THE JOHN BLACK CHARITABLE FOUNDATION Company limited by guarantee Charity No 01143431 Company No 07734413 ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Contents Page No Report of the TwBtge5 Straleglc Rept 10 Stslament of Trusleos Re&pon8lbllilie Auditors. Report 12-15 Staiement of Finand81 ActSvilies Balance Sheet 17 Consoldated Cash FlowSt8ternenl 18 Not8810 the Accounts 19-34
THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2021 The trustees present th reporttog8thfjrb¥th the fin8ncl#l statements Df the company for the year ended 31 Mgrch 2021, and confinn Ihal Ihe financial statements camply cutTenl slalulory r¢qulrginenls and the requirements of the compan¥s mamDrandum and artlcles of 35sodation. Th15 rerort is a dSreclors' report 8nd has been pr8pared in accordance vAlh Flnanclal Rpting Stsndard publP4hed in the UK and Ireland (FR5 1021 and in a¢dance ¥Mth $417 of the Cumpanies Act 2006. and all trustee$ are dlrector$. ItBm5 dlsclosed under the 5tralegl¢ report are not repeoted here, 45 alld under $414CI111. REFERENCE AND ADMINISTRATIVE INFORMATION Fwnd8Uon name.. The John 81Bd( Ch8rft8ble Foundatl Charity r6gl$trallon numbor.. 01143431 Company reglslratlon number.. 7734413 Regltstered oific6 and operalon81 addres8'. 24 Old Burtknglon Stregt London. W1S 3AW Trust995 Th6 Pptsos $oNed a8 trust80& durfng the PBrfod were as follows:_ Mr S Conway Mr D Taulighl Audl¢¢+rn Bank•Fs Moore Klngston Smhh LLP Devonshlro House 60 GDswell Road London, EC17AD 88rclays Bank Hc Lcndon Barclays W8allh Mvate Bank 1 0hurGhil Pla London, E14 5HP STRUCTURE, GOVERNANCE AND MANAGEMENT The wmpany 15 limiled by guarantee and is governad by 115 MemoranduTn and Articles of AswGialion dated 9 August 2011. The Foundalon w85 regi51eT6d Wth the Charlty Comm155Fon on 18 August 2011. uNJer Founoalion wmber 1143431. Tl Wlll of th? Lgte John Bladc dated 30 July 2002 518188 that IhE Trustees of th¢ Will shall hold John Block's re5Yu8ry Es18te upon trust lo apply th& Income th9reofforth8 rknarlte wrposes. In Lder to 8chlevE Ihis the Truste88 881abllshed thls Foundauon. The trustee5 88 charfty Ituslees have contrd of the F¢uThJatscn and its property and lund5. The FOUndalk Is ¢halred by Davld Tagllght. Extept otherwlse provided In the Will. every Issue mqy b& deternilned by a 51rnkA8 rnaiorty of votes cast 8t 8 meeting of the trustees bul a r95dullon In 8nd slgned by 811 ihe tru51ee8 is as v811d as a r&solutlon passed at a tneetiThJ. On8 of the twslees, prfrnary respDnslbllllles is lo énsure Ihal the Foundat operates to the highest stsndards In all aspo¢¢s of govern8n¢e end dsk management. Their aim Is to rnan8g8 the Found8llon effè¢Uvoly, whik ensurfng that proper operarllng proGeduros and Intemal contro15 0 maintained at all times. TransparenGy is ¢xnlral to th15 ubjeGbve aThJ mole d8laS1 be found in th8 Risk Management seclDn Df the Str8teglc ReporL
THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year end6d 31 March 2021 RECRUtrMENT AND APPOINTMENT OF TrusfEES Fulure trustees musi be 8ppc4nled by r8$dution of the IrustééÈ, The numb6roltruslee8 shall be not le88 than bul shall not be sublpdto any rnaximum. It Is dear Ih81 for our Foundallon, w8 ne•d p80p18 of bDth experf8nre and thos8 Capab of giwng iheir tlme. 11 is not always easyto find bolh those charaGlfyrfsbcs In aple wimlng to le on tha consid?rabkn commllment and respon51bility r8quir8d by the Foundauon. We contlnue lo search DULfor wlenlal Irust¢es of the ouallty requir8d. IMDUCTION AND TRMING OF TRUSTEES All of the tru8t868 8rè farniliwwith th6 