Charlty Re91stratlon No. 266741 IEngland and Wale81 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 2025
THE RUTH AND STUART LIPTON CHARITABLE TRUST CONTENTS Page Reference and adminlstratlve detalls Report of the Trustee$ Independent Examlner's Report to the Tru8tees Statement of flnan¢lal a¢tlvltles Balance sheet Notes on flnanclal statements
THE RUTH AND STUART LIPTON CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS Charlty StatlkB Reglslered In ErvJland and W81è5 Chorlty Number 288741 Addr888 40 Queen Anne Slreel London W1G 9EL Trustses Laty Ruth Kathryn Llplon Sir StuartAnthony Llpton Ajexander Russell P8rk8r18ppoint8d 12 D9mr2024) Nell Winston Bén8on 08E (resigned 12 December 20241 Banker• Coutts & Co 440 Str2nd London WC2R OQS Acetsuntsnts Lewis Golden LLP Ch8rtor8d Acwuntsnts 40 Qu88n Ann8 Street London W1G 9EL Indèp•nd8nt Examlner Janine Mansfield FCA Ri¢kard Luckin Limited Ch8rtered AOUntantS and Reglstered Audltor8 Flr51 Floor County House 100 New London Road Chelmsford Essex CM20RG Inv•stmèntAdvls8r Royal B8nk ol Canada ICII Ltd Gaspè House 66-72 Esplanade st H91igr, Jgr89y Chann811818nd8 JE2 3QT
THE RUTH AND STUART LIPTON CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRIL 2025 The Ttustees submll their repDrt arnd the linanclal ststgrnents for the year ended 5 April 2025. Th8 financial stslernenls have been prepared in accordance with the accountlng pollcles set oul on pa9e 8 and with applicable United Kingdom accounting standards, current 61alulory qUIreMents. the Charities Act 2011, Accounting and Reportlng by Charilie5.' SlatenTrenl ol Recornmended Practice applicable to chsiilies preparing their accounts in Bccordan¢e withthe Financial Reporting Standard 8ppIKable in the UKand Republic ollreland IFRS 1021 Isecond Edition) and the Charfiy's governing docutnent. Oble¢tlv8$ and Actlvltlgs Th8 oblectlves of the Trust as Sel r*Jt IM the Trust Deed ar8 to support chari18ble instltullons and promote charitable purp058s, In addltlon to receivlng income on Ils inv88lmenls. in some years, the Trust receives Gift Aid #onats"ons and recovers th8 appropriate Income tgx on these donatlDns. The Twsl does not actively fundraise. Thtr Trustees al their discretEon have applied this incomeon grants tothe charftie5 listed in note 4 to the financlal Statements. The Trustees conlSrm th81 in accordance wlh Section 17 01 the Chariti85 Act 2011, Ihoy have referred to the Charity Cotllmi83ion's general guidance on public benefitwhen reviewillg the Trust's aitns and objectives and n planning IheSr future gont making Bdivilies. Achl¢vements and P8rforman¢e During the year, the Trust rEceived investment income 01 £1,041 12024.. £5461 with Ihe Headway fund paylng a dividend in Ihe year of £90012024.. £4791. The falr value of the inve8lment porttolits Ine9$ed to £96.13512024'. £95,919) al the ytsar-end as a result of favourable market condlllons. GDvern3nce costs, induding bank charges, hawe increased to £10,50612024.. £9.8421. The level ofdonalions paid in¢reased by 32.08Yo lo a lotal of£66.66112024.' £50.4701. Thls includes £20.000 12024.. £25,000) lo the Community Security Trust., £20,00012024.' £nill to th8 Unlted Jewish Israel Appeal.. £7,114 12024.. £3.0801 to the Western Marue Ah Synagogvo., £5,51012024.. £8.7501 to the Royal Opera Houso Covenl G8rden Foundation.. £5,00012024.. £nill lothe S&P Sephardi Community,. £4,(N)012024.' E3,OLYJI to XLP and £4,00012024'. £nill to th8 Urban Land Institute. Flnanclal Revlew 2025 2024 Donatlons and 888oclated Income tax recov8r8ble 8mounled lo Income from Investments and Income tax recoverable amounted to 51,313 1,041 75,875 546 Total income fortho yearwas Out of which expenditure on charitable gctivities was payable ol and governance costs were payable of and bank charges wer8 P8yable of 52,354 168.6611 110.4891 76,421 150,4701 19,8241 Re5ulling In a Id6ficitl18urplus after expendlture for the year of Net investment galns tolalled 124,8151 2,218 16,109 9.452 Giving a npt fftovernent in funds in the year ol Funds balance8 brought forwArd at 6 April 2024 amounted lo Giving to181 trust funds c8rri8d forward at 5 April 2025 01 122,6991 115,950 25.561 90.389 93,351 115,950
