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 teqUireo*ntsdTrstst*)￿t of
The tnjsltes of thechirity forthreeyeaTh and may5tand rtreltttionwithout any overall ]irnit. New trus￿5 recei￿
inductIL￿ pack wh*h IntludÉs thÈ yvèmln8dLK￿w1$fftd key ppuslnd AYettwJT¥8td toiolnvisits tOb￿￿ciary
kn8tltutlon6 to UndErYts[￿ aFPT(*thtowth
'lkne Charlty'Stn￿tees forpryins •1￿U&l WfFKrt4nd 8ta1thlthtsln4ettyd4n￿Wthth ipplluble
whlch glve • trut artd vlew ofth**•ted•ff4lrsal theawlty •tth•t dale￿d0f th¢ IrKryrY￿ rtwrus ènd ippllcation
of Te8ourtts ofthe Ch•rity for thal ￿1r￿. InprepariThs #atemtnts gvinsa In￿1nd hirwew. the tntytettare
. YEJ&x sultible Ind 4ppJy the￿0￿￿TrI￿..
. cknserve and prirnipkjin d*St•temenlol PraLtke{Acc<xthtlns and Rqj(K￿n8 byCh•rltit•
Ilhecharttieb 50RPI,'
. mllkelud8en*fits Ittd esdn)aitt th*t*rt MI￿*b]e Ifyl pntht
. Jlulc whcth¢r *pplieabltUniied KinsdomArnntlnsg•nd•td$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$l Re8u]a1iu￿2￿ and theptovis￿o1thtThIrity,tsc0ffi#ti￿tiw.
deteetkn￿fr•ud •nd (rther IrYwtsrftlo&
The Ir￿ artuitimiiety reYffi￿b]e f(*the athvll*s Ind a*dsoftheCharSty. 1)w •tle•st 3 tlmÉ& i year to
revicw dcYelopmo)t$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$,
VME
PECiFIC
F.CTIVES AND REIEV
Activitie# •pui&c objectsvcj
The thaTIty 14 OP*atÈd &s a 8r•nt.8lvth8Lthar5ty.
apply thei￿orne tosuth charitie51Yfor9xh tharitabie purFKwsa5 tJy5hall deter[￿, aDd ￿ addib¢JrL theyhaye tmmver to
The ttwtwof th¢Tharity h&ve toamtinuewith the miinaimsoltheSEttioTdtheTrwL whlth4Trto￿ve alDng•nd
]ablins providiThshelp lo individua]sand us•ni471iL* thIl￿ tts
Spendins Polity
5% oftotsl tadL yellr.
The IT￿tee￿I8￿￿ cath yttt¥nexpthdllwt W lor the￿￿1n8 fjD•Triai yo•r. primlrity to ethblith thetots) ovhil&bk for
gr•t)t.m4kSn& To the exkni that irrfu￿p￿at¢d iAnct suffxienl ioojvert￿￿￿aL capital withdr•w41s
OTemade to bjnd the shortfoll *4 peTmltted undtrthe CLXWltud
GT*nt-m*kl￿ Po]iry
lo talented student5 tn fifiartcjai and to uK.yegl￿ ¢kn"th&
Fouowlnsi revlew by tryg*N it wudtsided that dim-tST•nl•wwld T￿￿￿8*￿be￿Ide In wtoappllcadLW (ro
individual sttjdenty with All ￿ppJrt 2(Qlm t*kn8nMde vl4 the 5el&XEd Institytir
H¢)wev¢r. th¢*n￿￿ haveelltsbliohed i PNST•rm el81]*er4w•¥ds ￿ tkn•l ye•T8iI%YTgnlthln6*uknts nortynAted by thEir
tor.
wi￿n the arta, the£Th*￿ty Prtmthjy AWorbotUd￿ts In sold and •S1ver￿1th￿1S fln¢•Ti cwwvaurA dr•w Thw8ie4nd
dance.
A full listofwts awarded toin*itutwTh•r¥4 (thrtsithbio Orya￿tk￿8 ith the)*4rcan ￿thI￿ed Ircffi the &lminirtr4tw.
ThE ttUSttt¥h4vecrffiplied with Se£ticffi 1701 the Xlll CTraril￿ A(( h•wD8dve re8•rd lo the Ch*￿tyC￿￿fftjyJIoTr'5 guidanct
on publlc benefit when￿Vi* theChaTiW&altnsand LI￿￿1Ve* in pl￿0￿(¥￿[?aCtlV1ti￿ Wkn•¢Idngthewt.ll￿ins
pobcy and in tnllkins award
The ChoLIty iDvesbY*m¢8with I m•rketv•L￿at 31 Juty xn4 of£5￿1￿6￿$ (W23: kl10174￿￿h1th •relnw8ted In ¢￿11*¢t
Chcviot'8GI(QJ81 lrttorrte& GTrAvth Fund.
Therellre noresknctiLW Lm the Charity'BpweTtoinv** L*tweeTh 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'$itivtshr*nLs pmd inlertrtMYivob]e.
Total inveknl Inc(f£TEttived in &year ￿l¥JU￿ted knQ6X6X)W.. £lf91671b which 4uatC5 toan incr￿e￿idd oE3%
120U. 3.15%) Iblqed themarketvaiuati(fflofthe investm￿tI*ll thejyrnd
The InLStoes •wDrded yantst(￿all￿8￿T1.l￿(￿s23.. Q3YXIJ))durin8 thtyear. in&o)rdarKewith theowrity'i 8Tmt.
vinspolicy JetoutatQV4 includinsi miPreYepti￿￿l$¥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 ec*tsol L¥l,&4n (J23.. £29,69￿,
Ind $ovemmc￿ts oE£IIT21 (Xl.. lhettw¢￿￿Yu￿4 net l(ut8oin<irwJrce•d£253.XO Q￿1.. QC6XII.
