SOUTH S(LUARE TRUST THE SOUtH SQUARE TRUST Au•Jited Financial Statements For the Year Ended 31 July 2025 RegiBkred Charity No.. I184￿5 THE soufH SQUARE TRUST Index Pase Referen￿ and AdTniDithtiYe Infornution Staternent of Finantiai knivlties Notes to the Financial Statements 8-13 AuditOT'S Report 14-16 THE SOLrrH SQUARE TRUST Reference and Admitt￿trative Information Christopher Grimwade. Chairman Andrew BI￿leY Rithard Angela Cork Auditorg: Kt￿ Croppor LIP iA)ndon E(3A 2AD Investrnent Advise Quijtercheviot Senator House 85 (￿Cen Victrjria Street Lundon EC4V 4AB Bankery: C HoaTe & Co 37 Flt*t Str¢¥t Lnndon Cotte$pond¢ft¢e Addffm: PO &)x 89$ Orpington BRO INB THE soufH SQUARE TRUST Tru5teey' Report The trustees present their Statutory reprt tO8dher with tl* finan¢i& ststements of The South ￿tsare lthÈ Charityl fortheyear ended 31 JLdy 20Z5. The finanaal statements have Eeen prepaTed in aca)rdantr with t￿&ca)Unting p)]icits srt out on pages 8 and 9 of the attached Einanaal statrnts aThl tumply with the Cfvtity'y Constitutsoo Applitable laws Al￿ the requirements of The Statement of RLromm(nd6xl Practice on"Accourrtin8 and RetM)rtins by Charities". GOVERNANCE STRUCTURE AND MANAGEMENT Governance The g)uth Square Trust ￿ a Charitable IncOr￿rated Or8anisation ICIOI governed by its Constitution dated 9 Au&É¥t 2019. The tsiJstee5 of the Charity Serve threeyears and may staThd for re-el￿tiOn without any overall limit. New Trustees retrive an induction pack which indudes the 8ovemin8 documenl and key back8round papers and are oncouraged toioin visits tOb￿￿(1£1ary it)8titutions to tho (Jwltys approèch to such SUPFX)rt. TTu&¢ws rewm•ibiliti¢$ in Tel•tion ¢0 th¢ sl•¢•n¢nts The ChBrity'S trustCQ8 are r(*F4)nsible for preparing the atthual report aT￿ fiThkncial State￿ts in accOrdaTh￿ with applirable law United Kin8dom Accountin8 &aT￿ardS (United Kirwlom G￿￿allY Arrotsnting PraLliol. Law applicable to charities in Englar￿ and Wales T4Ul￿5 trustees to prepare finanaai s¢atwn•￿ for each financi81 year whieh give a true and fair view of thestateof affairs of thocharity at that date and of the ino)mins resour￿ and application 0£ resoutres OE theCb2rity for that period. In prepaTin8 fIna￿la1 statancni$ giving a true and fair view. the trustees are required to.. . 8doct suitsblo accountin8 po]ioos and tkn appty thcffn consistontly: . ob¥erve th¥ method> and printiple) in the Statement of Recommend￿ Prartitr (A¢rOL￿tin8 and Reptsrt5n8 by Charities) (the Charities SORPI. . makewd8ements and estima￿ tht are reasonabte and prudenL' . State whether applicable UThitLYi Kinsdorn Attowiiirtg kndards have been lollvrf subFrt to any dopartureg di9d0￿￿1 and oxplaJnc4 in tho finandal statthxThts.' and . prepare the financial statemfflts on the8oing concern ba515 uft1￿ It is inappropriate to praurr* that the Charity will continue in operation. The trn5tee5 are re5pon5ib]e for keeping proper a(￿U￿ting record5 whith disclose with reasunable aC￿rary at any tlme the financlal ￿￿tiOn of ￿ Charity and which enable thtsn to LYMire that the financial statements cvmply with the Charities ALt 2011, the Ckwity (Accounts aThl Rewrts) Regulations 2(￿8 and the provisions ol t LTharity's consti￿tion. They ore 8150 rosFKmsible for safeguarding the a**ts of the Charfty and ￿￿e for takin8 TtaKJnable steps for the preventivn and de1&￿tion uf fvaud and other irre8ulariti Stsncture and Mana8oment ReportillB Th¥ tr￿l￿e$ are ultimafvly responsible for ¥rtÈvities aTrl as*ts oEthÈ(hrity. meet at le&8t mcq a yoar to rovlew dovo]oPm￿ts with ro8ard to fv Clwity. Its 8rant.sivin8 activltiL8 and to make any hnKK>rtant d£ri5ion5. Every three year8 the trusiees to wiew the Charity's strate8y. indudin8 its grant-making pl1￿. The most recent meeting to digcu&s and ￿leW the stratw foi fvlure was held in Qktd)er W2). When nece%sary. the trustees seek adviLE and supprt from the Chrity's profe&8ional advisers includin8 investinent advisers, soliators