THE RUTH AND STUART LIPTON CHARITABLE TRUST REPORT OF THE TRUSTEES ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2025 Flnan¢lal Rtvlew Icontlnuedl Ther8 arg no funds in deficit at the dale of the financial statements. Th8 TTUSt's financial position 81 the balance sheet date 18 sufficienl to meet ongoing expendltuie and future plan5. The TIu6t re5eives con51sted of the Unfe51ri¢led Income Fund 01 £93,351 at 5 Aprll 2025. Tho Trust Deèd allows the Tiustee5 to opply bolh capital and income at Ihelr absolute discretion for chaiitablB putpose5. The Twstees Intend lo conth'nu8 this policy subject lo ra9ular r8view al Trustees Meetings. InvgStment Pollcy The Trusteès. powers to Irwest Ihe funds are unrestrlcled. Tho Trustees have decid8d to invest most of the funds in 8 hedge fund in order to balan Sncome wSlh capital growth. The Trustees will contlnue to review the length and type ol investment, with regard to the changing Investment dimal&, In addilion lo this the Settlor Trustee. Sif Stuart Anthony ptOrn. makes gift aid donatlon8 as and when there Is a shortfall. Grant M¥klng Polley The Tru8188s r8gularty review the grant maklng pollcies of the chaTity whlth ¢urrenlly are.. the Trustees will conslder appllcallons for grants whlch are In 8ccordancewllh th8 St8t8d objectives of charity., there 15 no mlnimum limit lor any grant., and all 9ranls will be appiov8d unanirnously by the Trustee& The charity aims to distrlbute grants primarily to th088 charitab18 orgsni8ations that the Board ol Trustees declde are in line with thÈ objective5 Df the charity. By providing Such financial support the charity 8eèk8 to enable other charitable organisalions to achieve Iheir objecllves. Structurp GDvernancg and Management TheTrust was establlshed by Sir StuartAnthony Llpton as the S.A. Upton Charltable Trust under a Trust Deed dated 10 October 1973. Th8 Tiust chang8d tts name to thg Rulh and StLtrart Lipton Chaillable Trust by a sdution dated 11 Awil 1989. The Trust Deed allows foi thB capital and Incorne lo be applied for general charitable purposes al the absolute discretion of Ihe Trustees. The Income Is to be 8ppli8d. and the capital may b8 applied, for charitable purposes. Thei& are no specific restrictions Smpos&d by the Trust Deed conceming theway in which th8 Trust can operate 8nd thè Tiusle88 may make such investments as they think lit. The Trustees continue to invest most ol the fund3 in a hedgg fund and spedallsed charltable investmenls In order lo balance 8 18gul8r incom8 with capital growth. The Tiustees continue lo review the length and type of Investment. wlth regards to the changing Investment dlmate. In addition lo this, Slr Stuart Anthony Lipton makes glft ald donatlons as and when there is a shortrall. Sir SluartAnlhony Lipton h88 the authority lo appoint or remov8 Trustees. The Trusteeswill consider methods for the recruilTnenl and appointment ol new Trustees when new Trustees are appolnted. Alexander Russell Parker was a partner in the year in Messrs Lewis Golden LLP whlch prodES accountancy and administration seNices to the Trust. Detai15 01 any faes received are disd05ed in thg notes to the finanaal statements. There have been no ch8nggs in the policies of the Trust during the year. Rl$k A88e8sment Th8 Trustees have prevlou5ty undertaken a rfsk 88s8ssm8nl. The a33eJsment helped lo identify the mojor li5k5 to which the charity is exposed. The Trustees have reeWed the major risks and have e8tabllshed a ¥ystem lo mili9ale them.
