The Davies Fund was established using a gift from the Rev R A Davies. It is intended to reward academic merit. 

The Prize is awarded annually in Trinity Term, following the publication of finals results. Subject Tutors make their recommendations to Governing Body, who decide which of the nominated undergraduate students has achieved the most outstanding performance in a Final Honours School. 

The value of the Prize is determined by Governing Body and takes the form of books chosen by the prize-winner and approved by their subject Tutor.