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, 2023

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, 2023and 2022

StatementsofChangesinNetAssetsAvailableforBenefitsfortheYearsEndedDecember 31, 2023and 2022

NotestoFinancialStatements

SupplementalSchedule

ScheduleH,Line4i-ScheduleofAssets(HeldatEndofYear)asofDecember 31, 2023

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:June24,2024/s/ Nicole Nielsen

Nicole Nielsen

For the Plan Administrator

WILLIAM PENN BANK

401(k) RETIREMENT SAVINGS PLAN

Financial Statements and Supplemental Schedule

December 31, 2023 and 2022

(WithReportofIndependentRegisteredPublicAccountingFirm)

WILLIAM PENN BANK

401(k) RETIREMENT SAVINGS PLAN

Table of Contents

	Page
ReportofIndependentRegisteredPublicAccountingFirm	1
StatementsofNetAssetsAvailableforBenefitsasofDecember 31, 2023and 2022	4
StatementsofChangesinNetAssetsAvailableforBenefitsfortheYearsEndedDecember 31, 2023and 2022	5
NotestoFinancialStatements	6
Supplemental Schedule
ScheduleH,Line4i-ScheduleofAssets(HeldatEndofYear)asofDecember 31, 2023	11

INDEPENDENT AUDITOR’S REPORT

Board of Directors

WilliamPennBank401(k)RetirementSavingsPlan

Opinion

We have audited the financial statements of William Penn Bank 401(k) Retirement Savings Plan (the “Plan”), an employee benefit plan subject to the Employee Retirement Income Security Act of 1974 (ERISA), which comprise the statements of net assets available for benefits as of December 31, 2023 and 2022, the related statements of changes in net assets available for benefits for the year ended December 31, 2023, and the related notes to the financial statements.

In our opinion, the accompanying financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2023 and 2022, and the changes in its net assets available for benefits for the year ended December 31, 2023, in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

WeconductedourauditsinaccordancewithauditingstandardsgenerallyacceptedintheUnitedStates of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Plan and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparingthe financial statements, management is requiredto evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Plan’s ability to continue asagoingconcernwithinoneyearafterthedatethatthefinancialstatementsareissuedoravailableto be issued.

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Responsibilities of Management for the Financial Statements (Continued)

Management is also responsible for maintaining a current plan instrument, including all plan amendments,administeringthePlan,anddeterminingthatthePlan’stransactionsthatarepresentedand disclosedinthefinancialstatementsareinconformitywiththePlan’sprovisions,includingmaintaining sufficient records with respect to each of the participants, to determine the benefits due or which may become due to such participants.

Auditor’s Responsibilities for the Audit of the Financial Statements

Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholeare free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and, therefore, is not aguarantee that an audit conducted in accordance with GAAS will alwaysdetect amaterialmisstatementwhenitexists.Theriskofnotdetectingamaterialmisstatementresultingfrom fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,misrepresentations,ortheoverrideofinternalcontrol.Misstatementsareconsideredmaterial if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

InperforminganauditinaccordancewithGAAS, we:

● Exerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheaudit.

● Identify and assess the risksof material misstatement ofthe financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such proceduresincludeexamining,onatestbasis,evidenceregardingtheamountsanddisclosures in the financial statements.

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control. Accordingly, no such opinion is expressed.

● Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofsignificant accountingestimates madeby management, as wellas evaluate the overallpresentationof the financial statements.

● Concludewhether,inourjudgment,thereareconditionsorevents,consideredintheaggregate, that raise substantial doubt about the Plan’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, theplannedscopeandtimingoftheaudit,significantauditfindings,andcertaininternalcontrol-related matters that we identified during the audit.

2

Supplemental Schedule Required by ERISA

Ourauditswereconductedforthepurposeofforminganopiniononthefinancialstatementsasawhole. The supplemental schedule of Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2023, is presented for purposes of additional analysis and is not a required part of the financial statements but is supplementary information required by the Department of Labor (DOL)’s Rules and Regulations for Reporting and Disclosure under ERISA. Such information is the responsibility of management and was derived from, and relates directly to, the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with GAAS.

Informingouropiniononthesupplementalschedule,weevaluatedwhetherthesupplementalschedule, including its form and content, is presented in conformity with the DOL’s Rules and Regulations for Reporting and Disclosure under ERISA.

Inouropinion,theinformationintheaccompanyingscheduleisfairlystated,inallmaterialrespects,in relation to the financial statements as a whole, and the form and content are presented in conformity with the DOL’s Rules and Regulations for Reporting and Disclosure under ERISA.

