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REGISTERED COMPANY NUMBER: 11032807 (England and Wales)

REGISTERED CHARITY NUMBER: 1176477

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

KIRWIN DAVIES FOUNDATION

| KIRWIN DAVIES FOUNDATION |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

| Page |

| Report of the Trustees | 1 |  | to |  | 2

| Independent Examiner's Report | 3 |

| Statement of Financial Activities | 4 |

| Balance Sheet | 5 |

| Notes to the Financial Statements | 6 |  | to |  | 10

KIRWIN DAVIES FOUNDATION (REGISTERED NUMBER: 11032807) |

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2025

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the charity are to apply its funds for such exclusively charitable purposes as the trustees may think fit in accordance with the articles of association. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.

The principal activity of the charity is to support a limited number of students in financial need with living and other expenses during tertiary education.

Significant activities

The charity will work with certain multi academy trusts to identify applicants who would benefit from financial assistance. The applicants will then be expected to explain in writing why they need help and how the course they plan to undertake will change their lives.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

During the year the charity received donations to enable its charitable objectives and aims to be met in this and future years.

Fundraising activities

The charity does not carry out any fundraising activities.

FINANCIAL REVIEW

Financial position

During the year to 31 March 2025, the charity received income of £54,144 and incurred expenditure of £25,292, resulting in a total surplus of £28,852. At the end of the financial year the charity had net funds carried forward of £73,378.

Reserves policy

The trustees' policy is to maintain sufficient reserves to enable the charity's commitments, including amounts to due to students to be met.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is governed by its articles of association and is a limited company limited by guarantee incorporated under the Companies Act 2006.

Induction and training of new trustees

The power of appointment of new trustees rests with the founding member of the charity, Geoffrey Davies.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

11032807 (England and Wales)

Registered Charity number

1176477

KIRWIN DAVIES FOUNDATION (REGISTERED NUMBER: 11032807) |

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 MARCH 2025

Registered office

Hintock Hollow

Higher Blandford Road

Shaftesbury

Dorset

SP7 8DA

Trustees

Ms L S Kirwin (deceased 20.7.24)

G R Davies

Ms H T Eastwood

A P Forster

Mrs C F Mander (appointed 14.10.24)

Independent Examiner

Christopher H Jarratt BA(Hons) BFP FCA

Andrews and Palmer

Chartered Accountants

32 The Square

Gillingham

Dorset

SP8 4AR

Bankers

C. Hoare & Co.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 8 December 2025 and signed on its behalf by:

G R Davies - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

KIRWIN DAVIES FOUNDATION

Independent examiner's report to the trustees of Kirwin Davies Foundation ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2. | the accounts do not accord with those records; or

3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Christopher H Jarratt BA(Hons) BFP FCA

The Institute of Chartered Accountants in England and Wales

Andrews and Palmer

Chartered Accountants

32 The Square

Gillingham

Dorset

SP8 4AR

8 December 2025

| KIRWIN DAVIES FOUNDATION |

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2025

| 31.3.25 |  | 31.3.24

| Unrestricted |  | Total

| fund |  | funds

| Notes | £ | £ |

INCOME AND ENDOWMENTS FROM

Donations and legacies | 54,144 |  | 25,000 |

EXPENDITURE ON

Charitable activities

Grants | 24,312 |  | 29,812 |

Other | 980 |  | 545 |

Total | 25,292 |  | 30,357 |

NET INCOME/(EXPENDITURE) | 28,852 |  | (5,357 | )

RECONCILIATION OF FUNDS

Total funds brought forward | 44,526 |  | 49,883 |

TOTAL FUNDS CARRIED FORWARD | 73,378 |  | 44,526 |

KIRWIN DAVIES FOUNDATION (REGISTERED NUMBER: 11032807) |

BALANCE SHEET

31 MARCH 2025

| 31.3.25 |  | 31.3.24

| Unrestricted |  | Total

| fund |  | funds

| Notes | £ | £ |

CURRENT ASSETS |

Cash at bank | 73,978 |  | 45,006 |

CREDITORS |

Amounts falling due within one year | 7 | (600 | ) | (480 | )

NET CURRENT ASSETS | 73,378 |  | 44,526 |

TOTAL ASSETS LESS CURRENT LIABILITIES | 73,378 |  | 44,526 |

NET ASSETS | 73,378 |  | 44,526 |

FUNDS | 8

Unrestricted funds | 73,378 |  | 44,526 |

TOTAL FUNDS | 73,378 |  | 44,526 |

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 8 December 2025 and were signed on its behalf by:

G R Davies - Trustee

| KIRWIN DAVIES FOUNDATION |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| Kirwin Davies Foundation is a charity, limited by guarantee, registered in England and Wales. The charity's registered number and registered office address can be found in the Report of the Trustees.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Income

| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

| Donations and any associated tax reclaimable from HM Revenue & Customs are recognised when the Trust has been notified in writing of both the amount and settlement date.

| Expenditure

| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

| Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

| Governance costs

| Governance costs include costs of the preparation and examination of statutory accounts and administration of the charity. Governance costs are allocated as Other costs within the general unrestricted fund.

| Taxation

| The charity is exempt from corporation tax on its charitable activities.

| Fund accounting

| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

| Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

| Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

| Financial instruments

| The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

| KIRWIN DAVIES FOUNDATION |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

2. | ACCOUNTING POLICIES - continued

| Debtors

| Trade and other debtors are recognised at the settlement amount receivable. Prepayments are valued at the

| historic cost of the amount prepaid.

| Cash at bank

| Cash at bank is defined by the charity as funds available to be used immediately.

| Creditors

| Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably.