and accountants. The day-to-day mana8ement and administration of the Charitys adivitits at￿ the implementation of its plicies are de]egated to the a)nsultant adtninithtoy. The adn)inithatOra￿llQs that cottwnden￿ with grantees is Pro￿$sed and presented to the tTh￿tee3 as appropriate and the Eooks and records of the Charity. THE SOLrrH SQUARE TRUST Trn8tee8' Report RISK MANAGENIENT Eath year the trustees as5e55 the nwir risks to which 1￿Charity is expjswl in particular tlw rElatin8 to its Investn￿nts and finan￿& The believe thatby monitoring fL￿r¥C levL4s. by er￿￿nn8 ¢ontro15 exist over key brwitial systetn% and by examin1￿ the ¢)perational risks by the Charity. W have e5th1ished c(fective systems to mitigate those risks. ACTlVtT]ES. SPECIHC OBJECTIVES AND RELEVATrif POLICIES Activitiets and specific objertive¥ The Charity is O￿Tated as a 8rant*ivin8 thatity. The a&sets ofthecharity ￿ held for general thaTitsble purww indudin& in particular, educatiotL The trustcos have power to apply the thcome to suth charltles or Éor suth charitable ag 1]w shall determiThe. and in addition they have power to diknibute opital in the same way. ThE tNstee5 uf th¥ CbArlty have a8r£￿d to LY)ndnuewith tl* main alms of Settlor of the TrusL whith &re to have A Ion8 and lasting impac¢ providin8 Wp ￿ Individua￿ and or8anisations ihrough its. 8Tant-maktn8 activities. Spendin8 Policy The trustees have adopted a spendin8 pIiLry whweby the inlention is to distribute (by way of grants and other expenditure) 5% 0( total asye¢g eath year. The Iru$tees each year an expendituro bud8et (or &￿e￿9U1n8 nnAnoal yeAr. pritnarily to estab]ish the totsl avallable lor grant-maklns. To the extent that income 8therated ts not sulliaent to eover the total exP￿di1￿re incurred, rapital withdrawaLs are made to lund the 5hortÉall Pmitt￿ under theCvn¥titution. Crantsmakins Policy Grants are made to selected education￿ I￿ll￿tionS {primarity th95eQEl￿in& d¢￿e￿ur￿ in thtarts) in order to make bursaries to tal￿tsd students in financial need and to UK.rewter&l clwities. The Charity priDurily SUPFK)rtS Stud*)ts in gold and Silver*ni￿￿￿& fine art aJMeThatioty dram4 muslc and dan￿. The trustÉoq hAve a8r*d to itwrease their support for gold and silversm1th1￿ rÈAectin8 the state of the craft in the UK and the dose Involvement of the Settlor In sedor. A full11st of grants dwarded to InStStutfior￿ and other thAritsble or8anisatlon4 in theyeaT can be obtained frorn the administrator. ApplitatioA8 arenot a¢(ytal from individual students or or8anisations. PUBLIC BENEFtr The trustees havecornplied Section 17ofthe 2011 CharRties ACL havin%due ward to thocharity CornTnis5Lon uidanceon public b￿efit when reviewin8 the Charity's aims and obFCtiv4 Én plannin8 future artivitits. when s*tln8 the 8rant.makm8 wltcy and Inmakin8 award& INVESTMENT POLICY The Charity has inveslmats witha market value at31 Iuly IIZS of LS,320,686 {2024.. £5.518.6881 whlth are Invts￿d in Quilter Cheviot'.q C.Ic>bk)l Tnttpme& Cjrowth Fund. There are n¢) r¢strirtions vn the Chariry's F4)wer to invesL The jnvtstM￿t strate8y is agreed between the trustees and the invÈstment managers and is reviÈwed reg￿rIy. The tN$ttts use the services of ￿lIter Cheviot to manage the Cknity's fund$ in accordan￿ with an a8reed investment r[w￿ate. The inve5tmffit rnanageT is required tr) reprt at eath formal rneetin8 of the trustLYS and to provide in£orniation on the perfornMn￿ of the prtfolio. comF)orison aga1Th￿ i￿nchMarkS, and general and topical THE SOUTH SQUARE TRUST Trustees. Report INVESTMETrU POLICY (Continued) 'rhe trust￿ are aware that there are (artors which Lvuld affect the athievemont of theiT required obpective4 a si￿UE1Ca￿t part of theCharity5 asset5 15 Tnade up ofinve51mÉnty the vatue of whith are deFendent on the general Performan￿ of stock market& In ordeT to mitigate risk trus￿$ have set pNdent inves¢meTht policies and place reliance on their inv&tmeni managers to Mo￿￿10r and advi* on any investsnent dthn8es r4uired and suitable &8set allocatto FINANCIAL REVtEW. ACHJEVEMEfm AND PERFORMANCE A sumw (>E the years results be found on pa8e6 ofthis rep)rt and financial 8tateDients. Tr trustees eoftsider that their objtttives have been met this year. During the year ended 31 July 2025. lotsl incrJmin8 rth)ur￿8 totalled a66.m Ix)24..a68.5481 being Inco￿ ari5in8 from the Charity's investu*nts and interest re￿1V4b1e. Total knvestmeTIt in(ome re￿iVed in year amnun*d t() a6W12024: a&S.620L whith equates to an It￿orne yie]d of 3.054%12￿4.. 