Cranberry Township, Pennsylvania

June 24, 2024

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WILLIAM PENN BANK

401(k) RETIREMENT SAVINGS PLAN

StatementsofNetAssetsAvailableforBenefits

December 31, 2023and 2022

	2023		2022
Assets
Investments, at fair value
Mutual funds	$	7,490,493	$	5,952,101
Collective investment trusts		401,148		880,883
William Penn Bancorporation common stock		1,686,085		1,833,342
Interest bearing cash		1,105		1,008
Total investments, at fair value		9,578,831		8,667,334
Receivables
Notes receivable from participants		170,838		135,387
Total assets		9,749,669		8,802,721
Liabilities		-		-
Net assets available for benefits	$	9,749,669	$	8,802,721

Seeaccompanyingnotestofinancialstatements.

4

WILLIAM PENN BANK

401(k) RETIREMENT SAVINGS PLAN

StatementsofChangesinNetAssetsAvailableforBenefits

December 31, 2023and 2022

	2023		2022
Additions:
Investment income (loss):
Net appreciation (depreciation) in fair value of investments	$	962,288	$	(1,807,900)
Interest and dividends		224,914		572,401
Net investment income (loss)		1,187,202		(1,235,499)
Interest income on notes receivables from participants		9,132		8,030
Contributions:
Employers		444,154		435,871
Participants		574,063		605,161
Rollovers		14,251		67,429
Total contributions		1,032,468		1,108,461
Deductions:
Benefits paid		1,278,822		608,484
Administrative expenses		3,032		1,558
Total deductions		1,281,854		610,042
Net increase (decrease) in net assets available for benefits		946,948		(729,050)
Net assets available for benefits:
Beginning of year		8,802,721		9,531,771
End of year	$	9,749,669	$	8,802,721

Seeaccompanyingnotestofinancialstatements.

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WILLIAM PENN BANK

401(k) RETIREMENT SAVINGS PLAN

Notes to Financial Statements

December 31, 2023and 2022

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.

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 included 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.

On December 29, 2022, the SECURE 2.0 Act was signed into law to enhance the retirement savings system. Principle areas of the act addressed automatic enrollment, required minimum distributions (RMD), and catch-up contributions. There are provisions which are currently part of the Plan design, including the provisions for automatic enrollment and the RMD provisions required for 2023 which have been adopted by the Plan. All provisions of SECURE 2.0 Act with effective dates in 2024 and beyond will be evaluated and implemented in accordance with future regulations and guidance.

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 $22,500 and $20,500 in 2023 and 2022, respectively, in accordance with the Internal Revenue Service (IRS) regulations.Participants who were 50 years of age or older at December 31, 2023 and 2022, were eligible to make additional elective deferralcontributionsof $7,500 and $6,500in 2023and 2022, respectively.

Participants may elect to start, increase, reduce or suspend contributions at any time during the year. Changes to a participant's contribution percentage are effective as of the first day of the next month or as soon as administratively possible. Contributions made by participants 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 they affirmatively elect not to participate. The contribution percentage at automatic enrollment is 6% of the participant's eligible compensation. If the participant has not selected an investment option, the contributions are invested in the Plan’s default option, which is the Fidelity Investments target date fund based on the participant's date of birth.

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

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employer’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, 2023 and 2022the 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

• 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 averageremainingtermoftheloans

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was3.4yearsasofDecember 31, 2023.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 9.50% during 2023. 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.

Netappreciation(depreciation) infairvalueofinvestmentsisreflectedintheStatementsofChangesinNetAssetsAvailableforBenefitsandincludes realized gains and losses on investments purchased and sold and the change in appreciation (depreciation) in 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.

Notes Receivable from Participants

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, 2023.

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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, 2023 isincludedintheSupplementalSchedule—ScheduleH,Line4i-ScheduleofAssets(HeldatEndofYear).

The Plan holds an investment in the Company's common stock. The William Penn BancorporationCommon Stock represented approximately 17.6% and 21.2% of total investments as of December 31, 2023 and 2022, 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, 2023and 2022.

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 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.

