11-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 11-K

(MarkOne)

{X}ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

ForthefiscalyearendedDecember 31, 2022

OR

{ }TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

Forthetransitionperiodfrom_________ to __________

Commissionfilenumber001-40255

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

William Penn Bank 401(k) Retirement Savings Plan

B. Nameofissuerofthesecuritiesheldpursuanttotheplanandtheaddressofits principalexecutiveoffice:

William Penn Bancorporation

10 Canal Street, Suite 104

Bristol, Pennsylvania 19007

REQUIRED INFORMATION

Item4.Financial Statements and Exhibits

a) Thefollowingplanfinancialstatements,schedulesandreportsareattachedhereto:

ReportofIndependentRegisteredPublicAccountingFirm

StatementsofNetAssetsAvailableforBenefitsasofDecember 31, 2022and 2021

StatementsofChangesinNetAssetsAvailableforBenefitsfortheYearsEndedDecember 31, 2022and 2021

NotestoFinancialStatements

SupplementalSchedule

ScheduleH,Line4i-ScheduleofAssets(HeldatEndofYear)asofDecember 31, 2022

b) Exhibit 23.1 Consent of Independent Registered Public Accounting Firm

SIGNATURES

PursuanttotherequirementsoftheSecuritiesExchangeActof1934,thetrustees(orotherpersonswhoadministertheemployeebenefitplan)havedulycausedthisannualreporttobesignedonitsbehalfbytheundersignedthereuntodulyauthorized.

William Penn Bank

401(k) Retirement Savings Plan

DATE:June8,2023/s/ Nicole Nielsen

Nicole Nielsen

For the Plan Administrator

WILLIAM PENN BANK

401(k) RETIREMENT SAVINGS PLAN

Financial Statements and Supplemental Schedule

December 31, 2022 and 2021

(WithReportofIndependentRegisteredPublicAccountingFirm)

WILLIAM PENN BANK

401(k) RETIREMENT SAVINGS PLAN

Table of Contents

	Page
ReportofIndependentRegisteredPublicAccountingFirm	1
StatementsofNetAssetsAvailableforBenefitsasofDecember 31, 2022and 2021	3
StatementsofChangesinNetAssetsAvailableforBenefitsfortheYearsEndedDecember 31, 2022and 2021	4
NotestoFinancialStatements	5
Supplemental Schedule
ScheduleH,Line4i-ScheduleofAssets(HeldatEndofYear)asofDecember 31, 2022	11

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors, Plan Administrator, and Plan Participants

William Penn Bank 401(k) Retirement Savings Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the William Penn Bank 401(k) Retirement Savings Plan (the “Plan”) as of December 31, 2022 and 2021; the related statements of changes in net assets available for benefits for the years ended December 31, 2022 and 2021; and the related notes to the financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2022 and 2021, and the changes in net assets available for benefits for the year ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan, in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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Supplemental Information

The supplemental information in the accompanying schedule, Schedule H, Line 4i – Schedule of Assets as of December 31, 2022, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but includes supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

We have served as the Plan’s auditor since 2021.

Cranberry Township, Pennsylvania

June 8, 2023

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WILLIAM PENN BANK

401(k) RETIREMENT SAVINGS PLAN

StatementsofNetAssetsAvailableforBenefits

December 31, 2022and 2021

	2022		2021
Assets
Investments, at fair value
Mutual funds	$	5,952,101	$	7,133,728
Collective investment trusts		880,883		580,122
William Penn Bancorporation common stock		1,833,342		1,618,664
Interest bearing cash		1,008		1,000
Total investments, at fair value		8,667,334		9,333,514
Receivables
Notes receivable from participants		135,387		198,257
Total assets		8,802,721		9,531,771
Liabilities		-		-
Net assets available for benefits	$	8,802,721	$	9,531,771

Seeaccompanyingnotestofinancialstatements.