3%) (bas￿ on thtmarkei valuation of tl* Invesbnent assrts at the year-endl. The tntstees are satisfied with the FerformaTKe of the investments that their investment obpctive8are bell￿ met. The tNsttw awarded grants totsilin8 t2W.LUJ12tr24: t377,1￿) durin8 the year. in accordarKY with thecharity's 8rant%ivin8 wJIILy sei out abovc. A ge￿al breokdown of srants made in the year is induded in ￿ Notrs to the financial 8tstements. The trust￿ awarded 68 grants to in5titLLtiong12024..&31 totallin8 Q&8.(XX) {2024: £3fS.tXX)l and fr)ur individuals were awLrdÈd SilvÈr Awards12024.. four) totallin8 £IILMMI12024.. £11(1￿)1. After dedudlng grllnt odmiru5tration costs of £24.21512o24￿0.￿1. and governan￿ ajsts of £11,6Tr12024.. U£7211. there wwe adjusted net loutgoin81 resources of £l&l.923121r24.. £￿￿.￿￿7). There were net inve5tmenl 8ains during theyear of a8].9￿12024: gain3of￿5.9I8I resultin8 in a net incroaso during the year of £88,075 IIU4.' r*t increawol Q812151 in funds of the Charlty. The Balance SE*et shows total fithds of £5J20.￿l2O24: f5.288.5611. RESERVES POLICY The trust￿ ate aware uf need to strike a balance btheen fu]fillin8 the Ch8rity'5 aims in the short temi thxou8h the provLSLon of 8Tants to those in nL*d today and at the same ￿￿￿ring that the Charity continu¥¥ tv exist in the lon8 term and retains its ability to make grarts in the future from inLY)me a￿1 capital growth from its To achieve thLS balano the trnste￿ have decided to designate totallin8 SA,￿),(￿￿{2024.. £4.8(MI,(MKII, an increase on the previou8year, and to invest them with a view to 8eneratin8 tncome for the benefit of future beneficiariÉg. It 15 the View of the trustees that ￿ level of Ytservtsshould be approXÉma￿Y LW.O(X)12W24: £480,(IJ)I, In order for the Clwity to make current 8rants and OF*rats effectively. As of31 luly 2015. free reserveg St(KKi at £426.63612024.. £488.5611. 'rhe trustees review the rÉqLYVts plicy at resular int*YvaLs kn u6ure it remaiTL8 appropriate. I1[￿E PLANS The trusteos do antitipate any si8nifiont than￿ kn the Charity or its activities ovÈr the next two to five years. THE soufH SQUARE TRUST T￿￿tee8, Report FUTURE PLANS Iconlinued) It is their intentiott to the loilowing (Wi To ensure the investment performance achieves aiteriaset by them so that tkre are suffiaent funds to implement their 8rant.8iiryns policies,. To continue to make 8rants in Jine the L￿￿lty.5 (￿)eCtiVeS. To continue to review silversmithing training in the UK to inform their fvture supporL' Appyov half of he a)2irnian- C P Grimwad Date of approval THE SOLrrH SQUARE TRUST Balance Sheet as at 31 July 20 FIXED ASSETS List&1 investments 5220,686 5,518,688 CUiUiENT ASSETS Ca%'h at bank DÈbtor$ 191744 38,&16 231.620 40.245 115,2TJ CREDTfoRS Amounts falling duewithin one year Sundry creditors Committed 8rants 15.6701 I220.(￿} 1225.6701 111.4001 1334.0(N)I (345.4QK)I CURRENT ASSETSIILIABILITIESI 5.950 1230,1271 TOTAL ASSETS LESS CURRENT LIABILITIES 5J26.636 S.288,561 R¢pTe•¢nted br. Chwity Fund• De5i8nated Fund General Fund Totsl Futtd* ¢Ani¢d forward at 31 Juty 2025 4,￿￿1,(0) 4,8AX),(KKJ 488..561 5,288,561 io 5,326,636 Approved by the truste*5 on Iq Sisn Chairnwi C P Grimwade THE soufH SQUARE TRUST Statement of Finanoal Activities for the ye¥T ended 31 July 21125 Ilncluding an Income and Expenditure Account) 2025 UnTtstricted Funds 2024 Unrestricted ID¢othe and Endowments frion: Investrnents.. Inve5trneTht income Interest receivable Total 16ZX £4&3 166.fft 165.620 168,548 xpendi￿re on: Expenditure on charitsbleactivities 310,894 4U251 Totsl Expenditurt 310m4 N¢t Jn¢omellExpenditUTe) before lrtvestment G•in• {143.923) 1253,7031 Net Gain¥llLo•ie•) on tnvutnmits 181,938 535.918 Net Incomel(E4)eThditur• 38m 281215 Net Movement in Fundg 38 281215 Fund Balance at l Au8uJt 2024 Net m()vem￿l ¢)f reg)yrces in the year Fund Balance at 31 July 2025 5,288.561 s,(￿,340 28121.? 