Registered compony number.. 08991513 Registered charity number.. 1157614 KDS FOUNDATION (FORMERLY THE KADAS PRIZE FOUNDATION) ANNUAL REPORT AND FINANCIAL STATEMENTS 30 JUNE 2025
KDS FOUNDATION CONTENTS Page Legal and administrative information Report of the Trustees Independent auditors. report to the Trustees 10-13 Statement of financial artlvltles 14 Balance sheet 15 Cashflow ststement 16 Notesto the financial 5tstemerrt5 17-22 Page I
KDS FOUNDATION LEGALAND ADMINISTRATIVE INFORMATION Trustees Peter Kadas Daniel Hallgarten Teh5een Overy Registered office I. Floor 4(k44 Newman Street London WIT IQD Auditor5 Macalvins Limited 7 St. John's Road Harrow Middlesex HAI 2EY Solicitors Withers LLP 20 Old Bailey London EC4M 7AN Bankers C Hoare & Co. 37 Fleet Street London EC4P 4DQ Page 2
KDS FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 The directors of the charitable company (the "Foundation.) are its Trustees for the purpose of charity law and throughout this report are collertively referred to as the Trustees. The Trustees are pleased to present their report together with the Foundation's financial statements for the year to 30 June 2025. The report has been prepared to meet the requirements for a directors. report and accounts for the purposes of the Companies Act. It complie5 Wlth the Charities Act 2011. the Companie5 Act 2006. the Metnorandum and Article5 of Association of the Foundation, and Accounting and ReportinÉ by Charitie5= 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 IFRS 1021- Objertives and activities The objective of the Foundation is to 5UPPOrt its charitable educational and research artivities in the broad areas of the Arts and Sciences, including the social sciences. The Foundation's main charitable activity is as founder and funder of a prize-awarding body, the Nine Dots Prize (the "Prize"), which seeks to stimulate research into significant but neglected questions with a relevance to today's world. The Prize award enables winners to author a book that will be published and widely disseminated for the benefit of the public. in furtherance of the Foundation's charitable purposes. Structure, governanee and management Governance The Foundation is a company limited by guarantee governed by its Memorandum and Articles of Association. It is registered as a charity with the Charity Commission. There are currently 2 members12024'. 21, each of whom agrees to contribute £1 in the event ofthe charity beingwound up. Appointmentof Trustees The power to appoint new trustees is vested in the members of the Foundation. In considering the recruitment of a new trustee, the member5 would look to individuals with experience, empathy with and knowledge of the Foundation's work. Trustee Indurtion and troining On appointment. new trustees will undergo an orientation to brief them on their legal obligations under charity and company law, the Charity Commission 8uidance on public benefit. and to inform them of the content of the Memorandum and Articles of A550Ciation, the committee and decision-making processes, the aims of the Foundation and recent financial performance of the charity. During the induction period thev would be expetted to meet key employees and other Trustees. Continuing training for Trustees is undertaken through regular meetings, attending relevant seminars, specific discussions with individuals and organisations and briefing papers in the areas supported by the Foundation. Page 3
KDS FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Organisotlon The Trustees are responsible for setting the overall strategic policy for the Foundation which 15 the sponsor for the Nine Dots Prize (the 'Prize"I, 3 joint venture between the Foundation and two supporter organisations: Cambridge University Press ("CUW'I and the Centre for Research in Arts Humanities and Social Science at Cambridge University I'CRASSH'I. Day-to-day administration of the Pri2e is undertaken by the Senior Prize Manager, appointed by the Foundation. The Manager liaise5 Wlth CUP and CRASSH. The Prize has established the Prize Board (see below) for the purposes of organising, facilitating and managing the Prize on behalf of the Foundation. By doing this the Foundation seek5 to ensure that the Prize is awarded through an independent, professional, robust and impartial judging proce55 so as to promote confidence in the Prize. Under the agreement between the Foundation, CRASSH and CUP, CRASSH is entitled to funding for each Prize Cycle to support its role in the Prize, which includes. among other things, hosting the winning author for a term at CRA55H and arranging seminar5 related to the winning entry. This is funded by the Foundation off-set by surplus royalties from previous Prize Cycles. Membershlp ol the Prize 8oan* The Prize Board is composed of twelve internationally reco8ni5ed and distinguished