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 rese￿eS 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