runnlng th8 Foundation and are provlded ith dètdls of trusteè trBining cour88S. NowtrustBes will b8 provlded with the memorandurn and arUol4s of a88cdallon and wab Ilnk& to char8$ guiddln88 for trustees. Trustees are avAre thgt il Is th8lr responBINltyte keep abreast of developments kn releOn to the govemanGe ol charflé$ under th8 Ch8rfU8g Aet. AIMS AND OBJECTIVES OF THE FOUNOATl¢)N The Foundation WdS sel up lo support medical iesearch Into Prostste C8ncer and P*kln$on's Dls8ase in the Unite lfjngdom togelher olhercharlt8bl6 causes 888ocl8ted vllth the Stsle of Isr881, Thls year, tho twBte8s cognltsant of the uryent public need for research into the causes of Cokvld-19, hgve decided lo fund a numbér of covidrelated projects, rnore delalls ofvthlGh cgn b8 foundln th& Soence Report below. The trustee5 conlm that Ihey have roferred to tha Ch8rity Commission's guld8nts on putAic benefil when rgview4ng Ihe Foundalon'8 alms and objestives and when 88tting grant making poilcy fcf th8 year. The Foundauon tontlnued ils adopted policy of kyovidlng funding to a variety of Instituon5 for th8 publk benefit. This includes researd) Into better dlagno69s and vthero approprf8te more effectlve Irealmenls for both Pr05ts1e Canc&r and Pl1nstrn's Di8e888. WÈ provlde 50m& details OTh Ih15 yearfs r8sear¢h under GrAnts Hnd Donations Bnd In the sen¢8 R8POrt belw.
THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2021 FINANCIAL REVIEW PRINCIPAL FUNDING SOURCES The FoundatKn con16nueB to r8celv¢ donaUon8 from its tholly owned 5ub8ld18ries. It 8190 hos an investment wrtrolio thlch generales inve&tsneTht returns. Durlng th8 ye8r the FoundalSDn received Ihe Lqst legacy payTnenl from the Estate of the lat8 John Black. INVESTMENT POWERS, POUCY AND PERFORMANCE Under Ihg M8mor8ndum end Artkb$ of AsYod8lc, the truste85 have the 8Uthorlty lo Invgst thg funds or the Fndation at Ihelr discretion. Foundavon maSntsln5 a caulknvs 8pproacth to its cash depD5its and spread3 th8 capllal several hlghly rated financlal InsliluUon8. Its property portfollo is Bdvely rn8naged in-house and achleved 8n excèllènt result in terms of income, albeit that thls year, Ihe capital valuos as menbonad abovè, hbve Suffered 8 small r8duction. ThB equty p)rtfolo. al$0 managed in-houso had 8noth&r very y8ar. The trustees retaln Confidence In thoSB Investmonts. ACTIVITIES AND PERFORMANCE Trustee5 continuéd lo manage Ihe assets held bylh& Foundqlkn and monirthe woperty a8s8ts held in its wholly owngd subsidk9rf8s. Last year was Ihe flrst incepon, thal our18rgttt propety oss81. the freehDld In Drury Lan6 London W1, w88 reduced In value due to the pandemic. We have agaln Ihl¥ year. almg ¥dth th9 rnBlorfty prcyety owning cornpanles, reduc•d th8 value lo take aGGounl of Covid. Thè second lockdovm ¢aused problems lor sotne of our rgts11 lenanls, 8lbeh they arè 8 mlnority In DI rent81 Income. Wa acted responslbly durfng the y*dr m8klng rental corrtes8ions and deferrals Vdhere l< it neGessary le help tnaintaln tenanciès. The tNslees contlnue to have confid8nce In Ihls ceniMI London locatlon and the s8ver81 opwrtunllles that exist for Improvlng the sile. Th6 resldenlql 8$Stst In Konsington perfornied well and is maintalned 91 last ye8r'8 vgluatlon. Dudng the year thÈ FOund80Th purth$sed large freehold office bulldlng clo59 to Heathrtw Birport, let lo The Secretsryef Slate for Housing Communitie5 and Local GovernmBnt for 16 y88rs. The trust88$ are happy to add thls very solld Income to the portlollo. Our equfty invastments ntInUed lo outperform the market 8nd bond PDrtfolio