2024-07-31-accounts

SOUTH S(LUARE TRUST THE soufH SQUARE TRUST AudAted Financial Statements For the Year Ended 31 July 2024 Re8tsteTed Chrity No: I]84￿)5

SOUTH SQUARE Thusr Index Tnu¢ees' Rewt 24 aknTrentof Fin4no•l Aclivities Notes kn the Financial &ateu*nts 7-12 Audltors Repryt 1>15

THE soufH SQUARE TR Refett￿e and Administrative Infornution Andrew Bl "thard An8eJa CDrk Auditorn: Imdon ECYA 2AD Inveltment Adviiern: Senator House Lthjon EC4V 4AB CH(Trare &Co 37 FleetStr(*t L&)ndon Cotre•pottden¢e Addre%&' PO Pth 894 BJ16 JNB

THE soirrH SQUARE IRUST TheTntstff5 PTe8ent thdr#AkutoryYepxtwkrwlth GnaTh￿l1 (the OHrity) for thÈyear ended 31 lu]y 2024. ftnan¢kal alaT￿ts 4nd LW)ywfith thECh•TIty'sC(w¢ityl1f￿, #ppIK¥b]el•ws aThd Ihe teqUireontsdTrstst)￿t of The tnjsltes of thechirity forthreeyeaTh and may5tand rtreltttionwithout any overall ]irnit. New trus￿5 recei￿ inductIL￿ pack whh IntludÉs thÈ yvèmln8dLK￿w1$fftd key ppuslnd AYettwJT¥8td toiolnvisits tOb￿￿ciary kn8tltutlon6 to UndErYts[￿ aFPT(thtowth 'lkne Charlty'Stn￿tees forpryins •1￿U&l WfFKrt4nd 8ta1thlthtsln4ettyd4n￿Wthth ipplluble whlch glve • trut artd vlew ofth•ted•ff4lrsal theawlty •tth•t dale￿d0f th¢ IrKryrY￿ rtwrus ènd ippllcation of Te8ourtts ofthe Ch•rity for thal ￿1r￿. InprepariThs #atemtnts gvinsa In￿1nd hirwew. the tntytettare . YEJ&x sultible Ind 4ppJy the￿0￿￿TrI￿.. . cknserve and prirnipkjin dSt•temenlol PraLtke{Acc<xthtlns and Rqj(K￿n8 byCh•rltit• Ilhecharttieb 50RPI,' . mllkelud8enfits Ittd esdn)aitt thtrt MI￿b]e Ifyl pntht . Jlulc whcth¢r pplieabltUniied KinsdomArnntlnsg•nd•td$h•ve l¥en followed to any departLue9 dixlu•DJ.. and expl•l￿d in th¢ finanoa] Itste￿I., •nd . prep￿ the tinAndil ststements•n the 8dn8 tonteTn ￿￿￿pp￿p￿1¢￿Ple￿￿nt thttt thecthartty will f]Aantial ptyldortd the Ch•Xty •nd whkh •)•ble them toenSl￿thXttht fin￿da] s&tements comply wlth t￿Charl￿e6 Act 2011, the Chority (Acu￿nIS ond Repri$l Re8u]a1iu￿2￿ and theptovis￿o1thtThIrity,tsc0ffi#ti￿tiw. deteetkn￿fr•ud •nd (rther IrYwtsrftlo& The Ir￿ artuitimiiety reYffi￿b]e f(the athvlls Ind adsoftheCharSty. 1)w •tle•st 3 tlmÉ& i year to revicw dcYelopmo)t$with re8ard to thÈCharity, its8ranl.8ivin8 aEtlvitie%And tomake any ]mpJrt4nt ded￿￿ Every tl Yea￿ the tswsie¢s mett review thtCharity's¥traW. I￿]udIng1￿6T￿￿t.MakmSPOI1Éy. solldtor5 xrwntonts. The day. to4ayrnaThag¥￿nt and admlnlthlkn ￿theCha￿￿S￿dvltl￿5 and the itnpletnentstiLsndirsrthes aredelw￿l Each year the tDJ5tLTS&￿5 major riskstoivhith thecknity is in paMcllL•r th￿re￿tEn8 LO itsifiytsirnentsand The tn&ets bdieve thatby ￿L￿Il011ng Trserve ieveJ4 by engArin8 c(Yilro49existo￿T kEy fin￿￿al Systell￿ andby exarninins theq)eTa￿￿￿l risks by IhÈtharfty, tw havee#knlishÈd effective sysiaTh% to mits8ate th￿ risk&