academics, author5, and journalists. For our fifth cycle, the Prize Board members were: Urvoshi Butalia Director, Founder and CEO of Zubaon Books Professorjjarpo Dowuni Associate Professor of Political Science at Howard University, US; and qualified Barrister before the Superior Courts of Ghana Petina Gappah Prize-winning and widely translated Zimbabwean writer and an internationèl trade and investment lawyer Professor Simon Goldhill (Chairl Professor in Greek Literature and Culture and Fellow of King's College, Cambridge Dr Thomas Halliduy Palaeontologist and evolutionary biologist. with an Honorary Fellowship at the University of Birmingham Peter Kad05 Founder of the Nine Dots Prize Professor Roger Martin Professor Emerltus of the Martin Prosperity Institute and the Michael Lee- Chin Family Institure for Corporate Citizenship at the Rotman School of Management Milict7 Momcilovic Former President of the World Federation of Science Journalists and Editor of the Science Programme for Radionelevision Serbia Page 4
KDS FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Professorjounna PGge Direttor of the Centre for Research in the Arts, Social Sciences and Humanities ICRASSH). Professor of English at Cambridge University Professor Riccordo Rebonoto Professor of Finance at EDHEC Business School, formerly Global Head of Rates and FX Research at PIMCO Drjames Williams Writer and technology ethicist, and first Nine Dots Prize winner in 2018 Dr Linda Yueh C8E Fellow in Economics at St Edmund Hall, Oxford University and Adjunct Professor of Economics at London Businpss School. She was awarded a CBE for SeNices to Economics in the 2023 New Year Honours List. Role5 oAthe Prize Board Governance of the Prize.. The Prize Board 15 responsible for the selection of the Judging Panel. determining the judging and selection criteria and the adoption and amendment of the Prize Rules. Setting a que5tion.- Each two-year Prize cycle, the Prize Board are asked to choose a question to which applicant5 will respond. The Prize Board are free to choose any question on any topic that they think is important and meets the objectives of the Prize. Acting as Judges.. In its inaugural cycle, the Prize Board decided that all Prize Board members would act as Judges for the first Prize cycle. This hzs been the case for all subsequent cycles. In future, the Prize Board will be able to decide to ask non-Prize Board members with expertise in the subject area of the question to act as Judges if it wishes. Publicising the Prize.. Pr12e Board members act as advocates for the Prize. This includes undertaking press and publicity interview5 about the Pri2e and its aims, cooperating on blogs/short articles about the Prize and its aims. encouraging potential candidates to apply. and disseminating submission details via personal networks. Prize Board members commit to one Prize cycle at a time. with the possibility of renewing for additional Prize cycle5. Prize Board members receive an honorarium of £500 per Prize cycle in recognition of their time and expertise. Related portles and co-operutlon with other organisatlons None of the Trustees receive remuneration or other benefit from their work with the Foundation. Any connection between a Trustee and a beneficiary organisation is disc105ed to the full Board of Trustees in the same manner as any other contractual relationship with a related party. Page 5
KDS FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 OveNlew of activitles We launched our fifth cycle with a new question in October 2024. The question Set by the Prize Board for this cycle was 'ls data failing us?.. We ran an extensive marketing and advertisin8 campaign to ensure the new question reached a5 wide an audience as possible. We worked with the marketin8 teams from Cambridge University Pres5 and CRASSH to reach out to an academic audience, and with our PR colleagues at Riot Communications and a freelance marketer for other communities such as writers, journalists, business and third sector audiences. We also used our own channe15 where we have over 6,300 subscribers to the Nine Dots Prize newsletter which is also sent out on the day of the launch, along with our social media channels on Youtube and Blueskynhreads. Our applications window was open for just overthree months to 3llow time for those interested to work on their entry. During the applications window we ran two events and released two podcasts to raise the profile of the Prize. The first event was held at CRASSH in Cambridge in October 2024 with all four past winners speaking about how to write creative non-fiction, There were 70 people who attended the event, bLrt Over 800 people viewed the video created the evenr Iwhich can seen here- https:l/www.youtube.com/watch?v=cOztMu4M61YI. The second event was a book launch for our most recent winner