prodd solid incoma. Int8r&st rates remaln al an all-llme low, and the tmst89¥ conbnu8 lo monitor, aN1 $ecure inveslm8nl opportunities, bul the prkrily is ay$ to minlmlsÈ r15k. The trustees remain pleased th the over011 pgrformanc& Hnd swead of Inv88lm8nl&. Nthithstandlng the small reduction In Drury Lgne the over811 a55el posillon of the Foundatlon improved ov8r year. RESERVES POUCY A5 88en on pag8 17 of Ihe 8ccounis tho Foundation h88 •ub5tanti81 reserves. IL keep5 th88e to generat8 income whlch 1$ don81 to medical research and Oth chari18ble wrp05es. A5 the Foundaffion beglns tD make long8rterni researth commitsnenls the Irustegs have doclded to retaln Hn appopriat8 lev81 of its r8serrfe8 in liquid form. These Snclude bank ¢epo51ts, short dated bonds 8nd marke18b18 li$t8d inveslmenis. Thi5 liquldlly wil also be avallable to lake advantage of unique OpponitieS whlth may arls8 In tho gxlsJng proporty wrtfollo. Thèae central London property 35sets are hekl 10 grow the ¢apital base maintain CoMe over the k)nger ¢erni. Ihareby providing the chaillable Foundation with the 8blllly to continu8 rfth its staled aims and oblectlves.
THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2021 GRANTS AND INVESTMENTS Tha trus¢o98 8re rlea¥ed to r8POrt Ih8t 2013 they have mado grants and donatk$ tthalllng £25m.Theg8 three ten-year professorfal research Chairs. two in Pr051Hle Cancer al UCL and Oxford. and one in PaKinsOn'S Diseas8 at Oxford. We hav6 donatéd £3m lo enable Oxford Unlversity to purchase a MR Llnac machln& that wll usa ploneering technology lo lecal& and deliver d08es ef radiation to lumours wNh drcuracy. In the word5 of Prof Louise Rlch8rdson, Vice Chanc8llor of Ojdord unIverty. the UIpMent has the potentlol to make a substsnliva dtfferenc9 both In the Ire8tment of cancer 8nd the furthering of 81gniflGgnt research. Th8 mathlne vlll be used to treat prostsle an(J olher nGers. We rnada a gift of£2m to UCL to purchase a SOlY needed 3T MRI sr2nnpr wfiich vitll be used ptimarllyfor scltrntific research and NHS treatment. In r8cagnhlon of this gift the 3T MRI 8cannerwill be named'The John 8lad( Ch@ritable Found8don 3T MRI Scannev. Currently have made 89 grants lor research inte Prostate and Parklnson's rrbany of vthich are still running. This year agoin, m8Thy of our resèarthers have had theirrk published In qualily madlGBI journals. The majority of the grants 8rè long tewm In n81ur8. A5 in prevlous years JBCF h96 worked wlh Prostate Cth¢er Foundation IPCFI and the VsTr Andel Instilule IVAII both of Ihe US. Thè Urological Foundation ITUFI, and The Curè Parkin50n'8 Trust ICPTI. Thgse Inslitulona provlde the n8c8ssary peer rBvlebv wvrk requlrBd before th8 JBCF. m8kÉ8 any granl. In Some 6Nuations. they 8180 donala alongside JBCF. On8 malor grant, whlch features In th8 Slientific Report. was the tripartile arrangem8nl between VAI. CPT and JBCF to p8rtltslpate equalty In a thre8-y8ar funding arrangement lotslllng S6.75m. for r8S8arth into p&an$0Th'S DisÉasa. In this any r8v8nue eamed 11 be aulomalic8lly ploughed b8ck Into tresh Te5earch. The ending March 21 ha5 been &èvèrely impacted by Ccvid. The malorlty of the %lentific laboralortBs have bgen dosed for long periods and this has had a knock-on effocl In the numbers of grant requests w8 havé se&n. It is ple8slng to note that despit& Ihls. JBCF made grants of £3,498.748 virtually the same 8s last year. The Injstees used Ihèlrdi5crelion lo make 16 grants to help with the urgent n8ed8 of Ihe m8dlc91 Gommunlty in t8ckllno Covid. Sever81 of these projects