5.288.561 5.326M6 All the Charity's aclivitie5 derived from continuin8 OFeratIO￿ durin8 the above two financia] years. Thore wero no ￿¢￿sn15L)d 8AiTKS or losw other than those listed above and the net inc<>me for ￿l￿d. THE soufH SQUARE TRUST Note8 to the Financial StateTnents forthe year ended 31 July 2025 Prinapal Acwuntin8 PolicxeB These finanaal Statements havebL￿n pr￿red in accordantrwith paTti￿laT ￿)unting ￿lIcieS d&cribed below. la) BagiA of Pwarntion attd A8s¢ssmentot Goin8 Concern The financial statements have prepaTed under the historical conventiun with the eX￿PtiOn ()f invÈstrnents which a￿ disd(*ed at Valuatio￿ and in wMpli￿ with the &atrxntt)t of Re￿mm￿￿ed PractiLr. Accountin8 by Charities applicable to charities lthe (knities X)RP Fks 102) and in accordante with the FIt￿￿la1 RwrtsTh8 Standard applicable in Unl￿d Kin8dom and Republic of Ireland IFRS 1021. The g)uth *UarÈTn￿t constitutes a public l￿fit efttity a defined by FRS 102. "rhe tNBtee8 con8ider tkn are w matetial uncerkntiesaEKMt thecharity's ability to continue as a goin8 thn¢enk The linancial statements are p￿￿ted In &crling whlch is the functional currenry of the Charity. (bllil Income Re¢osnition Ail iftcoming resourcry are Induded irt the *toment of Firwicial ACttvIti￿ Wh￿ thecharity is le8&]ly t￿litIe￿ to tho incomo and tho i)mouni can be quantified with reasonable accuracy. Investmtht thcome 18 ttedited to the Stotement ol Finanaal Artivitieson a le￿1v•ble ba&1& Interest receivable is credited to the Ststement ol Financial Adiviti¢son an accru¢d bJ8i lill Re8ourn Expended and the Ba•ia of ApPortiOnift8C￿ts Llabilitie4 are reL¥)8fU5ed as expenditur¢ 50()n as there is a le8al or cOr￿lruCtIVe obli8ation cvn)JDJtting the Charity lo that expthdlture, 11 1$ probable that settlement be required aJ)d t￿ arnount OE obli8ation can be measured Teliably. RLwurces expended comprise the foiiowiw. lal ChaTitablv aLlivities compriBin88rnnts plyabie In promntln8 Jnd enhancin8 charitable work and the cost of administering the grant prograrnnw. Grants payable are induded ift the Statern￿t of Financi￿ Aetivlties when approved and when the intendcd redpient hag either rttrtved the funds or inforniod of ihe decision tu make the grant and has Satisfied all relabj mnditions. Grants approved but n()t paid at theend of the fSnaneial year are accrued for. Award23 coveTin8 more than finanoal year a￿Committed ffor oThe year only with the second or third year conditional UF4)n 6oti814ctory resul￿ Grnnts beneliciary ha5 not been Inform￿ or ha5 to meet certain conditions before the 8rant is r¢l¥a8ed are not acttued for but aremttsl as finan12￿ Commitments in tho not(s to the flnancia] stotunents. (bl Governan￿ c￿l4 Ct>mpri8e the wsts whith are directly attributable to the or8ani￿onaj pr¢xtdureB and n le8al procedures for mmpliantÈ with 5tatutvry requIr￿ts. C<￿ts are allocatsd ¢0 artivities within the Statement ol Financial Activiliesas required by thecharities ￿RP Jnd are allocated dAr￿tAY to the appropriate activity. lel Fund Stn UnttstriLtod funds are available lor use at the dixTetion ofthe trustees in furknol the ge￿ gbjertlves of the Charity and whith have not beth dL¥ignated for other pur1￿. DLsi8naled funds comprise unre5trictt¥l that have bÉYn set asideby the for particular purFN)XS. Wlthin theunrestrlcted fluth of the Charity the tru5ttrs have d￿llgnated an amount for SP￿ifiC PUTpose$. Detai15 are