3. | GRANTS PAYABLE

| 31.3.25 |  | 31.3.24

£ | £ |

| Grants | 24,312 |  | 29,812 |  |

| Direct charitable grants were made to 3 (2024 - 3) different charitable and voluntary institutions. The grants were made to the bodies named below:-

|  | 31.3.25 |  |  | 31.3.24 |

|  | £ |  |  | £ |

| Harris Foundation |  | 24,000 |  |  | 29,500 |

| Medecins Sans Frontieres |  | 180 |  |  | 180 |

| Breast Cancer Now |  | 132 |  |  | 132 |

| Total grants for year |  | 24,312 |  |  | 29,812 |

4. | NET INCOME/(EXPENDITURE)

| Net income/(expenditure) is stated after charging/(crediting): |

| 31.3.25 |  | 31.3.24

£ | £ |

| Independent examiners' fee | 300 |  | - |  |

| Independent examiners other services | 420 |  | 480 |  |

5. | TRUSTEES' REMUNERATION AND BENEFITS

| There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

| Trustees' expenses

| There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

| KIRWIN DAVIES FOUNDATION |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

| Unrestricted

| fund

£ |

| INCOME AND ENDOWMENTS FROM

| Donations and legacies | 25,000 |

| EXPENDITURE ON

| Charitable activities

| Grants | 29,812 |

| Other | 545 |

| Total | 30,357 |

| NET INCOME/(EXPENDITURE) | (5,357 | )

| RECONCILIATION OF FUNDS

| Total funds brought forward | 49,883 |

| TOTAL FUNDS CARRIED FORWARD | 44,526 |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

| 31.3.25 |  | 31.3.24

£ | £ |

| Accrued expenses | 600 |  | 480 |  |

8. | MOVEMENT IN FUNDS

| Net |  |

| movement |  | At |

| At 1.4.24 |  | in funds |  | 31.3.25 |

£ | £ | £ |

| Unrestricted funds

| General fund | 44,526 |  | 28,852 |  | 73,378 |  |

| TOTAL FUNDS | 44,526 |  | 28,852 |  | 73,378 |  |

| Net movement in funds, included in the above are as follows:

| Incoming |  | Resources |  | Movement |

| resources |  | expended |  | in funds |

£ | £ | £ |

| Unrestricted funds

| General fund | 54,144 |  | (25,292 | ) | 28,852 |  |

| TOTAL FUNDS | 54,144 |  | (25,292 | ) | 28,852 |  |

| KIRWIN DAVIES FOUNDATION |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

8. | MOVEMENT IN FUNDS - continued

| Comparatives for movement in funds

| Net |  |

| movement |  | At |

| At 1.4.23 |  | in funds |  | 31.3.24 |

£ | £ | £ |

| Unrestricted funds

| General fund | 49,883 |  | (5,357 | ) | 44,526 |  |

| TOTAL FUNDS | 49,883 |  | (5,357 | ) | 44,526 |  |

| Comparative net movement in funds, included in the above are as follows:

| Incoming |  | Resources |  | Movement |

| resources |  | expended |  | in funds |

£ | £ | £ |

| Unrestricted funds

| General fund | 25,000 |  | (30,357 | ) | (5,357 | ) |

| TOTAL FUNDS | 25,000 |  | (30,357 | ) | (5,357 | ) |

| A current year 12 months and prior year 12 months combined position is as follows:

| Net |  |

| movement |  | At |

| At 1.4.23 |  | in funds |  | 31.3.25 |

£ | £ | £ |

| Unrestricted funds

| General fund | 49,883 |  | 23,495 |  | 73,378 |  |

| TOTAL FUNDS | 49,883 |  | 23,495 |  | 73,378 |  |

| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

| Incoming |  | Resources |  | Movement |

| resources |  | expended |  | in funds |

£ | £ | £ |

| Unrestricted funds

| General fund | 79,144 |  | (55,649 | ) | 23,495 |  |

| TOTAL FUNDS | 79,144 |  | (55,649 | ) | 23,495 |  |

| General Fund - This fund represents income from donations, net of governance costs and grants payable.

| KIRWIN DAVIES FOUNDATION |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

9. | RELATED PARTY DISCLOSURES

| During the year donations were made by trustees to the charity, G R Davies donated £34,550. These donations were made without conditions and are included in unrestricted funds.