THE SOiJTH SQUARE TRUST Tn￿tee$, VME PECiFIC F.CTIVES AND REIEV Activitie# •pui&c objectsvcj The thaTIty 14 OPatÈd &s a 8r•nt.8lvth8Lthar5ty. apply thei￿orne tosuth charitie51Yfor9xh tharitabie purFKwsa5 tJy5hall deter[￿, aDd ￿ addib¢JrL theyhaye tmmver to The ttwtwof th¢Tharity h&ve toamtinuewith the miinaimsoltheSEttioTdtheTrwL whlth4Trto￿ve alDng•nd ]ablins providiThshelp lo individua]sand us•ni471iL thIl￿ tts Spendins Polity 5% oftotsl tadL yellr. The IT￿tee￿I8￿￿ cath yttt¥nexpthdllwt W lor the￿￿1n8 fjD•Triai yo•r. primlrity to ethblith thetots) ovhil&bk for gr•t)t.m4kSn& To the exkni that irrfu￿p￿at¢d iAnct suffxienl ioojvert￿￿￿aL capital withdr•w41s OTemade to bjnd the shortfoll 4 peTmltted undtrthe CLXWltud GTnt-mkl￿ Po]iry lo talented student5 tn fifiartcjai and to uK.yegl￿ ¢kn"th& Fouowlnsi revlew by trygN it wudtsided that dim-tST•nl•wwld T￿￿￿8￿be￿Ide In wtoappllcadLW (ro individual sttjdenty with All ￿ppJrt 2(Qlm tkn8nMde vl4 the 5el&XEd Institytir H¢)wev¢r. th¢n￿￿ haveelltsbliohed i PNST•rm el81]er4w•¥ds ￿ tkn•l ye•T8iI%YTgnlthln6uknts nortynAted by thEir tor. wi￿n the arta, the£Th￿ty Prtmthjy AWorbotUd￿ts In sold and •S1ver￿1th￿1S fln¢•Ti cwwvaurA dr•w Thw8ie4nd dance. A full listofwts awarded toinitutwTh•r¥4 (thrtsithbio Orya￿tk￿8 ith the)4rcan ￿thI￿ed Ircffi the &lminirtr4tw. ThE ttUSttt¥h4vecrffiplied with Se£ticffi 1701 the Xlll CTraril￿ A(( h•wD8dve re8•rd lo the Ch￿tyC￿￿fftjyJIoTr'5 guidanct on publlc benefit when￿Vi theChaTiW&altnsand LI￿￿1Ve in pl￿0￿(¥￿[?aCtlV1ti￿ Wkn•¢Idngthewt.ll￿ins pobcy and in tnllkins award The ChoLIty iDvesbYm¢8with I m•rketv•L￿at 31 Juty xn4 of£5￿1￿6￿$ (W23: kl10174￿￿h1th •relnw8ted In ¢￿11¢t Chcviot'8GI(QJ81 lrttorrte& GTrAvth Fund. Therellre noresknctiLW Lm the Charity'BpweTtoinv LtweeTh the tnJ9w•nd the The investment rna[￿8er ￿ tequirni lo rry￿rt atexh foYmAI medtn8 ofthetrLL#eeS and to provideinlormat￿oTh the Signific￿1 part ofthecharity's 1$ modevp ofb)vtth)entt thEVal￿OfWhIthaIe dLFThtht￿t￿e peraiperforn ofstock rnarkeb. Inordertomitig•¢e this ri4 thÈ tr￿teesh0¥eseI P￿￿ent in￿31Thent poJicie5and plKe relianceon their

THE SOiTh SQUARETRUST ANCIAL REVI have been met this ye4T. Ch4rity'$itivtshrnLs pmd inlertrtMYivob]e. Total inveknl Inc(f£TEttived in &year ￿l¥JU￿ted knQ6X6X)W.. £lf91671b which 4uatC5 toan incr￿e￿idd oE3% 120U. 3.15%) Iblqed themarketvaiuati(fflofthe investm￿tIll thejyrnd The InLStoes •wDrded yantst(￿all￿8￿T1.l￿(￿s23.. Q3YXIJ))durin8 thtyear. in&o)rdarKewith theowrity'i 8Tmt. vinspolicy JetoutatQV4 includinsi miPreYepti￿￿l$¥aThl kn Bi5hop51and EducatiLThJ Tn￿1 towarts theuplt41ts ir tel￿tI￿ A breakdthvn ofsrants made in the Far u included in theN(ts tothe finwaj The tnwltts •w4rded 63 sraDl$ to GOII..611 totauins Q65.C(KJ (2011.. Q31,(X￿ •nd knLr IDdlvldu•J• wer. •WaTded Silver Awards P)23'. Nol totslJJ))8aliXI) (￿￿.. KAf(X)). After ded￿￿88[￿1 4dmirithti(m ectsol L¥l,&4n (J23.. £29,69￿, Ind $ovemmc￿ts oE£IIT21 (Xl.. lhettw¢￿￿Yu￿4 net l(ut8oin<irwJrce•d£253.XO Q￿1.. QC6XII. Iherewthnet Srtveth￿twdur1fiSthéYtsr ofLSXS,918 ca￿.. 4 nttsth dutln8theye4r ofk28Z2I5 Q023'. nrtdttYt#tol £252XK))In the fund#ofthe Chthrlty. The Jlalanre. Sheet total funtholE5,21￿l (￿2￿. The Irwtees are awllredtheneed IOArlkea b•1JrKebe￿een fulllUth8trTh4rity'$ theshort tbmush th¢ p¥gvl•kn ofyDnts lo thow ID ttyjay li the th•1 thc￿￿ty¢(￿tIty￿ the1th8 lerm4nd retains its blMtyto makt 8rthts kn the hJturt fT¢4n and ¢1Otal Itt4n Snve8thlal¢ 155e¢& thÈpTeVltt￿￿r, hd to knvtit thahvAth avknv tO8trmtlnsltsx•The Itjj theviowdthe tnL•ttu that the levtl (rffree TeTyebthc￿d teippToxlmateiy £wg(XII￿￿.. InordÈr toithe Cbarlry to makeairrent and operatt èffortlvely. AJof31 luly ￿14, free reErvfs #orwj at LM8&501 iani.. w3161. Tho IniÉes th¢ r¢sffve5 poIIcy •1 T¢￿1rInterya￿to tr￿U[e It appr￿￿te. The tnL%toddo not4ndclP•t¢4ny￿W￿frb1nP to fvawkty LY ltsathvltseoow the wt twoto flveye4T% It 18 thelr I￿t￿tIOn to the followin8d4erti To en￿ret￿)nVeJlme￿I pOrk)rM￿ a&Je￿the¢]Iknla #dby them thit tlrt aRwffiaent fuTthtoimp]onent thelr Dnl-siVknspol￿eJ,. TOCon￿n￿e tomake grants In IlneTrtth theC￿￿ty.$ cytt11ves.' Todevelop thelT uN4érsiandln8 ofMlver%mtlhth8trabthi8 th thtUK l¢tlnlornthetr AppYov•l alf ofthÈTTu#Qe /s Ch•In￿n.c PGritnwade Dale dapprov•J