received wBII-eamod commendgfjonB. both In the 5cRnlrfic community, and more *4d8ly In th¢ press. Details ofthese grant$ ¢8n be viewtd In the S(48nc8 RepcrfL PUBLIC BENEFIT Th8 bu$lo0$ havt Complied tr) the dutyln 88don 17 01 the Charides Act 2011 to hgve due regard 10 thè public b8nefit uldance publlshed bythe Charlly Commis$lon, inthdlng'Public Benefft.. Running a dritY IP821'. It18 envITged that the gr8nls made the adville$ outllned belowwill provhle tonslderatle publlc ben8fl1 lo a Trde $ocUon ofthe cthmmnity. Tha charSty partners vith olh&r insllutsons, the Prostale Cancer Foundation IPCFI, The Urdogy Foundation ITUFI, RD$9trges Trust IRTI, and the Van Andel Ras8arch Instiluttr based in Grand Rapids Mlchigan IVARII in orderta hove the hlghest qU811ty pear review proce88. PCF, VARI and RT oftan make donallon$ 8lthgskle the Foundetion. Th8 dlr8CtorsltwBtBes stlll find Ihatlhl$ modgl helps produce the best r88uIts. The project8 are somdmes sourGed by us, somèllmos bywr path8r8 8ThJ someb8 by dlrect approathas from sclwfjsl8.
THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2021 sc ENCE REPORT Glv&n the unprocedented conditic$ surroundlng the Covld-19 pandemlc the trustees declded to supwrt various re- search projecly as a maller of urg8ncy. COVID 1 Profe&gor caetar Reis e Sousa, operalng from the Franths Crick Institute. HIS 81rn was to produce a Rapid Dlag- nosbc lest for testlng current lllf8Ction for cornmunity testing in htKne5 and GP surgeries. Our first grant was in Apdl 2020. It was pleasing to recognlse thal on the 1st of July his work was successful in PToducing a test for COV which could pmlde answers in 25 mlnutes. Following thls succ8ss, a second grant was made on the 16th of July. PlesSr Jeremy Brown at UCL requested fundlng to develop a far more deta116(l anObody test. These well publl- clsed te3ts looked for one antlbody for Covid 19, but Prof¢8SOT Brown wanted to inve5ligate 8 different antibodies, all or any of which, cK)uld be provlding wotection for Covld-19 or any other vir81 infecuon the pauent may have had. Thi8 work 81$0 invesl'gated how poIrfUl the anfjL¥Jdy responsè was in pafjenl¥. Professor Adrian Hayday at the Franos Crlck was looking al pats.enl samples to analyse immune cells in order to predlcl a response lo infeetlon based on their Srnmune profile. We funded his first work in April 20. In August. ihe 6xe6plional results were reported In Nature Medlclne. In Jknugry 21 we again supptsrted Adrian Hayday this lime lo compar8 the immune responses in peopl8 who have had two doses of the vaccine sep8r8ted by 3 or 12 weeks, and to look at the immune response in cancer patients, who had re]ved Ihe vaccine, to ensure they mount8d a robust respon ci)mpared to vacelnat8d individuals with no cancer. This wod( was ol immediate value to Sage in advising the gov8rnrnenl. The results of th15 work w8r8 PLJb- lished in ts Lancet, mentioned In ParllaTnent, and Adrfon racèlv8d a congratulatory response from Anthony Faucl. hief rnedl¢al officer to the wh House. Dr Marko Nlkololc al UCL worked on a prol4ct to take samples from Infected children lo Identlfy why they developed less severe sympt(xn8 and In Sorne cases were protected from becoming inlected. Professor ne McKnight at MaS wanted to develop an assay to identify whether anbbodies produced In inlectad p80ple werè neutralising. Dr Christopher Mccormick associate Professor of Molecular Virology at Southampton Universlty was looklng to 8P- ply laser technology to inerea8e sensitivlly of dlagn(18tic Covld-19 tests by 30-lokl for