Joanna Kusiak hosted by the Geography and Urban Spaces units at the London School of Economics. Over 100 people attended the event in person. and a podcast was produced which has been disseminated to tens of thousands of subscriber5 to the LSE'S public lecture programme. (The FW)dcast can be heard here.. https:/lwww.Ise.ac.uk/geography-and-environmentlassetslmedi3lradically-legal.mp3.1 We produced two podcasts around each launch to answer questions for those entering the Prize, or who were interested in writing non-f iction more generally. The first of this cycle to be produced focused on 'beginnin8s' Ihow to start a piece of writing). The podcast featured contributions from Michael Rosen (children's author and poet), Lee Child IthrSller writer) and Milica Momcilovic tiournalist and Nine Dots Prize 8oard member). The second focused on 'endin85' (how and when to end a writin8 project). The podcast featured Catherine Carr Ipodcaster and journalist). Hari Kunzru (novelist and journalist) and James Williams (writer, ethicist and first Nine Dot5 Prize winner). Both podcasts have had around 1.750 downloads via podcast platforms and had another 600 views on our Youtube channel. The deadline for thi5 fifth cycle was Monday 27 January 2025. We received 660 entrie5, which was an increase from our last cycle. The judging process had three stages that run over a four month time period. Firstly, the Senior Prize Manager worked through all the applications to ensure they are eligible. Thi5 includes being written in English, having provided the required three parts of the application (Summary, Outline and Justification), and not exceeding word limits. In Stage Two, small groups of Prize Board members Ii)oked across a set of application5 to narrow them down to a shortlist. Stage Three was where all shortlisted applications were deliberated on by the full Prize Board. The Prize Board met in London on 15 May 2025 to decide on a winner. It was considered a strong shortlist, and there was much discussion about the strength5 and weaknesses of each application. Our fifth winner was named as Grace Huckins, a journalist and academic from the US currently based at Stanford University. Their entry sought to answer the question by looking at the changes that science is and will be encountering from the increased power and use of artificial intelligence. entitled The End of Understanding,. Their key point was that up to now, science w35 able to priorit15e discovery and understanding, with these two purposes being jointly met. But with the growth of Al, Huckins contends that Page 6
KDS FOUNDATION REPORT OF THE TRUSTEES {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 discovery and understanding will be separated and perhaps diverge, in that Al will allow discoveries to be made without understanding of the processe5 involved. Their work will feature interviews with scientists who are on the forefront of this dilemma and thebook will be published by Cambridge University Press in May 2026. We made the announcement of the winner on 3 June 2025, sharing this information via the Nine Dots own channels- our website and social media channels- along with those of our supporter organisations, CRASSH and Cambridge University Press. Grace's win was featured in BookBrunch, the publishin8 industry newsletter and Grace was a guest on the BBC World Service's Newshour talking about her Prize win and the book they are plannin8 to write. Achlevements and performance Books from our past winners have continued to be read and downloaded: Joanna Kusiavs book has been downloaded free from the Cambridge University Press site over 12,000 times in the time since publication in May 2024. A cyber attack on CUP just after publication meant that print copies were not able to be printed or distributed for a period of four months. This situation has now been re501ved and over 400 print copies of the book have now been sold since publicatlon. Our third winner, Trish Lorenz, published her book, entitled Soro Soke.- The Young Disruptors of on African Megacity, in May 2022. Since its publication, it has been downloaded over 10,000 times and has sold 220 copies. Annie Zaidi's Bread. Cement, Cactus has now been downloaded nearly 18,000 time5 since its publication in May 2020, and has sold 765 copies. The translation of Annie's book into Marathi has been published in October 2024 and another trznslation into Malay31am has been agreed with local publishers and has gone into produrtion. We are discussing a Hindi translation with local publishers. The book of the first Nine Dots winner James Williams, entitled Stand out of our Light.. Freedom ond resistance in the attention econorny. has now been accessed for free nearly 141,000 time5 and an additional 18,500 copies have been purchased including 1,750 audiobook version5. The book has been