and the cost, or latestvauatlon if Ihtt asset or Investmenl was purGha5ed In a prev5ous Inandal year. Unreali88d gains and loÉÉes on investments represent Ihe difference between the lairvalue at the end of the flnancial yaar lh8 lair valu8 al the end ol the prev40us Iinanclal yoar, or Cosi If purchased durlng the year. In Funds The Trust fflalntains Unreslricled Ihcomo Fund, comprislng the monles wllh whlch the Trust was establishèd. The Trust D£ed allows the Trust8 to apply both capNal and Income al Ihelr ab501ute discrelion for charltable purposes. 191 Flnahclal Instrument$ The charity holds bas1¢ fingnrial inslwmen13 only, those ljeing.. cash at bank and In hand, 011r debtors nd acGYua15. Cash is represented by cash in hand and deposlts wlh financial institutions repayable without penalty on noti of not more than 24 hour& Crgditois are recognlsed where the crSty has a presont obligation resLJlting from 8 P8St event that will probably resutt in Ihe transfei offurnds to a thlrd party and the 8mounl due 10 $8tlle the obligalon can be measured or estimated reliably. Crfdilors are norrnally recognls8d at Ihelr settlement 8mount after allowing for any trade discounts due.
THE RUTH AND STUART LIPTON CHARITABLE TRUST NOTES ON FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED S APRIL 2024 INVESTMENT INCOME 2024 2023 Irtcome received dltectly atttlbuted to.. UK 8ank Intprpst Incvme reived indlrectty attilbuled to,. UK Equitsos (listed on a 18cognlsed 81o¢k exchangel and Unil Trusts 87 23 479 377 CHARITABLE ACTIVITIES Ntstes 2024 2023 Grant maklng Governgnce costs 50.470 9,842 55,931 8,218 60,312 84,149 CHARITABLE ACTIVITies- GRANT MAKING 2024 2023 Community Securlfy Trust Roya1 Op8r8 Haus8 Covent Gardon FoufKlgllon Chicken Shed Theatre Trust BarlM"cn Centre Trust W8Stern Marble Arth Synagogue XLP United Jew*6h18rael Appeal Breast Cancer Now Jgh BBreavement Coun8dllThJ serVe Varlous- stnalS chBrllle 25.000 8,760 5,000 4,540 3,080 3,000 17,500 5,250 10,281 17,500 2,500 1,(K)O 1.900 1,100 50,470 SS.931
THE RUTH AND STUART LIPTON CHARITABLE TRUST NOTES ON FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 CHARITABLE ACTIVITIES: GOVERNANCE COSTS 2Q24 2023 Aeeountancy admlnlstratt(>n chaige$ Cuslodi8n fees & maDaoernent fees Bank charges 9.780 44 18 8.180 43 15 9,842 8.218 Aczountancy and admlnistralion ch8rge5 Includes costs of £2.B8012028.' £2,760) for independeTrt ex8mln815 fees. GAIN ON INVESTMENTS 2024 2023 Unrealised galn81Oossesl Realised galns 9,452 14.9291 9,452 14,9291 INVESTMENTS H94dway Fund Shar88 stocks and shares Foir valu6 al 6 April 2023 86,467 Galn on invèstments 9,452 F81r value el 5 April 2024 95,91S DEBTORS 2024 2023 Olh8r d8blors 10.610 5,675 10-
THE RUTH AND STUART LIPTON CHARITABLE TRUST NOTES ON FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 5 APRIL 2024 CLIRRENT UABILITIES 2024 2023 Tiade crèditors ctuals 5.$40 8,340 7,260 14,280 7.260 10 TRU8fEES' INTEREST IN CONYRACTS Ourfng the year Neil W$tOn Benson OBE was a partner in M888r8 L8wls Gold8n LLP. ChsrterEd Accountan18, who provided accountancy and tax 5eMEes lo the Trust to the value of £6.WO 12023- £5.4001 including VAT, Nune ol the other Trustees recdved any remuiieialion or reimbursemènl of expens69 dtsring the year. 11 RELATED PARTY fRANSACTIONS Durfng the year dcaOn8 m8d8 by the T¥ustees totglled £80,70012023,' £54,000). Gr8nt8 of £3,080 12023". £10,281) w8re made to theweslern PAarble Arch Synagog, ofwhich two Tru81ee? ar8 members. Donallons made by Ihe TIvs1 lo regisleied chari118s re8ult8d in ben8lils lo the Trustees whlch thosè eharalics valued al £2.060. This amount has been r6patcJ by the Tru51ees slnce Ihe balance sheet date. 42 CONTROL The charlly 1$ ¢ontrolled by th& Trustee8 appointed und&r the Trust Deed. Decisions are made unanimousty by the Trustees, 8xcepl for tha authority lo appoint or remove fwste65 which15 rpseryed to Sir SluwtAnlhony Lipton.