3

WILLIAM PENN BANK

401(k) RETIREMENT SAVINGS PLAN

StatementsofChangesinNetAssetsAvailableforBenefits

December 31, 2022and 2021

	2022		2021
Additions:
Investment income:
Net (depreciation) appreciation in fair value of investments	$	(1,807,900)	$	548,287
Interest, dividends, and capital gains		572,401		646,030
Net investment (loss) income		(1,235,499)		1,194,317
Interest income on notes receivables from participants		8,030		12,312
Contributions:
Employers		435,871		369,298
Participants		605,161		553,468
Rollovers		67,429		38,108
Total contributions		1,108,461		960,874
Deductions:
Benefits paid		608,484		720,895
Administrative expenses		1,558		3,776
Total deductions		610,042		724,671
Net (decrease) increase in net assets available for benefits		(729,050)		1,442,832
Net assets available for benefits:
Beginning of year		9,531,771		8,088,939
End of year	$	8,802,721	$	9,531,771

Seeaccompanyingnotestofinancialstatements.

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WILLIAM PENN BANK

401(k) RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2022and 2021

Note 1: Description of Plan

OnAugust 19, 1979,William Penn Bank (the Bank),awhollyownedsubsidiaryofWilliam Penn Bancorporation(theCompany), established and adopted the William Penn Bank 401(k) Retirement Savings Plan (the Plan) for the benefitofitseligibleemployees.

Effective November 1, 2021, the Plan Administrator is the William Penn Bank Retirement Plan Administration Committee, the Trustee is Fidelity Management Trust Company, and Fidelity Investments is the recordkeeper. Prior to that time, the Plan Administrator included members of executive management at William Penn Bank, the Trustee was Fidelity Management Trust Company, and BLB&B Advisors, LLC was the recordkeeper.

This Plan is a defined contribution plan, which is intended to qualify under Section 401(a) of the Internal Revenue Code. As a defined contribution plan, it is not covered under Title IV of ERISA and, therefore, benefits are not insured by the Pension Benefit Guaranty Corporation.

On January 1, 2018, the Plan adopted the safe harbor matching contribution provisions of the Internal Revenue Code (IRC),which provides for Employer Safe Harbor Matching Contributions of 100% of the first 6% of participants' contributions (Safe HarborMatchingContributions). AllregularmatchingcontributionsforparticipantsandallSafeHarborMatchingContributionsare immediately100%vested. Withthiselection,thePlanisnotsubjecttoannualnon-discriminationtestingbecause,inlieuoftesting,theemployerdepositsamandatorypercentageoffullyvestedmatchingcontributions.

On March 27, 2020, Congress signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which includes several reliefprovisions available to tax-qualified retirement plans and their participants. The Company has evaluated the relief provisions available toplan participants under the CARES Act and has implemented the waiver of required minimum distributions during 2020. This provision was adoptedintothePlaneffectiveMarch27,2020.

ThefollowingdescriptionofthePlanprovidesonlygeneralinformation.ParticipantsshouldrefertotheplandocumentorthesummaryplandescriptionforamorecompletedescriptionofthePlan’sprovisions.

Eligibility

Certain full and part-time regular employees of the Bank who have met the Plan’s minimum age requirement of 21 years of age are eligible to participate in the Plan. Collectively bargained employees, residents of Puerto Rico,leased employees, and nonresident aliens are not eligible to participate in the Plan, except as may otherwise be required to preserve thequalifiedstatusofthePlan.

Contributions

Participant Contributions: Under the Plan, participants may elect to make annual payroll deductions of 1% to 100% of their totalcompensation, not to exceed $20,500 and $19,500 in 2022 and 2021, respectively, in accordance with the Internal Revenue Service (IRS) regulations.Participants who were 50 years of age or older at December 31, 2022 and 2021, were eligible to make additional elective deferralcontributionsof$6,500in both2022and 2021.

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Participants may elect to start, increase, reduce or suspend contributions at any time during the year. Changes to a participant's contributionpercentage are effective as of the first day of the next month or as soon as administratively possible. Contributions made byparticipants are credited to their individual accounts and can be made on a pre-tax or after-tax (Roth) basis assuming applicable regulations set forth in the IRC are satisfied. The Plan includes an auto-enrollment provision whereby all newly eligible employees are automatically enrolled in the Plan, once eligible, unless theyaffirmativelyelectnottoparticipate.Thecontributionpercentageatautomaticenrollmentis 4% oftheparticipant'seligiblecompensation.Iftheparticipanthasnotselectedaninvestmentoption,thecontributionsareinvestedinthePlan’sdefaultoption,whichistheFidelity Investments target date fund based on theparticipant's date of birth.