THE SOUTH SQUARE TRUST Balance Sheet as at 31 July 2024 2023 FLXED ASSErs tisted Inv£slments 5,518,6S8.C 5,102,747.C(I cuRREP￿ ASSErs Cash at Bank Debtors 75m 40245.LK) 115273.LKI 66,41tLCK) 37,245.CK) 103h59.Cl) CREDITORS Amoutits fai]ins due withinor year Sundry creditors Committed Grints {11,4(X).Wl I334,1￿.￿) I4￿￿j.&)} 1195,5CiI.LIJI l345ACO.C￿l {2(X)J)&).(x)y (D).127.￿} (96,401.IJ)I ASSETS I TOTAL ASSETS LESS UABIWF5 5,288,%1.(KJ 5,tQ6J46.00 Repre6ented by. Charity Funds Dcslgnated Fund G￿erAl Trund 4,￿1)ll).cO 506246.C io 488.561.IX) TO￿ Fundj carriéd forw#rd It 31 July 2024 5,288561.CM) 5,(K)6.346.IX) Approved by the Trustees ¢)n Marth 217Lfj Signed ir Ehal£ Chairman C P Grimwlde

THE soufH SQUARE TRUST IIndudin8 an tncome and Exp￿dIt￿re Account) Ststement of Finanoal Artivitie$ (orthe year ended 31 July 2024 2024 Total Fun Total FuThl• Iheothe ETkdowmertts fMnL' iJ)o.(xJ 165h20.C 1928.(X) 165h20 1928.(K) 160.671.(XJ 1.325.(X) 163,496.111 interest rettivable Total Incolm EKpendlture o Lxp¢dltLUt onchritable A(tivlti&4 251. 42U51tsJ 270,079.LK) Tot￿ Exptftditts 42US1 4U251.L 270.LV9.IKI Net In¢o]n¢l(ExpeThJittutb Ixf (253,IWXQI P53.nQ.L¥Jl I1￿￿.(￿)) Nrt CAin•ALo••u) Inve•luw 535.91&(￿1 535.918. 114J.717AK)I Net ltttothel(IxpetidituTr 282215m 282.215.L¥J I2￿3￿￿) Net Movem•nt in Fund• 281215.00 I2513￿￿) Fund balu￿ at l Au8Wt2 Nct rnoVC￿0ttt ol ￿$OUr£e$lrt theyear Fund ball￿ At M July 2024 SA￿￿46.￿) 261215. 5.288561.t 5.258,616.00 I251￿.00) 5,1kn246JJO 282,21ilKI 5.288,561. All theCharity'5 adkvibÈ¥ derly￿d from a)nlinuins durirs the ab)ve year