communlly lestlng outde of hospitals and dlagnostlc18boraloTles. Professor Ravindra Gupta at Cambridge requested funding to follow up a prewous Sarscov study from 2003 which Identrfied a polential dis88se-causing rnechanism Involng immune cells In th8 lung. That work could not be fol- lowed up because the viru5 disappeared befor6 enough samples could b8 collected. Covld-191s simllar, and he Want to siudy Ihal mechanism In Covld-79 pauents. Dr Cecilkg Johansson at Imperial wanted to study the biotogy of the disease. She created 3D models of coronavirus infected lung, taking nomiaf Iijng 8llcgs, and infecting th with coronavlrus. This 8llowed her lo study the effects of Infectlon under th8 microsty)pe thich wuld nol be done for noTrnal Covid patlenls. Prtsf&5sor Judith Breuer at UCL (Children's hospital) wa5 focusing on thè kjse of in vitro modelllng IHFIM- Hollow Infection Fibre Model) and dEep sequenuno to test the efficacy of leading antl-covid agents, sueh a5 Remdeslvir and Favipiravlr. alone or in wmblnalion. a5 a potentlal treatmenl for Covid19. 11 was pleasing to note that during Ihe year Judith Brown had peer revlewed pBp&rs publSshed on this work In Pediatrics and PNAS Professor N¥1 Tolley at Imperpl College investigated the relationshlp between infedvlty. PCR and Anllbody testing 8t the tlme of tracheostorny. Dr Mark Lln¢h at UCL who works along3lde Professor Gert Attard who is"The John Black Charftable Foundadon Chair in Proslale Cènc8r'. wanted to investlgate the use of anti-arKlrogen drugs, to $8e if they reduced the severity of Ctsvid Symptoms. The thinking behind thi8 5upposilion was that given rngn are mor8 likely than women to catch Covid, thls Gould have Something lo do with high male homiones levels. Teslosteron& leve18 are a drfvoi of prostste cancer, and so given the backlog of patients waiting for prostatsctomy op8ralJons. th was a unique n(jOW of DPPOrtunity to lest the 5UPPOSltlon. Dr Henry Stslnes at st George's Unwèrsily London VAS involved In antlbody testing Ilnklng detection with protection Irom infection and dIs82se. Thi8 was Immediate ongdng work. trng to b8tler understand the link5 between anlbod- ies and immunity from inle¢tiDn.
THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2021 Dr Richard Angell at UCL was looking to develtsp nèw anti-viral products lor COV and beyond. He was looking to promote collaborative opportunitl8s b81w8en leams in low- middle Incom8 countries and high_income countries. He was also hoping lo provide a source of compounds for èxpedlted pre-dinlc81 testlng prior to c11n11 trials In human5. Dr Margarita Dominguez-villar's project at Impèrfal College was almed at Charactertxlng the T-cells response in pa- enls who had been recovering from or had Covid. by analyslng proteSns and studying thelr T-cells in detall. A Strong T-cell response is requlred lor an effectlv¢ vaccine. Much of the previous work in SARS.COV2 had been concentrat- ing on B<Èlls and nc>t T-cells. Dr Alessandr8 Borsini at ngS College, London looked Into the causes of Cowd-19 palents developing neurological symptoms, headaches, dlzzinass, loss of smell and taste. Her work studled trlood sampl•s frorn Covld patients. PROSTATE CANCER We a always happy to support thé holdars of JBCF Ch8Sr p0sOnE and have made a grant to ProfessLY18n Mi115 at Oxford. Using sophisticated multiplex irnaglng techniques. lan wll survey tho tumour mlcro-envlronrnent to estsb- lish whlth genetic instablllties. Cause both progression and treatmenl resl$tance in prost8te cancer. Towards the end ol