Employers' Contributions: All contributions made by the employer on the participants’ behalf are made on a pre-tax basis. Theemployer’scontributionsarecomprisedofthefollowing:

Employer’s Matching Contribution: The Plan includes a Safe Harbor Matching Contribution that requires the Employers match100%oftheparticipant’scontributionupto6%oftotalcompensation.Thematchingcontributionismadeincashandparticipantsareable to direct the investment of the contribution. If they choose not to direct the matching contribution, the contribution will beinvested in the default option as defined in Participant Contributions. Participants can make changes to their investment electionsatanytime.

Employer’s Profit Sharing Contribution: The Bank, at its discretion, may award participants a discretionary profit sharingcontribution at the end of the plan year. Employees must complete 1,000 hours of service during the Plan year and be employed bytheBankonthelastdayofthePlanyeartobeeligible.FortheyearsendedDecember 31, 2022 and 2021the Bank did not make a discretionary profit sharing contribution.

Employees’ Rollover Account Contributions: In its sole discretion, the Plan Administrator may authorize the Plan to accept rollovercontributionsfrom a qualified retirement plan or an IRA from anyemployee,whetherornottheemployeeiseligibletoparticipateinthePlan. At all times, an employee who makes a rollover contribution has a100%vestedinterestinthosecontributions.

Participants’Accounts

Participants’ accounts are credited for their contributions and the employer’s contributions made on their behalf. Participants’ accounts arealsoadjustedbyanallocationoftheearningsorlossesofthePlanfundinwhicheachparticipant’saccountisinvestedbasedonthechangeinunit share price of the applicable fund.

Vesting

All participant account balances are 100% vested and are not subject to forfeiture for any reason.

Withdrawals

Withdrawals are subject to taxes and, in certain instances, penalties as set forth in the IRC. Effective January 1, 1993, the Plan is required to withhold federal income taxes at a flat rate of 20% on the taxable portion of rollover eligible withdrawals that are not directly rolled over into an Individual Retirement Account (IRA) or another qualified retirement plan. This withholding tax does not apply to required minimum distributions and annuity payments. Participant interest payments on loans are made on a post-tax basis but are taxed as earnings when distributed.

Under the Plan, participants may request hardship withdrawals of vested contributions (but not income earned on contributions afterDecember 31, 1988). Hardship withdrawals must be approved by the Plan Administrator and can only be made for one of the followingreasons:

• Certainexpensesincurredornecessaryformedicalcarefortheparticipant,theirspouse,childrenordependents;

• Thepurchase(excludingmortgagepayments)ofaprincipalresidencefortheparticipant;

•Payment of tuition and related educational fees for the next 12 months of post-secondary education for the participant or their spouse,children,ordependents;

•Theneedtopreventtheevictionfromtheparticipant'sprincipalresidence(oraforeclosureonthemortgageontheparticipant'sprincipalresidence);

• Paymentsforburialorfuneralexpensesfortheparticipant'sdeceasedparent,spouse,childrenordependents;

• Expensesfortherepairofdamagetotheprincipalresidenceoftheparticipantthatwouldqualifyforacasualtydeduction;or

6

• AnyotherreasonauthorizedasasafeharborbytheIRS.

NotesReceivablefromParticipants

The Plan permits participants to take loans from their vested account balance under the plan. Participants can take a maximum of 2 loans, with the exception of loans assumed from acquired plans, and may elect to borrow a minimum of $1,000 and up to a maximum of the lesser of $50,000 or 50% oftheir vested account balance. The loan repayment period generally may not exceed 5 years, unless the loan is for the purchase of your primary residence, under which the maximum loan repayment period may not exceed 10 years. The interest rate on loans is the prime rate plus 1% at the time of borrowing.  Interest paid on outstanding loans is added to the participant’s account balance. Loans are secured by the participant’s account balance in the Plan. The weighted averageremainingtermoftheloanswas3.1yearsasofDecember 31, 2022.Principalandinterestpaymentsarepaidthroughpayrolldeductions.Thecurrent value of notes receivable from participants represents unpaid principal plus any accrued but unpaid interest. Interest rates on notesreceivable from participants ranged from 4.25% to 7.25% during 2022. Management has evaluated participant notes receivable forcollectability and has determined that no allowance for uncollectible notes is necessary.

PlanExpenses

ExpensesrelatingtotheadministrationofthePlanaregenerallypaidwiththeearningsandreceiptsofthePlaninvestments.Participantspayfees at the fund levels based on theexpense percentage of each individual fund calculated on the market value at month-end of the total plan assets in the participant's account.The CompanypaysthirdpartyadministrationPlanfees.