providd In note 9. Restrlded funds are funds which are tt¥ be used in accordan￿ with SFeufic restrirtions smF¥￿1 by donors orwbi¢h haVebe￿ raised by the durity for partIL￿arpUTpo￿ The cost of raisin8 and admini￿8 5uth fu￿15 aEE charsed against the Specific fwKi. The aim arml useofeath testiickd fund wlll ￿ set out in note5 to tho financial THE soufH SQUARE TRUST Notes to the Financial Statements for the year ended 31 July 2015 Prineipal AtttMthtirt8 Polieies Icontinuedl Id) DebtoTh and CTedltOTS RecdvablelPayable Wllhln One Year Debtors and LTed1t0￿ with ￿ stated inteTeSt rate and re￿1Vable or payable within ￿ year are TeLx)rded at (¢) Fixed Asset tnve&tmeft14 FlxÈd Asset Invisttnents are irtdud￿ on t1*BAl￿￿ She* at thÈtr nwket value ￿t the el￿ of the finanaal period. Real￿d uttrea]ixxl gains or losses are LTedited. or debited ￿ the Statanent of Financia] Activitie9 in t￿ year in which they arise. If) Taxation The Charity is not liable to corporation tsx. capitsl 8ain5 tsx or in(ome tsx on its dwritable artivities. Critiul A¢¢ounliD8 Jud8eme•ts and Kry Sourn olE•timation Un¢ert4ithty Jn the application of the Charitys occounting polieies. the trust*s rquired to make Judgements., estbnateg and &48umptions about the carrying amounts of as￿ and lIab￿stil¥ that are not readily apparent from other gources. The eslirnatvs and as5(Kiated a55umptivn5 ate based ¢)n historical eXFrIen￿ IT￿ other factors that arecorL8idered to be Televant. Actual results may differ fvom these estimat The estimalts. a￿1 underlyin¥ assiunpti¢)rLS are rkwiewed on an on80in% b&4is. Revisions to aecounttft8 L¥timatss are r￿snI￿ed In the perlod in which the tstimate ts revi*d if the rtvision affcth iThJividua]s atMI iT6ti￿tiW￿ in aCC¢)rdar￿ with its grant.makn8 Wticy set out in the Trust&s' ReFKTrrt. 2025 21n4 GTants Payab￿ to in5titution5 la,bl Grants adjwted Grants payable to iTrdivRduaL8 Icl Grant administration o)sts Govemance Lwts Id) 268,(K {5.(XXII 12.(KKJ 24,215 11,679 310.894 365.cilo ii(x)o 30.530 14,721 4U251 THE soufH SQUARE TRUST Notes to the Financial Statements for the year ended 31 July 2025 Z Promotin8 and Enhanein8 Charthtsble Work (contirtlled) 2024 lal &neral charitablÈ donatsoNs (bl Arts inSti￿￿onS and organisations {tl Indlvidual donation5 12.(XK) 12,(JJ) 377.IXK) 14) Genval Donations under£5.CtKI were given to￿ tharitie¥ Tolal Genera] Donatio 39..500 39,5 (bl Art6 Inslitutions & 0￿￿￿A￿ts0nB X124 St Paul's SdKx)I (art & thoral sd￿Ja¥shIPs) 26,LXX) Cvurtauld Institute of Art Textile Con5erYation Foundation Clry & Gullds of iA)ndon Art Sknl Music Guildhall kh(M)l of Music & Drama R()yal College ol Muslc Royal Northern Collegp of Music Koyal Welsh College OE Music & Dr8ma Trinity Laban Conyervatoire of Music & Dance Drama Bristol Old VicTheatre Sdwol Guildbrd &hwn in theseJcrounts i¥ ¥ follows.. Cirant liabilities at l Au8llSt 2024 Grants adjustLMI Awards made in the year 195,500 15.IXOI 3TI,OCKJ 572.X 1138.5(M)I Giants paid durin8 the yoar Grant liabilities at 31 July 2025 220.( LiabilitiL¥ at 31 July 2025 are phyablc follows.. Wiihin one year (note 81 ,oco Idl Gov¢rnan¢* Colts Audit amd acrountancy fees Consultancy.. webNite and logo Let4al lees Administrative fets 5.670 312 932 765 11,679 &475 757 14.721 3. Staff Co&b and Trnstett, Remwietstion The Cloemployed no btaffduring the year1202&. 01. The tn￿CeS are the key mana8anent pern)nnel tsft￿ CIO. No r￿1ved any reMu￿atiOft in ￿￿Pect ol their Servi￿ as tr￿Stee$ durins the year 12024.. £01. ttebgonable ex￿nSeS inLwAfLxI by trustees attendin8 rneeti￿ or Th￿kin8 visits on irhaif of the Charity are reimburs¢(t subiect to bein8 approved by thechaitm Foul trust*512024: four) were reimbursed for out of px*et travelling in the year totallin8 fA1912024: £01. Modin8 t{￿ts in the yeor of EJ45 IX)24.. £757) were Inci￿r￿A on E*half of the trus￿. Lega] and professlonai fees incurrn￿ in the year were £012024.. £IA791. +L Taxalxoty The &)uth &wareTntst