THE soufH SQUARE TRusr Notes to the Financial Statements (or the year ended 31 July 2024 The Pftncipal Attountin8 Poli¢ies (•) Buta of PteprationaAd A#•es•J#ertof GoingCon¢rn appiieable to charities lthe CharIties￿jRPFRS I￿219￿j in •LxoTda￿WAth theFlnJThaal Repor￿ Stsndard dPP]icablcinthe Unitedkn8dorn•nd (FILS L021. Theknth &{u￿Trust0￿￿i￿tes & publictfitentity asdefttd by FRSIO2. (bl lil Inetsrné Réewltlo AM imconiln8 aTe induded in tl Statell￿nto1￿iI] Athvltlejwhenthecharlty ts Wy w¢tttled to ts)come and the amount canEtquantlfied wlth rel￿nable¥c(UT)cy. knvestttnl thLX)me b (Yedlted to tF Sta￿t ofFinandal A¢tivitiL¥ m a yeteivab]eb481& Interest reresvable lscredlted kn thes￿1￿¢0( Adlvltleyan anaCa{￿ b&ws. 1111 eynded and the b•Ji• of Appthlionin8 Co Liab￿deS dre reco￿￿￿ aq fApenditure as aj therets a Iyl OTaJrntrUctiveiknli￿ti0n the (Iwity io thai eypendilur4 11 ts Probable that settler￿1 wlll be rewTed Ind the aTnount of the (AAi8atiDn canbe rebably. lal Charitable actsviiies compTistsK% 8fAnlspwbltln pr(w￿ana th•th8dwTltoble work and the ct•t o thi￿ter]nS the 8rtht ptosrathjne. Grthnts yyableare lyduded &ater￿10f Fimnci•J Acdvltles when approved aTh4 when ttthieJxled redplettt ￿$t1th￿r reLlved ￿ fut)d$ orEwn InloTmLxl ￿th￿deLS￿ to tnake the 8rant and bag sattsAed all rel•ted cfftAltk)n& Crants approvedbut ￿)tPaId at thEthd of thE hnandal year are year condillonal UP￿ Mtisfacw resul￿ Cirants where the berfi(iary h&$ Th)tb¢en iDlonned orh•& to Trwtcetiatn ¢(￿oI￿onybefQye the 8rant Is Tel￿sed are rK)l aayued foTlxJt aTe ayfinaTwial cthnmjtments in the notej to the (bl GovernanL ccts compTige thecostswhlch aredlredty attI51￿￿ble tt) ttOrg4nI￿ pr(Ktxlure8 and n k8al procedureEor t0rnpitat￿w1th Sta￿tOry requtreTrth Costs are alktaied knacIl￿tIeS wlthln tlg4rtntof Rn•nci•l Activitiesas tquired by ttCtharit1e3￿Rp and are a]knated dlrecdy app￿￿￿￿•(bvIty. Struc¢ury Unrestrlcted funds aye available lor at tl di$￿ett￿ of the ¢nLqknEsin fUrt￿an￿O￿ the 8tsral(Wives of the Charity thj whlth have tyot been d￿8￿81rd luf (thr PUTW [kn1￿￿ted hmds (WI￿e applicab]el compri5eur￿e51riCknl funds thaihavekn set asideby the truths for pllrP￿. DetsJL4 are provided in rnte9. have been raifed by the£h￿ty IDr parti(ulat PutpJ￿& Tr crt ofrw •Thl admirtistw suth fLthds Ate statsM￿ts when app]icab d) Debtorn and cMlitoTh receiv•biElpayabie within year Debtys and CTeditors withno stated inieresl raie and rLreivabJeorpayablewithin (￿yea￿are￿orded at

THE soirrH SQUARE TRusr Notes to the Financi￿ Statemenls for the year ended 31 July 21V24 The Thintipal Attollnting Policiu (conlinttd) lel Fixed Asset Investmentj whlth they aris (fi Taxation Ctitieal a¢¢outttitt8 judyments key WUT<• ¢f#¢imati4n unrettsinty In the applicdlion ol the Charity's accountin8 p)bo tl In￿lee$ a￿ required lo oiiud8erthty £stlmatss aT reryixd in peri(wJ in whith the estim4¢eis TeThxl i[￿￿¥)510n¥ffects only that ot in the wlod of the L DoNlion& InvMlm¢ni In¢orne I￿1¥ble 15)o.(MJ ItKome frorn knvestswib 165fj20.LK> 160h71.C Itt￿￿￿$t R¢ctiv•bltr. COIF CTharldegtWit FUNI CH￿0￿) 1292.00 160. 1928. 168548.(K 33.00 1.325.00 163.496.CKJ I Prornotitt8and E￿h￿￿1￿8ch￿1tkn1t Work TheChLrity make58rants to TrMkn'viduaLq in￿ll￿t￿￿ in ac￿￿rdan￿WIth its￿￿t-MakIThé sx)Ilry set ￿￿t In Trusttts. RewYL Cronts payable loir¥litytiwpJ {a.b) Grants adlusted Grants payable ￿ h¥Jlviduals le} Gront athinistratii)n ￿sts Govar￿llet LY)sts Idl 365￿￿￿) 231.0￿A)D 19.967.001 6￿00.00 29fi97.00 13&9.(N) 270.079.(X) 14.lll. 42225I.(Kl

