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 D9￿m￿r2024)
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 A￿OUntantS 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 In￿e9$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 A￿h 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 pro￿dES 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 re￿eWed 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$' Responslblllties
The Truste&5 are responslble lor wep8rlng the Annual Report and th¢ financial statements In Qccoidance ￿1h
appllcable law and ￿9vISI10￿8.
The low applicable to ch￿ltIeS ifi England and Wales requires the Trustees to wepara fi'rnancil statements for
each nnanci81 year In accoidance with United Kingdorn Generalty Accepted Accounting Pradice (United
'ngdom AG¢ounllng Standards and applicabl818wI. The Trustees musl not 8pprove the f nanci81 statements
unles$ 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 Pa￿er
Slr Stuart Anthony Ipton
Approvèd and signed by lh8 Trustee8 on
12 Decgmber 2025
Thg notes on pages 810 11 lom) part of these fI￿ne181$taleMeni$.

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 ap￿Icabl8 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.nan￿al 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 2￿24
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.