THE RUTH AND STUART LIPTON CHARITABLE TRUST REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 Reference and Admlnlstratlve Detalls Reference and adminlslratlve d8lai18 sel out on page 1 forrns part ol this repDrt. The Trust8e5 throughout Ihtr year were Lady Ruth Kathryn Lipton. Neil Winston Benson OBE, Aexander Russell Paik8r and Sir Stuart Anthony Lipton. Funds Held as Custodlan Trustee Th8 Trust doe5 not hold any funds as Custodian Truslee. statem?nt of Truste8$' Responslblllties The Truste&5 are responslble lor wep8rlng the Annual Report and th¢ financial statements In Qccoidance 1h appllcable law and 9vISI108. The low applicable to chltIeS ifi England and Wales requires the Trustees to wepara fi'rnancil statements for each nnanci81 year In accoidance with United Kingdorn Generalty Accepted Accounting Pradice (United 'ngdom AG¢ounllng Standards and applicabl818wI. The Trustees musl not 8pprove the f nanci81 statements unles$ they are $at15fied that they give a tru? fair view ol the slate of affairs ol the charlty and of the incoming resources and applic21ion ol resources. including the In¢ome and expenditure, of the charity foT that peiiod. In preparlng thes8 fln8ncSal statements, the Trustees are requlred to.. al 8elocl suitable accounting polides and apply them consistentty.. bl observe the methods and principles in the Charities SORP., cl makejvdgments and 8ccounling estimate5 that 8r8 reasonable and prud6n(' dl state whether appllcable UK accounting standards hav8 been followed. subjEcI to 8ny material departures disc108ed and explalned in tha financial 51atemenls.' and el prepare the financial slalements on the going concern ba$ls unle88 it 18 inappropriate to presume that the charity will condnue In operation. The Tru81ees are reswnsibl8foi keeplng SLrfficlent accountlng records thst dlsdosewilh re8s0nable accuracy at any lime the finan¢ial posthon of the Charity and enable Ih8m 10 8nsure that the financial stalements comply wrth the Charitios Act 2011, the Charity (Accounts and Reports) Regulations 2008 and th8 prc>visions ol the Trust Deed. They 8re also responsible for safeguarding the as58ts ol the Charty and hence for taking reasonab steps for the preventlon and detection ol fraud and olhor irregu18rilie$. 12 Det*mber 2025 Approved and signed by the Trustees on ....................,....... Lady Ruth Kathryn Llpton Alexandor Russell Parker Str Stuart Anthony Llpton
THE RUTH AND STUART LIPTON CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED S APRIL 2026 Indeptrndont Examlner'$ Rèport to the Trustee8 of The Ruth and Stuart Lipton Charltable Trust I report lo the Trustees on my examlnation of the financial statemènts olThe Ruth and Stuart Lipton Charitable Trust Ilhe ¢harity'l lor the year endeil 5 April 2025 whlch comprtse the Slatement ol Finavcial ActThrities, the Balance Sheet and related notes. Thls repDrt Is made 50181y to th8 charity's Trust88s, as a body, ITh accwdance with section 145 01 the Charft165 Act 2Q11. My work has been undertaken so that l Mlght state to the charity's Trustees those mallers l am r8quired lo state lo them in Ihls report and for no other purpose. To the fullest extent permitted by law, I do not 8CC8pI or 88sume responsibllity to anyone other than the charlly ond the chari¢y'8 Trusiee8 88 8 body. for my wotk, for this report. or for Ihfy opinions I have formed. Rtsponslblliile5 and basls of rgport AS the Trustees olthe ¢harlty you are re5pon$ible for the pieparatlon olthe flnancial slalernents in a¢¢ordance th the requlrements ol the Charitles Act 20111.the Acl'l. I report iespeci of rny examinaliDn of Ihe charity's financi818tat8rnenls carrled out der 5ectlon 145 of thè Act and in cairying out my examlnatlon I have followed all the 8ppIic8ble Dlrectbns glven by the Charlty Commission undei section 1451Sllbl of the Act. An independ8nl examinatlon does tK>t involve galhenng all thè evldence thatwoukl be roquired in an audit and tonsequenlty do88 not cover all the matters that an auditor con8lders in giving their opinion on the financial statements. The planning and conduct of an 8udlt 9oe5 yond the limited assuiance that an IrKlepend£nt examination can piovide. Consequently l expre55 no opinion a5 lo wh81hei the financlal statemen15 present a 'true and falr, view and my report Is Ilmlted lo those specific tnatter5 sel out In the Independent examlner's statement. Independent examiner's statement I have completed tny examinalion. I confirm that no m8terial matt8rs have cotne to my attention In connection th the ÈxamlnatSon gSving me cause to believe that any material respect..