THE SOLrrH SQUARE TRusr Notes to the Financial Statements for the ye¥J ended 31 Jul 2024 2. PrntLoting Enh￿l￿sc￿l•Ablt Wozk (Co￿l￿￿d) {•) Cwwa] Charitable donation5 (bl Arts I￿￿t￿liOnS and0￿3￿18AllOnS (c) Indlvidllaltknwtkng 38,WOnl I93.￿0.[m) 6,(XM).00 237.tth.00 32?Xkl 12A￿. 3n.(w. lal Cn¢r41 39sKJ.rx) 395(￿.￿) 38,(AY). 38,0￿￿0 Totsl General Dooatithu Ibl Art• In•tilution• & Or8amlMllon• 2ts24 St Paul'$ SdKK)l {Art & ChLYal thlarsMpl WesltknnCo]le8e TextJ]e Cortservatton Foundatto ThcRoyal Academy klK>ois Royal CoJle8e of Muylc Gui]dholl 0fM￿s[C & Dram Royal Northern C(Alege Muslc BIthop5knd EducatioThl Thtsl Royal College i)f Art TrI￿ty Laban ConqervatDlreofMuth & D Bristolold Vlc fv•rre Gulldford SC￿>1 ()f Ac BADA 26JWA) 26J)(K>. 5W).LK IOAKK). 53M).(M) 5JXI. 53Xll#J I]J￿.[M) 59)) 143XrfJ.L io.(KxJ.(x) 5500.00 JKK). iiJJoo. 5X)O. 5,(M)O.( 5,9)O.(M) 5XX). 5xK).IN) 5yK).IA) Lond0nConteTnpw•ryD￿ LAMDA Royal DEavth8 Ctrjrtauld I￿￿tittIte of ATI City & Cuiids of[￿nd￿n Art klKJl Wijnbledon Co]le8Y lif Art s)ulhH0￿e SJverWork5?￿ Tn￿1 Royal WcLth College ()f Music & Drama Rambertsthml of Ballet & ConteLnFrf)rary D￿t C￿t￿niX)rary Bn'ti5h ￿Ve￿mIth$ R(yal Central Sthwl of5peeth a￿1 Drama RoyalConseTVatotreof kntiaThd knttish Golknits Tr￿t 5Xrt7m 6JMm 5.500.Q) 6￿0.00 7JX)O.IN) li￿O0.[x) 5.YJO.00 5AKM). 5.5(K).IK) S,5￿.[￿j io,(xM).(x) 5.gX). s￿0.￿) iTr)o.(M) 193,(M)O.(M) 5,WANJ S.(KKtAX) 5.W.(lJ 53XI.(XI ioxo). 5XiIAXI 325X¥).(KJ AsatJl July 2024. the thKstee5 nude Th)ComTrJtm￿ts inprinaple ￿ Bur¥ali￿ kholaTships ￿ Sthtx>b l in2()23 Icl Ir•liYidu In theyear to 31 Ju]y 2024L Silversmithin8AwaTds fo￿1[￿1￿ toi41*£121K(JAI12023: two tr¥J1vidwa￿ totslling £6,{￿.[0)

THE soufH SQUARE TRusr Noteg to the Finlncial Str￿Ments for the year ended 31 July 2024 Reeontiliation A rea)rrfiliationof ￿grants pyableandgrant awardssl¥)wrt in these aLrounls isas follows: Grantliabi1Stle5 at l Auwst21Y23 Crantsadp￿ed Awards llMdeththeytaT L95WJ.IK) 197.Y)7.00 (9,987.00 237,(x)O.(l) 42{810.(MJ 1229,310.th)1 195JX) 371,(MX).(K> STI￿. I2385￿.￿oI 334￿0 Grants paid durin8 theyeai GTantJSabUlths at31 July 2)24 Liabiiilies ot 31 lu]y 2￿24 are payableu fdlo w1th1noneye￿ l ￿8) (xNTr.(x) I95,￿.(￿) 2023 Audlt •nd AccOL￿111KY lees 5.4tKI.Ix) 250.(X> <7&).00 2Y). Adminlstratlvcf￿ 6,475.00 6,210AKJ 1129. 13269.(X) 14,r21. 3. St•ft Colts andThut￿. RemunetAtia CIO eTnployed no slaff durit)8 the ycr120LI.. 01 The ￿n￿are ￿ key D)ana8QllM￿t perg)nrd ￿ dao. No It￿lee rEreived any Temunerad<ffl In thlxrAervic￿1￿ tn¥tee5durJn8 yw I￿23.. £01. NoTrU5￿05 la)23.. 4} were Te5rntrt￿ ltroulof ￿￿k¢t trave]]in8 expu&ts In theywl2023:f)40ml. M¢etlns cojts in the yearof£757XN) Inl.. £l.IWg.IKII were i￿￿rIed tthlfdthe trus￿. Le8al and Prof￿810n11 feFs inCu￿d In ttyear were£lA19XN) I￿￿.. ÉOI. Taxati)n or8aln8derivtd fm its ch•riable aLthllles &8 IF￿r￿u within tsexemptycfft•avallable ￿ reg￿thI chrStle& 5. Li•tsdlnwlThents Market Valuo al 31 Tuly201 AdditiO￿at cost 5.101747.(X) 5J75,964.(KJ 5.101767.(K) I117,316.￿)I 5375,964.th) 1131.88Q.IK)) Dbpc691s ai o￿nIn8 Marketvalye ￿t￿ldo￿￿'. £162212023 100$ • I£43￿) Unreajised 811￿/(1¢4¥I 1141J57.001 MaT&etVaJueat31 luty 2024 5.511S.6&8. 5.101747. CoYtof]Isiedknvett￿ts at31 July 2024 SAI8536.￿7 5,546.091.(Kl Li8ted inV￿tt￿tshe1d at31 July 2(Y24 allnPii￿ tt*followlly. UK tnvestrrtht and unit trusts 55IAth.I¥J 5.101747.00