PaymentofBenefits

Any participant who separates from service for any reason, excluding death, is entitled to receive their vested interest in their accountbalance.Thisdistributioncanbemadeasalump-sumpayment,rollovertoanIRA,orrollovertothequalifiedplanofanewemployer.Uponthe death of a participant prior to payment of all retirement benefits, the participant’s vested account balance is paid to the participant’sbeneficiaryinaccordancewiththeplandocument.

PlanTermination

Although the Company has not expressed any intention to terminate the Plan, it may do so at any time. Upon the complete discontinuation ofcontributions to the Plan, or the complete or partial termination of the Plan, the rights of all affected employees under the Plan shall becomefullyvestedandnonforfeitable.

Note 2: Summary of Significant Accounting Policies

BasisofPresentation

The accompanying financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP)usingtheaccrualbasisofaccounting.

InvestmentValuationandIncomeRecognition

Investments are reported at fair value.SeeNote4forfurtherinformationoninvestmentsreportedatfairvalue.

Net(depreciation) appreciationinfairvalueofinvestmentsisreflectedintheStatementsofChangesinNetAssetsAvailableforBenefitsandincludes realized gains and losses on investments purchased and sold and the change in (depreciation) appreciationin fair value during thereportingperiod.

Purchasesandsalesofsecuritiesarerecordedonatrade-datebasis.

Dividends are recorded on the ex-dividend date. Acquisition costs are included in the cost of investments purchased, and sales are recordednetofsellingexpenses.

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NotesReceivablefromParticipants

Notes receivable from participants are recorded at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loansarereclassifiedasdistributionsbasedonthetermsoftheplandocument.

UseofEstimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect thereportedamountsofassets,liabilities,andchangestherein,anddisclosureofcontingentassetsandliabilities.Actualresultscoulddifferfromthoseestimates.

PaymentofBenefits

Benefitsarerecordedwhenpaid.

RecentAccountingPronouncements

TherewasnoaccountingguidancependingadoptionatDecember 31, 2022.

Note 3: Investments

The Plan’s investments are held in a trust administered by Fidelity Investments. A complete listing of the Plan’s investments as of December 31, 2022 isincludedintheSupplementalSchedule—ScheduleH,Line4i-ScheduleofAssets(HeldatEndofYear).

The Plan holds an investment in the Company's common stock. The William Penn BancorporationCommon Stock represented approximately 21.2% and 17.3% of total investments as of December 31, 2022 and 2021, respectively. TheCompanyisabankholdingcompany.

Note 4: Fair Value Measurement

ASC 820-10, Fair Value Measurements and Disclosure, defines fair value as the price that would be received to sell an asset or paid totransfer a liability in an orderly transaction between market participants at the measurement date. ASC 820-10 establishes a fair valuehierarchythatprioritizestheuseofinputsusedinvaluationmethodologiesintothefollowingthreelevels:

Level 1: Quoted prices are available in active markets for identical assets or liabilities as of the reported date.

Level 2: Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities include items for which quoted prices are available but traded less frequently, and items that are fair valued using other financial instruments, the parameters of which can be directly observed.

Level 3: Assets and liabilities that have little to no pricing observability as of the reported date. These items do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation.

An asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that issignificant to the fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use ofunobservableinputs.

The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in themethodologiesusedatDecember 31, 2022and 2021.

Mutual funds and William Penn Bancorporation common stock:These investmentsarevaluedattheclosingpricereportedontheactivemarketonwhichtheindividualsecuritiesaretraded.

Interest bearing cash: The carrying amount of interest bearing cash approximates its fair value due to the relatively short time between origination of the instrument and its expected realization.

Collective investment trusts: The Putnam Stable Value Fund (“Putnam”) is the only collective investment trust available to the Plan. The Plan uses the net asset value (“NAV”) per share of the fund provided by the trustee as a practical expedient to estimate fair value. The practical expedient would not be used if it is determined to be probable that the fund will sell the investment for an amount different from the reported NAV. Participant directed purchases and redemptions may occur daily. If the Plan requests to withdrawal or liquidate its entire share of the fund, the trustee of the fund, Putnam Fiduciary Trust Company, LLC, reserves the right to apply a twelve-month

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put, or delay, in payment. The fund’s units are issued and redeemed daily at the constant NAV of $1 per unit. The fund’s investment objective is to preserve principal and achieve high current income through a diversified portfolio of high-quality investment contracts.