accounting records were not kept in respect of the charity as requirgd by section 130 of the Aci Ix the financial 5taternen18 do not accord wllh those records,. or the fi'naTrual statement5 ¢Jo not Comply with the applicable requlrements conoefnlng the form and content ol accounts set out In the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a'true and fair view which is not a matter con8id8r8d a8 part ol an independent ex8mination. I have no concerns and have Come across no other matters in connedon wllh the examinallon lo which allentlcn should be Ilrawn in this report In order to enablè a proper undErstandlng ol the financial statements to be reathed. Janine Mansfield Rickard Luckin Lirniied Flrst FIoDr County House 100 New London Road Chtrlmsford Essex CM2 ORG
THE RUTH AND STUART LIPTON CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 6 APRIL 2026 INCOME AND EXPENDITURE 202 2024 Nots8 Income and endowments from.. Voluntary income". Donatrons Income tax on glft ald recoverable Investment Income 11 41,350 9.963 1.041 60,7(X) 15,175 548 Totsl 62,354 78,421 Exp8ndlture on.. Chaiitable aclivilie 177.1691 160,3121 Ng1 galng on InveBtment¥ Net lèxp•ndllur?Illneorn¢ {22,5991 25.561 Ngt movwnent In fund$ 122,599) 25,561 Total fund$ brought lorw#rd 115,950 90,389 Total funds Carrlgd foThvard 93,351 115.950 balances and balance she6t118ms represent Ihe Unrestrfcted Income Fund.
THE RUTH AND STUART LIPTON CHARITABLE TRUST BALANCE SHEET AS AT S APRIL 202S Noto¥ 2026 2024 IIIVESTMENTS Stocks and sh8re8, at falr value Ca$h 98,135 2.190 95,919 1.320 100,32S 97,239 CURRENT ASSETS Debtor$ Cash al b8nk and In hand 10Ct 10.810 22.181 1.066 32,991 CURRENT LIABILITIES 18,0401 114.2801 Net Current ILlabllltlesllAssets 16,9741 16,71fj Nel A$$•ts 93.351 115.950 UNRESTRICTED INCOME FUND 93,351 115,950 Total Trust Funds 93.351 115,950 Lady Ruth Kathryn Llplon Alexandèr Ru88ell Paer Slr Stuart Anthony Ipton Approvèd and signed by lh8 Trustee8 on 12 Decgmber 2025 Thg notes on pages 810 11 lom) part of these fIne181$taleMeni$.
THE RUTH AND STUART LIPTON CHARITABLE TRUST NOTES ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 ACCOUNTING POLICIES lal Bas1$ of preparatlon The charlty Is 3 publlc benefit &ntty. The financld 5tatement# h8ve bèèn prepared in accordanc8 wfth 'Accounling and RepDrtlng by Chorilles". Slaternent of Recommended Pracllce appllcable to charltles piep8ring their acGounls In ac¢ordan¢e with the Financial Reportlng Standard appllcable in the UK anij Republlc of Iroland IFRS 1021 IS8cond Edition), 8nd the Financial Reporting Stsnd81d apIcabl8 in th8 United Kingdom and R¢public of Ireland IFRS 10218nd the Charities Act 2011 and UK G&neially Accepted PraclicE a5 It applies frorn 1 January 2019 and the Trust's governing document. The fi.nanal stslements have been prepared lo give a 'lrue and lair. view and have departed Irom the Charltles (Accounts and R8POrt81 Regulations 2008 only lo the extent required to provide a'true and fair view.. This departure has involved following 'Accounling and R8POrting by Chaiili8s preparing their ¢UnIS In accDrdanTr with the Financial Reporting Standoid applicable in the UK and R8public of Ireland IFRS 1021 (Second Edilionl, rather than the Accounting and R8porting by Charities.. Statement ol R8commended Practice effective Irom 1 April 20( which has since been withdrawn. Ibl Aceounting Conventlon Tho fin8ncisl staiement$ have been prepared in accordance wlth applicable ac¢ounting $landards under the h1storic c08t (x)nv8ntr)n as modified by adjusting the inve8tment$ lo f8ir value at th8 balance sheet dale. Icl In¢ome Investment Income and donatlon Income 1$ included in the Stalernentof Finandal Actlvltles ISOFAI wh8n.' Ihe tharily becomes entitled to the rèsources,, the Trusteps are virtually tsèrt8Sn they will recelve the r8souic88', and the monetary value can be measured th sufficient reliabi11ty. Idl Expendltur¥ GTant making and governance costs are recognlsed once there is a legal or constructive obllgatlon to make a payrnent io a third party. it is probable that settlement wlll be requlred and tho amount ol the obligatlDn can be measured reliably. (el Rea115ed and Unreall8od Galn¥ L088e$ on Investments Realised galns and105ses on investments represent the diflerencg b¢een the sale procèèds and th8 cost, or latesl valuation if lh8 asset or inveslrnent was purchased in a pr8VIOU8 financial y88r. Unreali$ed gain5 and1055es on inv8Stments repres&nl the diff8r8nce between the fairv81ue at the Qnd ol the financial year and the fair value al the end of the previous financial year, or cost if purchased duiing Ihe year. IQ Fund8 The Trust malntains an Unrestricted Incom8 Fulld. comprislng the tnonie5 wlth which the Trust was established. The Trust Deed allow5 the Trustee5 to apply both capital and incotng at th8ir absolute discretion for charilaNe purposes. Igl Flnancial In$truments The ch8rtty holds bastc financial inslrurnent8 only, those belng.. cash 81 tsank and in h8nd. other debtors acciuals. Cash 18 represented by cash in hand and deposits wlth financial In51itulions repayable without penalty Dn nDtice of not more th8n 24 hours. Creditors are recognised where the charSty has a present otAigation resulllrvJ from a past event th8t ¥MII probobty result in the transfer of funds to 8 third p8rty and the atnount du8 to settle the obligatlon can be measured or eslimaled rdiably. Craditors are norfflally fecognised al Iheir 5ettletnenl atnounl 8rter allowng for any trade dlscounls due.