THE soufH SQUARE TRUST Note8 to the Financial Statements forthe year ended 31 July 2024 5. Lk8ted Inveobnents l¢offttittu¢d) The follow￿ holdingcomprised a maDai kK>ldm8•13lJyly2W24 (% (￿lIter Chevlol c￿￿lty Gioballtxome and C￿WthFund iOD.( Debtor• 40245. 40,245m 37245.rx) 37245.IKI 7. Caoh atbank Ind in hand C Hoare& co￿￿rent account COIF Charltles depcth"tlund QullteT Chevio¢ a¢r¢)unts 16355AKI 58J5m 22.768.(X) .( 28.IM) 66,414.00 & Cyethto knount• fallin8 due withiAOnt year. Grants payable lal and Ibl GTant admititstratlim artd S¢)veMD¢t¢￿ Audltors remuneradon 334XWffjO 6m)JXI 5,4(X). 34$.4￿)￿) 195.gY).00 4,560.00 ,(w.00 141 Indlvlduab (bl Attg In$d￿tionS& Ot84nJg1i¢ 6XiIO.( Is9,￿0,0( 195XX). 321(KK).Crf) 331,(￿).00 9. Deli￿11¢d Fun Ba1￿ce 31 lulyYJ24 D¢•igwt¢d Fllrtd. 2024 WX#WA) XXJAW.LKJ Balanct At Utili•Ed 31 Jmly 2011 {755XW.I￿ (Z55AWX￿} li

THE soufH SQUARE TRusr Notes b) the Finan￿￿ statem￿ forthe year ended 31 July 2024 CeneThiFund DeJi8nated F￿d 10. Analysis ofnet4wts betwetn funds und baiave$ a¢ 31 July 2024 X8.688.1K) 115.273. I345,4￿.￿) 55L8,686.(KI 115.2TJ.fK) 1345,4(K).(K)} l y¢at Is8.￿1.￿ 42mDX>.(KJ 5,288.561.00 F￿nd balancei at 31 July 2023 Listcd Inve8tll￿ts Current AxqeL8 CrLyllknxs.. Am(w¢ts fallingd¥e w5th l year É4)1747AI 103A59JN) 4X¥JAKM)LQ 5,102.747.Tr] 103.659.iKI (200,roo.001 6J46.(K) 43￿),0(￿￿ 5.(M)6￿6.[￿l 11. Relitd Pitty TThmirtton• Anseja CoTk Is Prlndpal of the BIs1w￿ Educatk)kML Tru lappJlnd In nthet 2023) where4 dwtion w•$ •w•rded duilrtg the yetroI£l￿￿K1.{Q (2023: £18.(Wm) 11 Bui of Ac<ountln8 Thepresentaljon currew of these flnondal Slatemen￿￿UK Pc￿d *rIl￿g (Q.