translated into Italian, Korean. Portuguese18razill and Spanish. Plans for future prize actlvlties Our fifth winner, Grace Huckins, is now working on their Prize-winning book. They are planning to spend some time during the autumn term at CRASSH in Cambridge. Both the Senior Prize Manager and the Editor from CUP will work closely with Grace over the coming months to provide feedback and support on their writing journey. They took part in a CRASSH seminar in October 2025 to discuss their progress on the book and also submitted 60 per cent of the book to the Prize and CUP for consideration. The final deadline for the full manuscript is 10 January 2026. The book will be published in June 2026. Our f irst Prize Board meeting of the 2026127 cycle will take place in March 2026. We are also planning events th to celebrate the Nine Dots Prize's 10 birthday later in 2026. Page 7
KDS FOUNDATION REPORT OF THE TRUSTEES {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Financlal review The Foundation's net income for the year was £26.49012024.'1£226,25011. During the year, the Foundation received donations of £2,00012024.. £2.(NJOI. As at 30 June 2025, the net assets were £40,62312024: £14.1331 and it had total cash and bank balances of £141,20312024: £85,976). ReseNes The Foundation had reserve5 of £40,623 at 30 June 202512024: E14,1331 of which f ree reseeS represented £37,65612024.' £7,315). The Trustees aim to establish a level of unrestricted funds, in real terms, that ensures they can meet the future funding requirements of the existing and next Prize award cycle. Risk Management Major risks are reviewed on an ongoing basis by the Found3tion, and action taken accordingly. Working relationship5 between the Foundation and supporting organisations Re-negotiating the contract between the Foundation and the University of Cambridge Icovering both CUP and CRASSHI in 2022 has given all parties a chance to discuss what worked well and not so well about the relationships and processes. All parties have committed to three more cycles with no significant changes to the contract. Close contact between the Senior Prize Manager and nominated representatives in CUP and CRASSH takes place on a regular basis. Decisions on activities are taken following advice and consultation by all parties. The Foundation ensures that the Prize processes. and guidènce given to applicants, are clear and of high quality. These are assessed and updated at the start of each cycle to ensure accuracy 3nd timeline55. The Prize is judged anonymously to ensure that the process is fair and unbiased, and this is communicated to applicant5. Most Prize Board membeTS have agreed to Serve for multiple tycles so the Foundation 15 able to utilise their experience. Where new Prize Board member5 are ppointed, these are chosen to strengthen the Prize Board in range and experience. Past experience 15 used in amending guidance for applicants to a5 to help all those interested to be able to apply effectivelv. Failure to build the Prize as an ongoing and a legitimate venture Page 8
KDS FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Statement of Trustees, responslbilities The Trustees {who are also directors of the KDS Foundation for the purpose5 of company lawl are responsible for preparing the Trustee5' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statement5. the trustees are required to.. select suitable accounting policie5 and then apply them consistentlv,. observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent,. state whether applicable accounting stsndards have been followed. subject to any material departures disclosed and explained in the financial statements; prepare the financial statement5 on the going concern basis unless it is i nappropriate to presume that the charity will continue in busine55. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. In so far as the Trustees are aware- there is no relevant infarmètion of which the charitable companvs independent auditor is unaware,. and the Trustees have taken all Steps that they ought to have taken to make themselves aware of any relevant information and to establish that the independent auditor is aware of that information. Auditors Macalvins Limited was appointed as the Foundation's auditors and has expre55ed a willingness to continue in that capacity- Approved by the Board of the KDS Foundation on 10 December 2025 and signed on its behalf by.. Daniel Hall Trustee Page 9