Transfers between level categorizations may occur due to changes in the availability of market observable inputs. Transfers in and out oflevel categorizations are reported as having occurred at the beginning of the year in which the transfer occurred. There were no movementsbetween levels in 2022 and 2021. The Plan has no Level 2 or Level 3 investments. The following table provides, by level within the fairvaluehierarchy,asummaryofinvestmentsofthePlanmeasuredatfairvalueonarecurringbasisasofDecember31:

	2022		2021
Quoted prices in active markets (level 1):
Mutual funds	$	5,952,101	$	7,133,728
William Penn Bancorporation common stock		1,833,342		1,618,664
Interest bearing cash		1,008		1,000
		7,786,451		8,753,392
Measured at net asset value (a):
Collective investment trusts		880,883		580,122
Total investments, at fair value	$	8,667,334	$	9,333,514

(a) In accordance with Subtopic 820-10 of the FASB Accounting Standards Codification, certain investments that were measured at NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the Statements of Net Assets Available for Benefits.

Note 5: Income Tax Status

The plan obtained its latest determination letter on June 30, 2020, in which the IRS stated that the Plan, as then designed, was in compliance with the applicable requirements of the IRC.The Plan is required to operate in conformity with the IRC tomaintain its tax-exempt qualification. The Plan administrator believes the Plan is currently designed and being operated in compliance withtheapplicablerequirementsoftheIRCandthereforebelievesthatthePlanisqualifiedandtherelatedtrustistax-exempt.

AccountingprinciplesgenerallyacceptedintheUnitedStatesofAmericarequiremanagementtoevaluatetaxpositionstakenbythePlanandrecognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained uponexamination by the IRS. The Plan administrator has concluded that as of December 31, 2022 and 2021, there are no uncertain tax positionstaken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan issubject to routine audits by the IRS and the United States Department of Labor, however there are currently no audits for any tax periods in progress.ThePlanadministratorbelievesthatasofthedateofthisreportitisnolongersubjecttoincometaxexaminationsfortheyearspriorto2019.

Note 6: Party-In-Interest and Related Party Transactions

As of December 31, 2022 and 2021, the Plan held 151,265 and 133,995 shares, respectively, of the Company’s common stock. Inaddition,certainreceivablesareloanstoemployeesoftheCompany,andthereforeareconsideredparty-in-interesttransactions.

The Company absorbs some costs incurred in relation to the administration of the Plan. Such costs include legal, record keeping, administrative, and accounting fees. These costs amounted to $62,437 and $37,853 for the years ended December 31, 2022 and 2021, respectively.

Note 7: Risks and Uncertainties

The Plan invests in various investment securities. Investment securities are subject to various risks, such as interest rate, market, and creditrisks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values ofinvestmentsecuritieswilloccurintheneartermandthatsuchchangescouldmateriallyaffectparticipants’accountbalancesandtheamountsreportedintheStatementsofNetAssetsAvailableforBenefits.

As of December 31, 2022, the Plan had investments of $1,833,342 in William Penn Bancorporation common stock, $1,128,214 in Fidelity Freedom 2040 Fund - Class K6, $1,022,657 in Fidelity Freedom 2035 Fund - Class K6, $950,628 in Fidelity Freedom 2025 Fund - Class K6, and $880,883 in Putnam Stable Value Fund representing more than 10 percent of total assets available for plan benefits. As of December 31, 2021, the Plan had investments of $1,618,664 in William Penn Bancorporation common stock, $1,189,484 in Fidelity Freedom 2040 Fund - Class K6, $1,180,553 in Fidelity Freedom 2035 Fund - Class K6, and  $1,122,389 in Fidelity Freedom 2025 Fund - Class K6 representing more than 10 percent of total assets available for plan benefits.