Independentauditor'i Teport to The Tnthtee8 of The South Square Tn￿ for the yearffided 31 J￿Y 2024 Opinkni WÈ haveaudited the linandai %taknaitsoETheSJuthSquateTru5t Ithe"dwiiy"I hrthpye•rended 31 July ))24 ' the Bakn￿ Sheet; ' the Telted Notrsl toll kndudlngasumrn￿ oEyL&aTht ac£ounlIn8F￿1ci The fitt•ndl YWbngfvamewrk thÈthasbeenapplied in Eknptep￿at￿M isappiicablo law United Worn AecouThlins 514ftdards indudin8 Fi￿￿la1 Roportin8 Stnd•rd 102 Tl Fim•twI Rewbngkndard 4pplie•bJt in thÈUK aTrJ Re￿b]le ofITtland (Um"ted Kkngdom c￿•Ity A((tFrted ACCO￿tingFr￿1cE Irt clu oplnkon, the flnancial staternenl ' &vca true and fair view ofthe5tateof d¢Trwrfty'S affatty a8 at 31 july 2024 knd of Itjlntomlng tewurces appilution0fresrAJ￿,. ￿Ud￿S1tsjncorne and eXF￿ndits￿re. forthe yoarkn ondLd. ' havebeen properly prepared in acuKd{n￿Wfjth Ufiyted Kirtgdom GÈnerA]ty Attwttthg the UK ond the Republit ol JTel4nd.' and B••5sloroplnlon Weconducted ourludltln x<Otdan￿W1th IntemhtloD•l Auditin6 (UK) IJ5kn App]l￿b￿ ]aw. Our respomibUitie• under thwe •tandard4 ire lurther dexwibed in thÈAuditOT'$ rt9Fns5bllktknsfot the •udlt0f tht fln￿di[ otatetmnts Sec￿l￿ ofour teport We ate ind¢btheni oltheawlty in ￿)rdAnce with ethK41 wulrements th•t art relew•nt lo •udit of the ftrunti•l Jtattmentsth the UK l￿udIn8 the FRCS EthLc•JSt•￿1r￿ and we have hdh'lled othcr othicai te¥￿￿11b11itie51n rKcOrd4￿t wlth these requiremen1& Wt belleve ththe•UdltevIde￿ we Conthulom• ffl•titis 10 8oin8 In audltln8 the finanelal rytJlementi V￿h&Weethdvded th•t u•e of the 8thnso)￿ernb•9lI of•mniin8 In thE PTewrti¢n of Iht f￿￿•] ￿teMents Ls•pprnpriate. 8ed on thtworkw¢ hov¢FvÉorn¢d w¢have Th)1 1demilf￿ Itty ]nthriaiUncert•1nt￿IeI•uns toev￿rIor￿AItl0rn tha¢ individually or collectSvtJy. o14y¢Ast ￿8n1r￿￿t dOu￿onth￿<￿1ty.fj ability to continuetsas0jn80￿rn for• perl(xl of Al leAsI tvlelve rnon￿ frnrn when the linandaiLatethtnb4reauthor58ed fori&w¢. Our rownjibililiej Ind the re8ponaibiJilitsof the ttustee$ wlth w to WTh8cor&ernKe de&7lbed iTh the roievaTrt 8Qttlon8af thls rtp)rt. The other Infonnation compri$ the llthlrn￿tL0Th ir￿lUded in the tru￿eS. apmu•l Tepa¢¢ othorthan the fiwzi•l 51alementS and our aUdIto￿l report tlrtort. The ttyJsttt8 rt re4m￿bIt InforDUtion conthintd withln tn¥t&¥ r¢porL (hAr opinionon th¢ fin•no41 st•m¢nt8 dotyNJt ¢over the(rther intorrnotirm and, exept kn thetrtknl otheTwl•E expiidt]y •lated In our reprl we do no¢ expressany CLYKlu&on ￿￿[¢￿5 Our ¢ewnsibility is lo read the other in(￿allOn￿￿d. indoithg ￿ LYK)Nderwkxherthrihw ÈnfornIatl￿ Ismatel￿l1y irtOJWi51enl with the rJThdncL￿ stAlemenlsototJtknowied8eoblained in thecouraeol the audiLotrtheTWi2 JppeaTS lobe materlally mtsotated. If idenlifyjuth material iPLK￿￿e5QT app1￿1 mAteri&l MI￿lateMen1$ we ate tv deteTminE whethr thla riye toa m&terlal rni&tement in thE flnancial 5tatemenl&vv u wateTiAJ Ini￿1￿￿ent of the othe2 InfonnatioTr If, based on the Work we have thAi there Isa material mlAqlAlemenl of th18 thet lrtformatS0ry weare requtred lo teport that fxL Wehavonothins to T*￿rt in thi5 Tegard.