KDS FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THEYEAR ENDED 30 JUNE 2025 Opinlon We have audited the financial statement5 of KDS Foundation (the 'companrfl for the year ended 30 June 2024 which comprise the Statement of Financi21 Activities. Balance Sheet, Ca5hflow Statement and Notes to the Financial Statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give 3 true and fair view of the state of the companrf affairs as at 30 June 2025 and of its incoming resources and application of resources lincludin8 its income and expenditure) for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UnitEd Kingdom, includingthe Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained Is sufficient and appropriate to provide a basis for our opinion. Conclusions relating ta going concern In auditing the financial staternents, we have concluded that the trustee5 use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the cornpany's ability to continue as a goin8 concern for a period of at least twelve months from when the financial Statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of thi5 report. Page 10
KDS FOUNDATION INDEPENDENT AUDITORS, REPORTTO THE TRUSTEES (continued) FOR THE YEAR ENDED 30 JUNE 2025 Other Information The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our 8uditor's report thereon. Our opinion on the financial statements does not cover the other information and, extept to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so. Eonsider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mi55tatement5, we are required to determine whether there is a material misstatement in the financial statements or a materi31 rnisstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnions on other matters prescrlbed by the Companies Att 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, report for the financial year for which the financial statements are prepared is consistent with the financi31 statements- and the Trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by excewion In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if. in our opinion: adequate accounting record5 have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting record5 ond returns; or certain disclosures of trustees. remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit. Pagell
KDS FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES (continued) FOR THE YEAR ENDED 30 JUNE 2025 ftesponsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 3, the trustees are responsible for the prpparatlDn of the financial statements and for being satisf led that they give a true and fair view, and for such internal control as the trustees determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the company's ability to continue as a going concern. discSosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to dp so. Audltors. responslbllities for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the financial staternent5 as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatempnt when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economit decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: In identifying and assessing risks of material mi55tatement in respect of irregularities, including fraud and non-compliance with laws and regulations. we considered the following: the nature of the company and sector in which it operates, control environment and financial perforTnance including the design of the company's remuneration policies, key drivers for staff remuneration, bonus levels and performance targets; the results Of our enquiries of the trustees 3bout their own identif ication 2nd assessrnent of the risks of irregularities,. the process for identifyin& evaluating and complying with laws and regulations and whether the trustees were awzre of any instances of non-compliance; the process for detecting and responding to the risk5 of fraud and whether the trustees have knowledge of any actual, suspected or alleged fraud- the internal controls established to mitig3te risks of fraud or non-compliance with laws and regulations. These matters were discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. Page 12
KDS FOUNDATION INDEPENDENT AUDITORS, REPORTTO THE TRUSTEES Icontinued) FOR THEYEAR ENDED 30 JUNE 2025 As a result of these procedures. we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under1SAs IUKI. we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operate5 in, focusing on provisions of those laws and regulationsthat had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulation5 we considered in this context included United Kingdom company law and local tax legislation. A further description of our re5pon5ibilities for the audit of the financial 5tatement5 is located on the Financial Reporting Council'5 website at www.frc.org.uk/auditorsresponsibilitie5. This description forms part ofourAuditors' Report. Use of our report This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work. forthis rep)rt. or for the opinions we have formed. Shailesh Patel Isenior Ststutory Auditor) for and on behalf of Macalvins Limited Chartered Accountant5 and Statutory Auditors 7 St John's Road Harrow Middlesex HAI 2EY Page 13
