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 EXaMi￿r,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 Esplan￿8
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 f￿ancIal 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 re￿I￿ng 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 I￿OrneOn9r8nt5 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 I￿anning their future grgnl making actiifj1￿s.
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 p￿trollO 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 A￿1 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$tOd ol the Unrestrlcled Income Fund of £115,950 81 5 Apiil 2D24. The Trust Deed
allows fha Tru8lees lo apply both capltal and It￿0￿e at Ihelf absolute discret￿￿ for chadlablp purposes. The
Trustees intelld to continu8 this policy sut4ecl tD regular revlew al Tius18es M&&lings,
Investment Poll¢y
Tho Truslee8' powers tts Invesl the fvnds are unrestricted. Thg Trustees have decKled to Invest most of tho
funLt5 In & hedge lund in order lo balonce income wlth capltal growth. The Trustees will continue to revlew th6
length and typo of Investrnent, wllh rpgard to the changing investment el'male. In Btklition lo this the Settlor
Trusleg, Sir Stuart Anthony Lipton, rnak8s gift aid donatlDnG as and when there Is z shi)rtfall.
Grant Makln9 Pollty
The Tru51ees regularly roviow Ihc grant making pollcle$ 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 unanimou￿Y by the Trvstees,
The chailty aims to di$lribul8 gran18 prlmarlly to those chaillabl& organlsalions that the Board of Trustees
d8cide dre line with the object￿VeS of the d)arity. 8y providlng such fin8ncial support the charity seeks lo
en8bl8 other charitat￿e organlsaiions to achiov¢ Ih¢ir objecllveG.
Structure Govemance and Management
The Trustwas established by Sir Stuart Anlhony Llplon as the S.A Lipton Charitabl8 Trust 4Mder a Trust Deed
dated 10 Oclobei 1973. Tha Twst chahg9d 115 name lo IhE Ruth and Sluart Lipton Ch8r118tAe Trust by a
solution dated 11 April 1989.
Th8 Trust De￿ dlows for the cap￿1￿1 and income to be applled for general chaiilable purposes al the absolute
di5crelton of the Trustees. The income15 to be sppll84J, and the Capilal may be applled, lor Gharitable purposes.
There are no specific reslri¢tlons imposed by the Trust Deed concerning thèway in which the Twst Can opeiale
and the Trustees may make such Investments as ihey Ihlnk fil. Thè TruslÈes continue lo invesl m05t ol tha
lunds in a hedge fund and spedallsed charllable Inveslm8llts in order to balance a rcgular income with Gapital
gromrth. The Trustees eonlinue to re￿eW the length and typp. of Investment. with iegarrts lo ¢he ¢hanglng
InV881menl cl¥nate. In addition to this, Sr Stuart Anthony Llplon makes glft eid donallons as and whell there18
a 5hortlall.
Sir Sluart Anthony Llpton has the aulhoTrty lo appdnl or rernTrve Twstees. The Trustees wlll eonsider methods
for the recrultmènl and appolntmentol tkewTrusloos when new Trustees are appolnled.
Neil Winston Benson OBE wa5 a partner In the year In Me8srs Lews Golden LLP whlGh prDvldes accountancy
and adminlslralion services lo the Trust. Details of any fees recelved are digclosed in the ntslès ID Ihe financ￿[
slaternenls.
The￿ have b8en no changes in the pdldes ofthe TTrJst during the year,
Rlgk A86e8sment
The Trustees have prevlously undertaken a rl$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$ H*ld a$ Custodlan Tru$t*e
The Tnjst does not kjld any funds a8 Cuslodl#n Trustee.
Statem¢nt of Trusf898' Respon$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 $lale of affalrs of th& charity and of the
Incoming rost)urces and appllGatlon ol resources, i￿￿dIng the Income and expBndllure, of Ihe chailty for that
period.
In preparing th8S8 lin8ncid ststements, Ihe TM$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 eX￿aiNed In Ihts fIn￿cIal statements,. and
el prepare the fi'nanGlal sla18menls on the going cr￿￿rn basis unless It is inappropriaie to yesumè th8t
the charity will contlnue In operatlon.
Th8 Trustees are iesponslbl8 lor kee￿n0 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 charit￿S 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 liregular1￿es.
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 t￿dy, 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 respon￿ble 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 DIrect￿nS 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 fillan￿81
statements. The planning and COnd￿t 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 a￿d 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$tments
9,452
14.9291
Not lncomellexp￿￿ItuFel
25,561
11,1781
Net movement In lunds
25,561
11.1781
Total fund$ 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 d0￿Ment.
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 Edit￿￿1, 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 histor1￿4 cost convention BB moditied by adjusting the Investments to fa1r value at the balanGe sheet
date.
(¢1 Income
Investment Income and doriatlon1ncome Is In￿￿ed 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#$•s on Investrnents
Reali88d gains and losses on Investments rep￿sent the dlfftrronc8 between the ssle proceeds and the
cost, or latestvauatlon if Ihtt asset or Investmenl was purGha5ed In a prev5ous Inandal year.
Unreali88d gains and loÉÉes on investments represent Ihe difference between the lairvalue at the end of
the flnancial yaar lh8 lair valu8 al the end ol the prev40us Iinanclal yoar, or Cosi If purchased durlng
the year.
In Funds
The Trust fflalntains Unreslricled Ihcomo Fund, comprislng the monles wllh whlch the Trust was
establishèd. The Trust D£ed allows the Trust￿8 to apply both capNal and Income al Ihelr ab501ute
discrelion for charltable purposes.
191 Flnahclal Instrument$
The charity holds bas1¢ fingnrial inslwmen13 only, those ljeing.. cash at bank and In hand, 011￿r 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 c￿rSty 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 r*eived 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"c*n Centre Trust
W8Stern Marble Arth Synagogue
XLP
United Jew*6h18rael Appeal
Breast Cancer Now
J￿gh BBreavement Coun8dllThJ serV￿e
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 dc￿a￿On8 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.