Iherewthnet Srtveth￿twdur1fiSthéYtsr ofLSXS,918 ca￿.. 4 nttsth dutln8theye4r
ofk28Z2I5 Q023'. nrtdttYt*#tol £252XK))In the fund#ofthe Chthrlty.
The Jlalanre. Sheet total funtholE5,21￿l (￿2￿.
The Irwtees are awllredtheneed IOArlkea b•1JrKebe￿een fulllUth8tr*Th4rity'$ theshort tbmush th¢ p¥gvl•kn
ofyDnts lo thow ID ttyjay li the th•1 th*c￿￿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 Te*Tyebthc￿d teippToxlmateiy £wg(XII￿￿.. InordÈr toithe
Cbarlry to makeairrent and operatt èffortlvely. AJof31 luly ￿14, free re*Ervfs #orwj at LM8&501 iani.. w3161.
Tho In*iÉes th¢ r¢sffve5 poIIcy •1 T¢￿1*rInterya￿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 tl*rt aRwffiaent fuTthtoimp]onent thelr
Dnl-siVknspol￿eJ,.
TOCon￿n￿e tomake grants In IlneT*rtth 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 E*hal£
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 Ptep*rationaAd 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 & publict**fitentity asdeftt*d 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.
knvesttt*nl 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 tt*thieJxled redplettt ￿$t1th￿r reL*lved ￿ fut)d$ orEwn InloTmLxl ￿th￿deL*S￿ 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 ber*fi(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* cc*ts compTige thecostswhlch aredlredty attI51￿￿ble tt) tt*Org4nI￿ pr(Ktxlure8 and n
k8al procedureEor t0rnpitat￿w1th Sta￿tOry requtreTrth
Costs are alktaied knacIl￿tIeS wlthln tl*g4*rt*ntof Rn•nci•l Activitiesas tquired by tt*Ctharit1e3￿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 8ts*ral(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 cr*t 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 oi*iud8erthty £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 C*n¢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 klK*Jl
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 yc*r120LI.. 01 The ￿n￿are ￿ key D)ana8QllM￿t perg)nrd ￿ d*ao.
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 tt*year were£lA19XN) I￿￿.. ÉOI.
Taxati*)n
or8aln8derivtd fm its ch•ri*able aLthllles &8 IF￿r￿u within ts*exemptycfft•avallable ￿ reg￿thI ch*rStle&
5. Li•tsdlnw*lThents
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￿l*do￿￿'. £162212023 100$
• I£43￿)
Unreajised 811￿/(1¢4*¥I
1141J57.001
MaT&etVaJueat31 luty 2024
5.511S.6&8.
5.101747.
CoYtof]Isiedknve*tt￿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 ma*Dai 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
58*J5m
22.768.(X)
.(
28.IM)
66,414.00
& Cyethto
knount• fallin8 due withiAOnt year.
Grants payable lal and Ibl
GTant admititstratlim artd S¢)veM*D¢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& Ot84nJg*1i¢
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. Relit*d Pitty TThmirtton•
Anseja CoTk Is Prlndpal of the BIs1w￿ Educatk)kML Tru* lappJln*d 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 Tel*ted Notrsl toll kndudlngasumrn￿ oE*yL&aTht ac£ounlIn8F￿1ci
The fitt•nd*l YWbngfvamewr*k thÈthasbeenapplied in Eknptep￿at￿M isappiicablo law United Worn
AecouThlins 514ftdards indudin8 Fi￿￿la1 Roportin8 St*nd•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'$ rt9F*ns5bllktknsfot 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 th*the•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 PTewr*ti¢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 linandaiL*atethtnb4reauthor58ed 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￿e*S. apmu•l Tepa¢¢ othorthan the fiwz*i•l 51alementS
and our aUdIto￿l report tl*rtort. The ttyJsttt8 *rt re4*m￿bIt InforDUtion conthintd withln tn¥t&*¥ r¢porL
(hAr opinionon th¢ fin•no41 st•*m¢nt8 dotyNJt ¢over the(rther intorrnotirm and, exe*pt 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)Nderwkxherthri*hw ÈnfornIatl￿ Ismatel￿l1y
irtOJWi51enl with the rJThdncL￿ stAlemenlsototJtknowied8eoblained in thecouraeol the audiLotrtheTWi*2 JppeaTS lobe
materlally mtsotated. If idenlifyjuth material iPLK￿￿e5QT app*1￿1 mAteri&l MI￿lateMen1$ we ate tv
deteTminE wheth*r 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 se*wlm 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 ism*s*•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￿1a*1Trell
We hO￿been app¢)inied asaudilor undLY knon 144olthe CharitiesAet 2011 and ltt xeordknce wlth the
Act Ittd releV￿t re8ui*iiLW mideorhavln8etf¢a th¢￿￿￿er.
(hu obItt￿ye￿ Ére toobialn rt•Bonable 4*ur4nce about wl*tkn 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•n*e th•t•n audit fA)ndurted lft I￿rd•￿
wfjth ISk4lUKI WIU ￿Ways￿et¢tt a M4￿1A] miytstrrnrthl ite%iJtJ. Mi*thtetnentJ 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 aTede*ailed 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 under*andinsofhow 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 tharily3su*eptJ'biiity lo rna*riai
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 ir*ome 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 re*lewingFwrM] 4diusEtr*nts
BecauBE ofthEiJO*rent 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)¢rta*s 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$tJu#¢e4 Is *i￿ly. Its*Lwd￿W$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 to*ny￿￿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