i5 a Te￿Stered £1￿lty and theth is Dot litible lo inLI)me or LDrporation ta% on incor or gaii)ts derlved from its d￿ritable activities as thry fall within the exernptions avaikable to rwstered charitie5. li THE soufH SQUARE TRUST Note8 to the Financial Statements for the year ended 31 July 2025 5. Listed XThvesttnents Market valueat 31 July 2U24 Addition8 at cost s￿18.088 5,101747 5A18.688 {379.7921 5,Iir2,767 1117,3761 DisposaLs at opening market value (Tealised sain: 2024 rdised 8ain of4622 Unrealised gait￿(10$￿5I Market valueat 31 luIy 2(125 18J,Th) 5.320,686 5&3,297 5.518.688 C(Jst of listed invtstments at 31 July 2025 5,04i,636 5,418,536 Listed investments held at 31 luty an5 Lxsmprised the followir UK investment and uni¢ trusts 5,320,686 5.518,688 The foUuwin8knldin8 compri.*￿ a maternal holdir)g at 31 July 20251%): {￿lIter Cheviot Charity Gkjbai Income and Growth trund IGIGFI Fees on thcGIGF are tharsed within ￿ Fund. For cal￿dar year Ir24. total charges of £48.725 were levied12023 .. fA8J13}. This represented 0.9% 01 the avera8e value 0£ the p)rt£olio IDr the periLKI {2013..1.0%1. 6. Debtoni AccNed inVestm￿t income 38,876 38.876 40,245 40,245 7. C¥h ai bank •nd in hand C Hoare & Co current account COJF Charities depo$il fvnd Quilter Chevlot acthunts 21.184 171,5f 16.355 58,615 192,744 8. Crtditorn Amounts f&lliM8 ￿thIn one yer. GranLs payablo lal and (bl 220.￿ Audilorg remumation 5,67D 225,670 .1,4LX) 345.4tK> lal Individua15 (bl Art5 itLStilutiQn5 & organisations 12.tKM) lic( 321(KX) THE soufH SQUARE TRUST Notes to the Financlal Statenwits for the year ended 31 July 2025 9. De&i8llated FuDds The unre8tritted funds of the Charity irKlude followin8 fund desi8na¢ed for SE￿lf1¢ purFX)5es: Utilis¢d BalattL* at 31 July 2025 01 Au8USt 2024 De8i8nation• De8igti&ted Fund. 21)25 49rA),(AlO Balance at New Utililed Balance At 31 July 2024 De•isnated Fund.21U4 £8(Kl.C The represents n¥)tii& set aside to invesl with arnv knsewatin8 irKoinoout of whith to make future grants. 10. An41￿19 of As•ets Between Fund• Fund bal*tte¢& at 31 July 1125 Llsted Invwtments Current assets Creditors.. amounts fallins due withÉn one year 5,320,fé6 231,620 1225,6701 231.65) 1215.6701 426,636 4.￿,(￿1) 5,326.636 G¢n¢r•l Futhd De•isnated Fwid Fund b￿ant¢S at 31 July >n4 Ustod InvÈ4tm¢nts Cur¢ent assets Creditors.. amounts fajling due within n8,688 115.2T3 {345.4(D) PgJ).C 5.318,688 115,273 I345,4￿) 488561 481X).IXX> 5,288,561 11. Related Paty Tran•actio Angela Cork is the Prinopai ofthe Bishor61and Educational Tn￿t where a donaljon was awarded durin8 theyear ol £2n,IMX)12n24.. £1&1,5tM)I 12. Ba•i$ of A¢¢ountin8 The presentation curren(y of tlwe fknliai stthtements is UK Pound S￿r11n8(Q. 13 Independent audiknr's report to The TrustttJ of The South Square Trust for the year ended 31 July 2025 Opinwn We have audited the financi￿ stataythts &)uth ￿uart Trust lthe"clwity"I for the year ended 31 July 2025 which comprist. ' the Statement of Finantial Artivities (tncorporatirig an Inco￿ eXF￿stU￿ acLvuntl: ' the Balantr Sh*tr. ' the related Notffi I to 11 induding a sumrnary of Si￿￿&cant accounting polictes. The firwcial rep)rting framework that h&$ bÉkn applied in theAr prepar¥tion is appl?rable law and United Kinsdom Accounting Standards, including Finamial Rep)rtin8 Standard 102 The Fitw￿l Rep)rting Standard applicable in the UK and Republle of Irelaftd ILnitLaa Kirsdom c￿rallY ACLW ACCO￿ Practi￿). In our opiniory the financial statements: ' give a true and fair view of thc strtte of the tharity'$ affaiT5aS at 31 Juty 2015 and of its inLI)min8 rewurce5 and application ul resowces.. indudin8 its income and expenditure. for the year then ended; ' have bLYn properly prepared in aco)rdanLY with United Kingdom Gcncrally AcLEOed Accounting Praditt indudin8 Finan(ia] Ryrting Standard Iir2-Ihe Financial Rep)rtinK Standard applicable in the UK and ￿ Republic of Ire]amd": and ' have been prepared irt accordance