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Note 8: Reconciliation of Financial Statements to Form 5500

The following is a reconciliation of the net assets available for benefits and net increase in net assets available for benefits per the financial statements to Schedule H of Form 5500 as of December 31, 2022 and Schedule I of Form 5500 as of December 31, 2021:

	2022		2021
Net assets available for benefits per financial statements	$	8,802,721	$	9,531,771
Adjustment for dividends accrued		-		-
Net assets available for benefits per Form 5500	$	8,802,721	$	9,531,771
Net (decrease) increase in net assets available for benefits per financial statements	$	(729,050)	$	1,442,832
Change investment income for dividends accrued		-		568
Net (decrease) increase in net assets available for benefits per Form 5500	$	(729,050)	$	1,443,400

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WILLIAM PENN BANK

401(k) RETIREMENT SAVINGS PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

December 31, 2022

Supplemental Schedule

(a)	(b) Identity of Issuer, borrower, lessor, or similar interest	(c) Description of Investment, including maturity date, rate of interest, collateral, par or maturity value	Shares/Units	(d) Cost		(e) Current Value
	Investments at fair value
	Common stock
*	William Penn Bancorporation common stock	Common stock	151,265	**	$	1,833,342
	Mutual funds
*	Fidelity Freedom® 2005 Fund - Class K6	Mutual fund	9,352	**		97,358
*	Fidelity Freedom® 2015 Fund - Class K6	Mutual fund	2,352	**		24,091
*	Fidelity Freedom® 2020 Fund - Class K6	Mutual fund	26,782	**		339,871
*	Fidelity Freedom® 2025 Fund - Class K6	Mutual fund	81,529	**		950,628
*	Fidelity Freedom® 2030 Fund - Class K6	Mutual fund	26,906	**		391,763
*	Fidelity Freedom® 2035 Fund - Class K6	Mutual fund	81,681	**		1,022,657
*	Fidelity Freedom® 2040 Fund - Class K6	Mutual fund	127,481	**		1,128,214
*	Fidelity Freedom® 2045 Fund - Class K6	Mutual fund	41,845	**		424,734
*	Fidelity Freedom® 2050 Fund - Class K6	Mutual fund	18,525	**		190,632
*	Fidelity Freedom® 2055 Fund - Class K6	Mutual fund	11,802	**		140,922
*	Fidelity Freedom® 2060 Fund - Class K6	Mutual fund	6,349	**		69,776
*	Fidelity Freedom® 2065 Fund - Class K6	Mutual fund	2,219	**		22,416
*	Fidelity® Blue Chip Growth Fund	Mutual fund	1,432	**		161,092
*	Fidelity® 500 Index Fund	Mutual fund	1,902	**		253,200
*	Fidelity® Balanced Fund	Mutual fund	5,111	**		117,150
*	Fidelity® Small Cap Value Fund	Mutual fund	7,045	**		125,060
*	Fidelity® Select Health Care Portfolio	Mutual fund	5,265	**		145,440
*	Fidelity® Strategic Income Fund	Mutual fund	2,893	**		31,476
	AMG Yacktman Fund - Class I	Mutual fund	2,649	**		55,979
	Emerald Growth Fund Institutional Class	Mutual fund	10,200	**		223,078
	MFS Mid Cap Value Fund Class R3	Mutual fund	286	**		7,764
	MFS International Diversification Fund Class R3	Mutual fund	390	**		7,751
	Voya MidCap Opportunities Fund Class I	Mutual fund	940	**		18,402
	Putnam Income Fund Class Y	Mutual fund	476	**		2,647
	Stable value collective trust funds
	Putnam Stable Value Fund	Collective investment trust	880,883	**		880,883
	Interest bearing cash
	Interest bearing cash	Cash		**		1,008
	Total investments					8,667,334
* Notes receivable from participants (interest rates ranging from 4.25% to 7.25%)						135,387
	Total investments and notes receivable from participants				$	8,802,721
*	Party-in-interest
**	Cost omitted for participant directed investments
As of December 31, 2022, maturity dates of active notes receivable from participants ranged from January 2023 to November 2027.

SeeaccompanyingReportofIndependentRegisteredPublicAccountingFirm.

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EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors of William Penn Bank 401(k) Retirement Savings Plan

Bristol, Pennsylvania

We consent to the incorporation by reference in the Registration Statement Nos. 333-264820 and 333-255149 on Form S-8 of the Board of Directors of William Penn Bank 401(k) Retirement Savings Plan of our report dated June 8, 2023, relating to our audits of the financial statements and supplemental schedule, which appears in this Annual Report on Form 11-K of the Board of Directors of William Penn Bank 401(k) Retirement Savings Plan for the year ended December 31, 2022.

Cranberry Township, Pennsylvania

June 8, 2023