Indepettdent amdltorfs report to Th¢ Twstees of The South SquareTrust for the yeaT ended 31 July 2024 Mattets on which we ate Tequited 10 teportby ex¢epfi•tt •udiL we havèttot identified rnateriai mlssraterntslnthe trustffs. rEpxL We have rwth]nbVto rewkrt InreyF rep￿ttOY0ll if, InouropiThiorL ' fv iThfornwtion 8iven in the Rnancial Jtstemenbi5 illcLWiStrntinany m•terial rw with the tru5tff5' Tep)rt' or ' suffidentac(ountlng records have Mtbeen keFt. Rwponsibilitiu ot tnwte AscxpJainLTrd n￿re fully in theTn￿ee5. ReyFon¥ibikntiesSt•wrt¢ni sewlm p•ge l the tNgtets•rt respx)ble lor the pYepatatii>n tsfthe fin•￿111 st4temtnb and for b¢in8 sa￿led that 8ive and lair viow. ond foT such kntemal ccatrol asthe I￿￿tee3 delennine isms•ry ￿¢￿•￿1 the wpw•th)n dfiThand￿ 4tement thil are free (rom th#tCTknI wwrdue to Ira1￿ or ermr. 80in8conceTh4 diacJoain& ¥ opplScabl Tnatt¢r5re￿I¢d to 80th8 and ywn8 the8riD8¢ornYm b•819 of unl¢￿the ttu8ieueith¢t it&end towudate Ih¢wpany orto opÈratiW OT havenor reall￿1¢ aliemallvt bul tthdo w. Audito¢•r•opoMlbllltl•• forthe •vdlt of the 11A•￿1￿1￿1a1Trell We hO￿been app¢)inied asaudilor undLY knon 144olthe CharitiesAet 2011 and ltt xeordknce wlth the Act Ittd releV￿t re8uiiiLW mideorhavln8etf¢a th¢￿￿￿er. (hu obItt￿ye￿ Ére toobialn rt•Bonable 4ur4nce about wltkn the gtatementsasa wkJleAteftee fro •ieA•l mi8gi•iemen¢ whetherdye to fTiudaT error. 4nd to Lwe ￿ m￿ltor'S fEPJrt that1￿ludes0u[opIn10rL R￿n￿b]e a5aurBNt ija hi8h level of&qJur4nce, bul Isn￿ * Ku•r•ne th•t•n audit fA)ndurted lft I￿rd•￿ wfjth ISk4lUKI WIU ￿Ways￿et¢tt a M4￿1A] miytstrrnrthl ite%iJtJ. MithtetnentJ tan (rom froud ur error and aTewnsidered materi•l if, Individ￿1]y or th tht •88reg•tr, Mwnlbly beexpe(d w InfiuÈnL tho ecommic decwioDJoI ugers laken rm the bas￿01 tho Ine8ularitie& kn¢ludin8 h&ud, nTh).¢omplianceviith lawsand Te8ulQlio￿ We deyi8n ptorydureJ In Ilne wlth our re4xinJibllltles, outlined todtthrt MatErI￿ thi￿￿ter[￿lI5]n r¢4xd of irrt%ukniie ￿UdIn8 fraud. Thc JPELilic for Ihiy ctt8ogemenl and thtextent lo whlth thtte are upjbleol detecting Iwui&rttlt4 inClUd￿81T•￿d aTedeailed below. . Thech4rity li TeWred to tothplywlth dthrlty law ba5Ed w¢ourknowied8e ofits tivlW weldentthed that the le8•1 requirement lo corrtpty With thÈ(hriry ￿RPwts ofkey Bl8nifkant ' We Sained an underandinsofhow thc charity ¢OmPl￿ with its lry•l •nd ryu]•tory u￿udin8thc rtquiremvnt ¢0 comply theowrity %)RP. thTroA8hdixUu￿YJVlth maTw8ernt and a revlew of th dLfUtnenled ￿11¢1# pr[￿￿ur￿a￿d contTd ' The iuait te•m whithl¥¢xperientr4 in the •¥dit QÉtharitic&oJ￿Id£rtd the tharily3sueptJ'biiity lo rnariai miJs1ot¢m¢nt 4nd how fraud mayi)LW. C￿r(£￿ideratI￿S7nctrud￿ tFeT15k of m•tt•gement override. Our 4ppro•th wAg lo thot All irome prowly idenliRed and accounted IOT and ttrensure thatonly vobd •ts appToPrlateexF￿I￿re￿a￿ Lthar8ed to th￿d￿lty￿ fur¥1&Thi•S￿j￿aea relewingFwrM] 4diusEtrnts BecauBE ofthEiJOrent li]nit4ti(KwdAn audii isa ti2k thotwe will not detttt all irre8ul4ritie4 indudingt] leAdin8 to o materlai Mi￿aternent In the tlnanciaj Aatements or with rE8u]otio Thi$rl&k It)¢rtas the more that tixnpIIAnce a lawor Tesujation i5 ￿t￿0Ved from the evenbaThd transactio Teflected in the knanC￿l statement¥ a5 we will be ksBlikely tyTrbEO)me #ware of ifL4tantts of Th￿￿Mpli•￿e￿. The rtsk Is AL4) yeaterregardin8 1rre8utsn.ties￿cUrrl￿ due kn Iraud rather than erTor, ￿frn￿d Invol%￿ inlent>Jnal

Independent auditor's report to The Tr￿tte$ of The South Square Tru8t for the year ended 31 luly 2tr24 A further descriptionofow resp￿￿]bilitI￿s theaudit oEthefinaNiai atern￿￿15 loKated on theFilla￿lal U•edowTeport Th15 report L5m￿e¥￿IeIY totht CThaW$tJu#¢e4 Is i￿ly. ItsLwd￿W$thp4tt i oft￿CharlI￿6 IA£a￿jnts and Reporbl Re8ulatt(xb5 2W8. (Xjr auditwcvk hasE￿en undertsken ￿ th•1 weTni8ht JtatetotheChavlty'$tru5tscsthL￿ maitaswe are T4uired iostatt to thtm in an auditors reprt and lor nodher purpw. To the fvjllesl rthnl PEnntttal by law. wedo nDt Acceptotgsswnewibility tony￿￿ther than thtcharityand theC￿rity'SflullEtt asai*. forriir audit WQTk for this rtp¢rt. t¥ for the￿1(￿¢￿ we have fthined. 'YfW LLf KnoxCToppeT LLP, &lltU￿ry Auditor 65 Leadenhdl StrLYt London EC3A 2AD