with the requirements of tl* Chwities Acl 2011. Buil for opinion We conducted our audit In Aceordanee with International St•ndard$ on AudiUn% {UKI ILSA6 {UKII and applicable18W OUT responsibilitits under t}￿standardS are further doscriEd in the Auditor$ ￿ponsibl￿tleS for the audit of the finandal stat(mertts 8ettion ofour report. We are independtht of the charlty in accordance with the ethital requirements that Jre relevant to our audit of ￿ linancial Staten￿ts in the UK includin8 tho FRC'S Ethical and we have fulfilled our utherethical resFon6ibi]itlo8 in accordance wrth these requirements. We believe that the audit evidence we have otrainal is Buffiaent and appropriate to provSde a basis for our opinion. CoD¢lu•ion• relAtin8tO 8oin8 concern In auditins the linancial slatemer¢ts. we havoconcluded that trust￿5, Use of tt*80in8 a)ncon) basis of accoundn8 In the preparation ol the financ￿ stateM￿ts is approprlat Based on ihe work we ha￿ Ferforn)ed. we ha￿ Idl*￿IfIed any material uncertainties relatlng to events or condition8 tha( individually or coll￿ti¥dY. may ¢&8t SI￿Atant doubt on the chority'$ ability to continuo a 8ojn8 concern for a Peri￿￿ of Ai least twdve m4)nllL* fft)m when the fir￿n￿al ￿atLYnents are authorised for ist6ue. OUT Tesponsibiiitses and the r¥¢)￿8￿bIll¢le$ of the trus￿* with r£¥pect to 80in8 cor￿￿ are describcd in the relevant 8ÉrtiotL¥ of thls re￿Tt Othtr 1tif0rn￿tio￿ The other inforn)ation comprisw the infv)Trnalion included tn the truste￿. annual report, other than the financial statements and our auditVl'5 tep)rt there0￿ Tr tntsttt¥ are resFX)r￿b1e for ￿Other infoEmation LDntgined withiTh the trustees, reFK)rt. Ouroplrtion on the finanoal statements doesY¥)t cover the other infonnation and cxcept to the exknt otherw expliotly in our reporL we dn n(rt expr￿ any lorn) of &8surance condu5ion therLY)n. Our resFX)nsn)illty Is l() read otEEr inlotrnation and in doing so. CO￿lder whether the other inftirnwtion is materially i1￿¥￿￿$15tenI with the financia] Sthtem￿ts or our kMwled8eobtaiwl in the coutse ofthe audiL or othe￿iSe appear5 to be materiauy misstated. tf we identify 6uth material incoTL8iSten(ies or appartht rnaterial misstatetneth we are required to determine Wheth￿ this givÉs rise to a rnaterial mi55tatement in finanLial .8tatements or a material rnis*atement of the other In(orn￿tio￿L If. basÉd on the work we have performe¢ we condude that there is a mat(Yial mi&statementof this other inforn)atiotL we ￿ required to report that facL We have nothing to reprt in this resar 14 Independent audiknrf$ Teportlo The Trnstees of The South Square Trust for the year ended 31 July Matters on which we are requiTrd kn reportbyexc¢plion In the light of the knowledge and wider5tanding of the d￿rity ar￿ its environrnent obtained in the course OF the audiL WÈ have not Identifwl material mi5Statements in the tn￿. report. We have nothing to rewTt In respect of the following matters Sn relati¢m to whith the Charitits (Accounts and ReFOrtsl Regulations 2(XB requires us to report to you if, in our OPiDiO trnstees, reFYTrrL' or . sufficient accounting rea)rds havenot b&4) kept.. or ' the firth￿CIal statements ore ntst in agreamit with the a¢¢ounting recx>rd5: OT we have not received all the intorn￿tIon aThl 4>lanations we roquire Eor our audit. RuponAibtlitieA of trnBte As. explainwl mure fully in Tntstees, Pwm￿lIitieS &atemertt sd (wi on page l the trusleas are ￿p)nSIble for the prepar&tion ofthe financial Statern￿ts and for bein6 satisfied that they give a true fair Yiow, and foT such internal contml as the Irustees deternine is necessary to enable the preparation ol finmciaj slatemeftts that are free from material Mi￿tatemenL whether duc to fraud or error. In preparin8 the financial statements the tnjstees are rtsP)r￿Ib]e lor a%sessin8 tk dwrtty's ability to continue as a goin8 aJncerr¥ disd051￿ &s applicable. matters relat￿ to going COn￿n and using the goins