KDS FOUNDATION STATEMENT OF FINANCIAL AcfiviTIES {Includlng income and expenditure account) FOR THE YEAR ENDED 30 JUNE 2025 Note Urtrestrlcted Fund Totsl Funds 2025 2024 Income from: Donations and legacies 347,299 2,000 Total income 347,299 2.000 Expenditure on: Expenditure on charitable activities 320,809 228.250 T¢)tsl expendlture 320.809 228,250 Net Income I lexpendllurel 26,490 1226,2501 Reconciliatlon of fvnds Balance broughtforward at l July 2024 14.133 240.383 Balance carried forward at 30 June 2025 40.623 14,133 The notes on pages 17 to 22 form part of these financial statements. The statement of financial activities includes all gains and losses recognised in the year. All activities are classed a5 continuing. Page 14
KDS FOUNDATION BALANCE SHEEr 30 JUNE2025 Note 2025 2024 Flxed Assets Intangible assets Tangible 355ets 2.637 330 2,967 4.508 2,310 6,818 Current assets Cash at bank and in hand Debtors 14L203 85,976 3,447 89,423 141.203 Current liabilities Creditor5= amounts falling due within one year {103,547) 182,1081 Net current assets 37.656 7,315 Net asset5 40.623 14,133 Funds Unre5trirted fund 40.623 14.133 Total unrestricted lunds 40.623 14,133 These financial statements are prepared in accordance with the special provisions of Part IS of the Companies Act 2006 relating to small companies. The trustees acknowledge their responsibilities for complying with the requirement of the Companies Act 2006 with respect to accounting records and the preparation of the financial statements. The financial statements were approved bythe Board ofthe KOS Foundation on 10 December 2025 and signed on their behalf by.. Danlel H311 Trustee arte The note5 on pages 17 to 22 form part of these financial statements. Company number 08991513. Page 15
KDS FOUNDATION CASHFLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2025 2025 2025 2024 2024 Net cash inflowl loufflow} from operatlng actmlles {Note 10) 55,227 1239.8241 RetUm5 on in¥e5tment and seTvicing of finance Interest received Capltal expenditure and flnanclal Investment Purchase of intangible assets Purchase of fixed assets Net Increasel Idecreasel in cash 55,227 1239.8241 Analysis of net funds Net balance at l July 2024 Cash Increase ID the year Net balance at 30 Junè 2025 Cash at bank 85.976 55,227 141.203 85.976 55,227 141,203 Page 16
KDS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 30 JUNE 2025 l. Accounting policie5 a) Basls of financlal statements The financial Statements have been prepared under the historical cost convention as modified by the policies on investment revaluations and in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financièl Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 ICharitie5 SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Foundation meets the definition of a public benefit entity under FRS 102. b) Income Donations are recognised in the year in which the Foundation is entitled to receipt and the amount can be measured with reasonable certainty. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a f uture year. Where relevant, Gift Aid is added to the value of the donation to which it relates. Investment incorne is accounted for on a receivable basis. Donated setvices are recognised on the basis of the value of the gift to the charity as determined by the donor where such a cost is quantifiable and measurable,. a correspondin8 amount is then recognised in expenditure in the year of receipt. No incorne is recognised where there is no financial cost incurred by the third party. c) Expendlture Expenditure is included on an accruals basis. Grants payable are charged in the year where the offer is conveyed to the recipient except in those cases where the offer is condition31. such grants being recognised as expenditure when the conditions attaching are fulfilled or at the point when the fulfilment of the conditions are no longer seen to be within the control of the Trustees. Grants offered subject to conditions which have not been met at the ye2r-end are noted as a commitment, but not accrued as expenditure. d) Governance costs Governance costs comprise of all costs involving the public accountabil ity of the charity and costs related to statutory requirements. e) Taxadon The Foundation is a registered charity and 15 not liable to United Kin8dom incometax or corporation tax on charitable activities. Page 17