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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 2023 and 2022. The Plan has no Level 2 or Level 3 investments. The following table provides, by level within the fairvaluehierarchy,asummaryofinvestmentsofthePlanmeasuredatfairvalueonarecurringbasisasofDecember31:

	2023		2022
Quoted prices in active markets (level 1):
Mutual funds	$	7,490,493	$	5,952,101
William Penn Bancorporation common stock		1,686,085		1,833,342
Interest bearing cash		1,105		1,008
		9,177,683		7,786,451
Measured at net asset value (a):
Collective investment trusts		401,148		880,883
Total investments, at fair value	$	9,578,831	$	8,667,334

(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 withtheapplicablerequirementsoftheIRCandthereforebelievesthatthePlanisqualified,andtherelatedtrustistax-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, 2023 and 2022, 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.ThePlanadministratorbelievesthatasofthedateofthisreportitisnolongersubjecttoincometaxexaminationsfortheyearspriorto2020.

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

As of December 31, 2023 and 2022, the Plan held 138,090 and 151,265 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 $47,786 and $62,437 for the years ended December 31, 2023 and 2022, 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, 2023, the Plan had investments of $1,686,085 in William Penn Bancorporation common stock, $1,373,386 in Fidelity Freedom 2035 Fund - Class K6, and $1,099,489 in Fidelity Freedom 2040 Fund - Class K6 representing more than 10 percent of total assets available for plan benefits. 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.

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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, 2023

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	138,090	**	$	1,686,085
	Mutual funds
*	Fidelity Freedom® 2005 Fund - Class K6	Mutual fund	9,650	**		105,675
*	Fidelity Freedom® 2015 Fund - Class K6	Mutual fund	1,241	**		13,777
*	Fidelity Freedom® 2020 Fund - Class K6	Mutual fund	29,452	**		410,857
*	Fidelity Freedom® 2025 Fund - Class K6	Mutual fund	73,511	**		957,860
*	Fidelity Freedom® 2030 Fund - Class K6	Mutual fund	19,751	**		325,696
*	Fidelity Freedom® 2035 Fund - Class K6	Mutual fund	94,978	**		1,373,386
*	Fidelity Freedom® 2040 Fund - Class K6	Mutual fund	105,415	**		1,099,489
*	Fidelity Freedom® 2045 Fund - Class K6	Mutual fund	46,559	**		559,177
*	Fidelity Freedom® 2050 Fund - Class K6	Mutual fund	24,791	**		301,958
*	Fidelity Freedom® 2055 Fund - Class K6	Mutual fund	15,635	**		220,620
*	Fidelity Freedom® 2060 Fund - Class K6	Mutual fund	9,458	**		122,770
*	Fidelity Freedom® 2065 Fund - Class K6	Mutual fund	4,387	**		52,294
*	Fidelity® Blue Chip Growth Fund	Mutual fund	1,722	**		298,461
*	Fidelity® 500 Index Fund	Mutual fund	2,146	**		355,248
*	Fidelity® Balanced Fund	Mutual fund	6,627	**		178,472
*	Fidelity® Small Cap Value Fund	Mutual fund	7,396	**		146,293
*	Fidelity® Select Health Care Portfolio	Mutual fund	4,168	**		119,895
*	Fidelity® Strategic Income Fund	Mutual fund	999	**		11,394
	AMG Yacktman Fund - Class I	Mutual fund	22,633	**		528,261
	Emerald Growth Fund Institutional Class	Mutual fund	10,696	**		262,500
	MFS Mid Cap Value Fund Class R3	Mutual fund	184	**		5,465
	MFS International Diversification Fund Class R3	Mutual fund	284	**		6,190
	Voya MidCap Opportunities Fund Class I	Mutual fund	742	**		17,785
	Putnam Income Fund Class Y	Mutual fund	3,131	**		16,970
	Stable value collective trust funds
	Putnam Stable Value Fund	Collective investment trust	401,148	**		401,148
	Interest bearing cash
	Interest bearing cash	Cash		**		1,105
	Total investments					9,578,831
* Notes receivable from participants (interest rates ranging from 4.25% to 9.50%)						170,838
	Total investments and notes receivable from participants				$	9,749,669
*	Party-in-interest
**	Cost omitted for participant directed investments
As of December 31, 2023, maturity dates of active notes receivable from participants ranged from January 2024 to November 2028.

SeeaccompanyingReportofIndependentRegisteredPublicAccountingFirm.

11

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 Forms S-8 of William Penn Bank 401(k) Retirement Savings Plan of our report dated June 24, 2024, relating to our audits of the financial statements and supplemental schedule, which appears in this Annual Report on Form 11-K of the William Penn Bank 401(k) Retirement Savings Plan for the year ended December 31, 2023.

Cranberry Township, Pennsylvania

June 24, 2024