THE RUTH AND STUART LIPTON CHARITABLE TRUST NOTES ON FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 6APRIL 2025 INV&8TMENT INCOME 2026 2024 Incoma recetved dlreetly 8ttribuled lo.. UK Bank Interest Income recelved indirectly attilbute¢J lo.. UK Equlties Ilist8d on a recognisad $t¢xk Èxchangel and Unit Trusts 141 67 479 1.041 546 CHARITABLE ACTIVITIES Nots8 21)25 2024 Grant rn8ktng Governance costs 66,661 10,508 50,470 9.842 77,1e9 60.312 CHARITABLE ACTIVITIES.. GRANT MAKING 2025 2024 CommunSty Security Trust United Jewish 181ael Appeal Western Marble Atch Synagogue Royal Opera Houso Covent Garden Foundatlon S&P Jews XLP Urban Land Institute Chlcken Shed Theatre Tnjst Barblcan Centre Trust Varlous-smoll charities 20,000 20,000 7.114 5.510 5,000 4,000 4.000 25.000 3.080 8,750 3,000 5,000 4,540 1.100 1.037 66.661 50,47D
THE RUTH AND STUART LIPTON CHARITABLE TRUST NOTES ON FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 6 APRIL 2025 CHARITABLE ACTIVITIES: GOVERNANCE COSTS 2025 2024 Accounl8ncy and admlnlstralon charges L6gal Fees Custodian fees & rn8n8gem8nt fees Bank charges 8,940 1,500 9,780 19 18 10,508 9,842 Accountancy and admlnlslrallon charges indudes c08ts of £2,40012024.. £2,880) for Indep8nd8nl examing1'5 lees. GAIN ON INVESTMENT8 2025 2024 Unr881ised galnslllosse61 ReallsEd gain8 2.218 9,452 2,216 9,452 INVESTMENT8 Headway Fund Shares Stocks and shores Fair value ol 6 Aprll 224 95,919 Gwn on investments 2,216 Falr value at 6 April 2025 98,135 DEBTORS 2026 2024 other debtors 100 10,810 10-
THE RUTH AND STUART LIPTON CHARITABLE TRUST NOTES ON FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2026 CURRENT LIABILITIES 2025 2024 Trade credilorB Accru815 5.940 6,040 8,040 14,280 10 TRUSTEES, INTEREST IN CONTRACTS During the year Alexander Russell Parter was a partner in Messrs Lewls Golden LLP, Chartered Accountant5, who provlded accountsnw and tax services to the Trust to the value of £6.54012024'. £6.9001 Including VAT. None ol tha oth8r Trustees receivd any remuneration or r8ifflburs8menl of gxpenses ¢Juring the year. 11 RELATED PARTY TRANSACTIONS During the year donatiDns made by the Trustees lotalled £41,0{2024.. £60,700). Grants 01 £7,114 12024.. £3,080) were made totheW6stetn Marble Arch Synagogue, of whlch two Tnjstees ar¢ rnernbers. Donations made by Ihe Trust to r8gislered Charities sUIted Sn benefits to the Trustees whl¢h those charltles v81ued at £63. Th1$ amOLtnl has been repaid by the Trustees 8inc& the balance Sheet date. 12 CONTROL The charity Is Controll by the Trustaes appointed under the Trust Deed. DEclslon5 are made Ull8nlMous by the Trustees, except for the authority to appoinl or remove Trustees whlch is re58tVgd lo Sii Stuart Anthony Lipton.