CL)ncern basis of ccounting unless the trustee5 either inteThl to Jiquidate the company or toceaseowatiork* or have no re81iytic altemative bui to do Auditor'$ rn•pott$ibilitie• for tht •udit ol the finaneial thtemttst• We have been appninled 18 Auditor under &rtion 144 of the Lharities Act 2011 al￿ report in aco)rdanw with tho Act and relevant re%ulotion8 made or havln8 effert thLYcyu￿LT. oblott1v￿ to obtaln reax)nable a88urafi￿ about whtther the fiTwKial statements Js a whole aTe free from material misytstement due to fvaud or error. and to issue aft audito15 report that Éncludeq our opinion Reasonable assurance 15 a high level of assurance, but 15 a guarantee that an audit conducted In acLX)rdan wlth ISAS IUKI wlll aiwayg dL*ect a rnateriai mixstaitmcflt w￿C￿ it oxists. Migstatements can arise from fraud or error and CLThiderÈx4 material if, individually or in the a88rwte. they L￿Uld teasonably expected to infiuen the ec()nomic decL$lon5 of users tsken on the basis of thfse finan(ial Statements. Irre8ularili*s, xndudin8 fraud. are instancts ofrKJn-compliance with laws and ro8ul8tion& We desi￿ procedures Sn line with our re5por6ibi]ities, outlin•J aE&)ve, to detect Ma￿la1 misstatements in reSPLYI of irre8ularitie5, induding fraud. The spccific procedurLs fnr this en8a8ement and theext￿t to which these &re capable of detedin8 irrLvlari￿ includin8 fraud ate d*tsiied below: The charity is required to comply with charity Jaw an& ba￿d on our knowlts48e of Its artivities, we idtrntified that the le8al reqUireM￿t to a)mply with the Charity SORP was of key s1wfi￿￿¢e. ' We 8ained an understandan8 of how the charity Ll)mplicd with its Icgal and regulatory frameworL indudin the requirErynent to cumply with the Chazity SORP. throu8h disa￿19n$ with Man)￿Ment amd a review ofthe documented pjlicies. Pr(thlu￿S and tontroL8. The audit t￿ which is experienced in the audit ofchariti& considered tr*d)arity'J Su￿Ptibl1Ity to rna￿riat migstatement and how fra4Ld May o¢cur. (￿r o)Nsideratsons induded the risk (rf m4na8emeTht override. ()llr appr(>ach w&$ to check that all income was PrO￿rty identiflal and 8cCourt￿d for and to ensure that 0￿Y vajid and appTopriate exFenditure wa5 dw8t¥J lo the d*rity'5 funds. This induded reviewin8 journJi adSustr)ents and unusual transartiorn. Be¢au5e OE the itihexeAt limitstivr6 of anaudiL thffe 15 a risk that we will ￿t detect all I￿esUlarlt1eS. induding those ]eodln8 10 a material mi&st8taneni in the finarKial 5*atements or non-cx>rnpltan(E with re8ulation. Th55 risk Tnore that romplian(p with a ]aw or regulation is rernoved from the eveTrt5 and tranfjaLtion5 rd]ected in tho (inanoai statonents. as we will be le55 likely to bLrvtne awaTe of IT￿ta￿ceS o£Mn-a)mplsanee. The risk is a]so srealer re8arding irregu]arities occurring due to fvaud rather thèn error. ￿ Eraud involv intentional contralmertL fow. collus￿￿ (j￿]￿10￿ or ￿￿￿entatiO[L Independent auditorfs report lo The Trustees of The South Square Tryst for the year ended 31 July 20ZS Audito1¥ responsi￿111t￿e9 forthe audit of the fi￿1￿£1￿1 $l•t•Dettts l¢ontinu¢a) A furthtt dtsttiption of our Mp0￿51b1litles for tl* audit ol the finanliai statements ￿ lotated on tt* Firwiaal Rwrtin8 Councils wa￿11Q at www.fvc.owuWauditor5TESP)n5ibilities. This de5cripknon torn￿ part of our auditor8 U8e of ourreport This is made solely to the charity's tnLSta4 as a body. 1ThaLr0rdan￿ with Part 4 ofthe Charities {Actounts and Reports) Regulations 20(W. Our audit work h*8 been undpJtaken $0 that we mighi sthte to tTr* dwity's tNstees those matters we are required to state to them in an auditor's tqx)rt and fr>r no other pwpx TL? fi￿eSt extent perniitted by law. we do not acccpt or a&8ume resFx)n8ibility to anyone other than thecharity and the charity's trLLStees as a body, for nur audit wurL ￿r thi¥ report, or for the opinions we have form Knox Cropper LLP. 65 LeadLnthaU StTeet London EC3A 2AD tutory Auditor Date. 21r26 16