KDS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {contlnued) FOR THE YEAR ENDED 30 JUNE 2025 Fixed assets depreclation policy Tangible and intangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off cost of fixed assets. less their estimated residual value. over their expected useful lives on the following basis- Logo and Trademark Website development and design Fixture5 and Fitting5 Office equipment 10.00% straight line 33.33% straight line 50.00% straight line 50.00% straight line g) Forelgn currencies Assets and liabilitie5 denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the balance sheet. All differences are taken to the Statement of Financial Activitie5. h) Going concern Where total liabilities exceed current a55et5. the Trustees consider the ability of the Foundation to continue to meet these obligations la5 and when they fall duel from liquid assets, and also the continuing support they receive from their donors and creditor5. If the Trustees are satisfied that the Foundation can meet its obligations. then financial sratements are prepared on a going concern basis. The Trustees are of the view that the Foundation has sufficient cash balance5 to meet its charitable commttments, reporting a balance at 30 June 2025 of £141.203, it is a going concern. 2. Income from donatlons and legacies 2025 2024 Donations- unrestricted Value of 5ervlces received treated 35 a donation- unrestricted 345,299 347,299 2,000 Page 18
KDS FOUNDATION NOTE5 TO THE FINANCIAL STATEMENTS {continued) FOR THE YEAR ENDED 30 JUNE 2025 3. Expenditure on charitable actlvities 20Z5 2024 Grant making Support costs Governance tosts linclude audit and accountancy fees) 76.923 232,024 11.862 217,677 10,573 320,809 228,250 Trustees received no remuneration and were not reimbursed for any expenses during the year12024: £nil). 4. Net Incoming resources 2025 2024 This is stated after charging.. AuditDrs' rernuneration- audit of accounts Auditors, remuneration- tsx Depreciation and amortisation IProfitll Loss on foreign exchange 9.862 900 3,851 8573 9,675 898 4.045 3,871 5. Intangible assets Logo and Trademarks Totsl Cost At l July 2024 Additlons during the period At 30 lune 2025 18,707 18.707 18,707 18.707 Amortlsation At I july 2024 Charge for the period At 30 June 2025 14,199 1,871 16.070 14.199 1,871 16,070 Net book value At301une2025 2,637 2.637 At 30 June 2024 4,508 4.508 Page 19
KDS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS lcontlnued) FOR THE YEAR ENDED 30 JUNE Z025 6. Tan8lble assets Office Equipment Webslle desl8n •nd development Flxtures and Fittlngs Total Cost At l July 2024 Additions during the period At 30 June 2025 4,107 1,553 16,503 22,163 4,107 1.553 16.503 22,163 Depre¢iatlon At l July 2024 Charge for the period At 30 June 2025 4,107 1,553 14.193 1.980 16,173 19.853 1,980 21,833 4,107 1,553 Net book value At 30 June 2025 330 330 2,310 2,310 At 30 June 2024 7. Debtor5 2025 2024 Prepayments 3.447 3,447 8. Creditots- Amount5 falllng due within one year 2025 2024 Trade Creditors Grant commitments- prize fund award Accruals Other creditors 3,749 73.852 25,280 666 4,159 52,739 22.722 2,488 103.547 82,108 Page 20
KDS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THEYEAR ENDED 30 JUNE 2025 9. Movement in funds Unrestrlrted funil 2025 2024 Total Total Balance at l July 2024 Incoming resource5 Resource5 expended 14.133 347.299 {320.809) 14.133 347,299 1320109) 240.383 2,0 1228.2501 Balance 4t 30June 2025 411623 14.133 The movements in 2024 related to unrestricted funds. 10. Reconciliatlon of net Incoming resources to operating activities 2025 2024 Net lexpendlturellincome for the year before galns/llossesl Depreciatlon and amortlsatiDn charge5 Ilncreaselldecrease in debtor5 Increa5elldecreasel in creditors Increa5elldecrea5el in grant commitments 26,490 3,851 3,447 325 21.114 1226,2501 4,045 12,699 14,3971 125,9211 Nel cash inflowllouthowl frorn operatln8 artivltles 55,227 1239,8241 11. Company status The Foundation is a company limited by the guarantee of its members and is incorporated in England & Wales. In the event of a winding up, each member guarantees to pay an amount not exceeding £1. At 30 June 2025, the total of such guarantees was £2. 12. Related party transartions During the year, the Foundation received bookkeepin& accountancy and administrative services from HGT Management LLP without charge. These donated services have been valued at £2,00012024: £2,000). Page 21
KDS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2025 From 11 April 2023 BXR Advi50ry Partners LLP licensed off ice space at 40-44 Newman Street to the Foundation. The amount payable for the year to 30 June 2025 was £15,00012024'. £15,000). As at 30 June 2025, a liability in the form of an accrual was raised for BXR Advisory Partners LLP to the amount of £303 for the office space. One of the trustees of the Foundation is a partner of BXR Advisory Partners LLP. 13. Employees The average number of employees during the year was 112024.. 11. The number of employees who received remuneration and benefits amounting to more than £60,000 in 2025 is 112024: 1}. Salaries and associated social security cost5 paid during the year were £64,52512024- £60.942). Employer pension costs payable during the year were £9,11512024-. £8,957). The trustees are considered to be the key management of the charity- Page 22