the 3T, we were delSghlgd to recognlse the outstanding performance of Professor Gart Attard, the JBCF Chair in Prost8te Cancer at UCL,. we made a Grant In place of Bronz& NHS Cllnlcal Excellence AwArd- The NHS 8¢h9me had been suspended to lh& pandemlc. In 2016 we backed Dr Prabhakar Rajan looking for genetic eh8ng8S Wthin cancer cells clreul81ing in the bitxjd ol P8tl8nts who receive new horrnone treatments. H8 has produced an assay th the help of Al 8nd has sent a paper lo the pre5tlgious Brillsh Jwmal of Cancer and IÈ wa.ng lor a positlve Tesrx)nse. Last year we SLIPrted Professor R05 Eeles at The Instilule of Cancer Rèsearch along3ido Dr MeLgnie Flint at Brighton. Snvestigatlng certaln stress hormones in BRCA mutation carri8r5 possibly having an In¢r¢ase 8uscepiiblllty to the dèv81opment of prostate cancer. We were happy to follow this with another grant to Professor Eeles, for three years. Th8 81ni Is to develop a targeted prostate screening programme, which bwll offer men thought to be at higher risk, a lesl likely to Sdentrfy 8ggre551V8 cancer. They Mll build on work to develop an ext8nslv¥ genetic test for over 300 g9netlc variants for men at rfsk who have already developed aggresslve disease. In 2015 we first backed Dr Hayley Whltaker to establlsh NA4LAD2, a protein Djdlng gène, as a Iherapeutic target, and ag8ln in 2017, we extended the grant lo look at TBLXR1, another gene.11 is pleasing to report thal the results have been accepted lor publication in N8ture communicats.on Biology. As 18 usual the work doe8 not stop hef&. and HaeY15 still gxploring the options for Ih85e proteins to become diagTh)stic and Pfognostic vnarkers. Or Veèru Kasivbsvanathan at UCL approached us to support PRIME. a study comparing bi-parametrfc MRI tr> MUl- paramolAc MRI in Ihe diagnosls of cllnl¢8lly signlficant proslate cancer. The main thrust of the survey is to •stsblish that the usè of a contrast agent. IJSU811y gadolinium, Ss not required for MRI study. If proven this would cut the ¢trsts and timlng of scans signlflcantly, meaning more men would have access to MRI machlng5. which are a scarce re- sour(% currently. We lund8d Ihi5 project alongside Proslale Cancer UK. In 2017 we supported Dr Alison Tr88 81 the ICR in a proj8Ct designed to get the best use of the MR Linac ma- chlnes. These machlnes enable patients to be Imag8d and treated slmuKaneou51y. AlSson was IcM)klng io establlsh Ihal the dose required could b8 re(Juced as targetino w88 rgflned. We are p188sed that she had a paper on thls work aee8Pted for publication and the work ¢onbnues. It could b¢ that this work wlll be helpful to Ihe op6ralors at Oxford of 8 new MR Llnac machlne. that went Ilve last year. JBCF was instrumental In the Purchase of that machine. Also. in 2017 we supported Dr Arran Tumbull from the Edinburgh Cancer Rosearch Centra to investlgate the g nomic5 of prostate 818Sticity. We were pleased to support him again in a novel project to atternpt lo personallse prostate cancer treatrnent. knan will seek to idontify biomarkers that may predict whlch patients will respond lo radi- otherapy, enabling only those who might beneflt from b8ing exposed tr) this treatment. and therefore avold those who might not, suffering unnecèssary side effects. We were pleased lo hear that the work we funded for Dr Valentine Macaulay at Oxford in 2017 looklng Into IGF pr tains Ilnsulin Growth Factors) ha$ beell 8ccepted for publicab'on in Cancer Research. We arè 8xploring wh•ther there is any follow up study kvhlch could help Val on thls interesling tq)ic.
THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2021 We funded this year, Greg Shaw and Eoin Dinneen 81 UCL. to investigate maklng real time 88sessments of Ihe prostale margln accessible to surgical oncology t8ams. FluorEscen¢e Confoc81 Microscopy could becune 8 pradce eh8nging teGhnique, providing visual in5pe¢llon of tissu& in microscopic det3il within rninules of removlng a speci- men from the body. We were pleased to be able to make three Grants to Prostate Cancer FoundatSon IPCFI discu55ed below. PCF are based In Calrfoml8 but spons¢T WO worfdwide, and as we did last year. we plck8d very high scorlng projeets based In the UK. Firslly.. Professor Nigel Mongan 8t Notknngham had a project to inv851igate Ep4transcriptomlc determinants of 8ndro- gen deprivation ther8py resistance in proslate cancer. ArTrdrogons are very important lo cancer cell growth and blocking their aclivlty can slow growlh. Sacondly.. W8 were excitod lo make a f rst grant to the fenovffled Professor Johann de Bono at the ICR. ThSs larg study will look at the Mlcrobiome. Mieiobiots are microorganlsms Ilving in symbiosis th the host. Johann hypoth slzes hat these mlcrobiol8 cgn contribute lo therapy rgsisiance, and h8 plans. among several olherthing8, to gener- ale an assay which will delect unfavour8ble miuobiot8. and use rt to develop theTapèutsc interventiM¥ to reverse the unfavourable gut mlcro biome. Thlrdly.. Each yearwe support a Young Investigator that has scored highly wlth PCF, and thi5 year it was Dr Alec Paschalis, coincSdentally also 81 ICR. There is an urgent cllnical need for novel therapeutic strategle5 c8pabb of over¢oming oncogenic AR V7 5ignalling, tg IrTTprove pallgnt ouicom6$ from lethal prostate cancer. AR V7 has lorKJ been associated wlth a worse overall survTval rale RKINSO 'S DISEASE We wer8 happy to acknowledge that Profe550T Ira Milosevlc has been appointed as the John Black Chair In Parkin- SDTI'S at Oxford. AS Wlth other 8ppointees at Oxfof¢J and UCL. we look fOard to belng able to supp(rt specific pr jects put forward by the new Ch8lr as they arise. We h8ve found that a strong relaticmshlp wilh JBCF profossorn, leads onto valuable r8search opportkJnitie5 for funding. We backed a prolgct in 2016 wlh Professor David Rublnstzein at Cambridge. Tho rasulls were publlsh8d, and we were pleased to make a further grant to hlm for g project that 11 look at ccwnbining two repurpcsed drugs, thought to elear proteins Such a5 Alpha Synudein and Tau. known to be involved In Parkinson's Disease. Professor R blnstzein wll delerrnine if u8ed in combination they can work synergistically. It will be a thr88-year programme, Also. in 2016 we sponsored research by Professor Manju Kurian 81 UCL Great Ortnond Street. Thi8 work w8S to determine whether gene therapy could be used lo treat inherited fomis of Parkinson's. The results have been very positive, and papers have been Bccepted for publlcation. Fundlng is proceeding wlth Ihird parties for a full trial lo take place next year. We back&d Professor Laura Itzh8ki at Cambridge. Laura wll wuk to produce a phase separating 'biological reado capable of driwng the destruction disease causing protelns. These protein3 wll be t8rgetlng toxlc prot$ln8 Aph8 Synuclaln and Tau both of which 8re assoclated wlth Parkinson's dlsease. During the y8ar we provlded small top up grants to Dr Muqlt at Dundee and Professor Kurian at UCL to make up for lost laboratory tfirne due tr) Covld. Wo supported Associate Professor AJ8jo Nevado.Holgado al Oxford, at the behest of Sir Simon Lovestone, Profes" Sly of Iransl8tional neurosclence at Oxlord. The work is to allow Al to develop computer algorithms lo identify new trEalmenis for PD. He plans to Idanlify genetic drlvers by znalysing samples collected from pati&nts, and then use Al to look at exlsting drugs that mighl be used to turn loff these genetlc drivers. Using Al, it Is possibla to scan elec- tronSc records of m8ny million5 of PD pauents. Last but definltely not least. we were excited to join a eollaborollon between Curè Parkinson Trust and Van Andel Institute of the USA, to support their SLCT Match Fundlng Agreemont, The ILCT programme looks lo repurpose ex- isting drugs for use Parkinson's pallenl. All three parties 11 donate a total of $6.75 million lo P6rklnson's research over three years. Any share of any revenLie gener8ied will be plough8d back into new projects. Part ol (>ur first.year funding commitsnent h88 been ulilised in further backing the very succ88sful Ambroxol tria15 cbrried out by Professor Tony Shapira at UCL and the Royal Free Hospital. Thi5 wixk was publi8h8d in JAMMA and will now move tOW8rds larger trlal.
THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2021 RELATED PARTIES Th8 Fwnd8Oon w16 100% ef the share t8pllo1 of Th8 Fln8nce Corporation MIted and 8(¥rfsbrook Prop•rU&s Limit. Dad Teglight, a truste6 the Found9onI8 a dlreLtor ol Margln FInan coOratIon Llmttéd. He18 81so Ihe ex•cutor tsl the E6tste ofthe lal? J Bla¢k. Stephen Conway18 a dlrector of BrThsiYo¢A( ProFertle8 Llrrmted. AUDITORS Moore Klngslon Smith LLP were appointsd auditors in accordance with sèction 485 of the Cornpan Act 2006, r8soIutioTh proposlng Ihatthe &re ra-appolnled I11 be put at a general meetlng. This report was approved by the Board ofTrustees onlE)...... (Q o.v...2021 and slgned on Its behaN by Dad Tagllght TrustA
THE JOHN BLACK CHARITABLE FOUNDATION STRATEGIC REPORT For the year ended 31 March 2021 The alm$ of Ihe F¢undau during the year conlnued to be the tnanauernenl of Its own fvnd8 gnd Inve$knoni8 and the maklng ol donatlon5 to chatable bodl88 In apwryjance vrtth rts charftabl8 8lm$ objectives. The princip81 a¢ibvitie8 of 11$ Whol owned sub5idKgri8& conth'nued to be Ihat of property Inve8lment, development. management. the m8klng of loans and other investments for Ihe fln8ndg1 bwofft olth8 Foundauon, lo gener8t8 kncorne to enable Ihe Fjnd8ti0n Io carry out Ils objects. In an effort to boD5t income thOut undue rfsk the 1ruSte pvrch8sed 8 large buildlng near Heathrowlar £13.gm lelto Thfy etsry of Stsle for Hou$lnu Communlfjes qnd LoG81 Governrnenl for 16 years at 8n Inltlal yleld of 4.3Q/o. Cmjring the year Ihg trustees cononued to monitor the group's otherproperty Inlerasts. In the y8ar under revl¢w In Ilght of the fxjntlnuing delrlm8nial effects on property values caused by the pandemir, Ihe direciors redueed Ihe velue of the Dwry Lane slle by a furthgr £1m to £24m. ThlB reducuon brings the overall increase slnce 2013 10 £1S.1m do5 frem tho £16.1m we re¢erd8d In kq8tyeart8 acrounts. Thls18 discussed b810w. wholty oved 8ubsldlary Margln F5n8n Corporallon Ltd owns a mlxed us8 fr98hold slte on Drury Lane Lond WC2. The site ektsnds over thre8-qU8rters of an aue. The pandemlc lockdtyw affected som of Ihe companys retall tanants who remangd dosed for long periods. Th8 company made rental ccfftce55lon8 and gavè rtrnlal deferrals to 8UPWrt its retsil lenants. The Trustees consldered Ihe vgluauon vary carefully and decldèd wa5 8ppropri8t& to further reduce the value ofthe asset to £24m12020 £25ml. Bar&brOOk Properti05 L¢d, the Foundatlon's other ed subsldiary, ovms the freehold ola block of go apartments in Kensington Hlgh Street, London W14. During the y6ar Ihe company sold on6 of Ils 8partm8nts at a SIgninI profh to hIst¢ cost. remalnSng 13 apartments diresuy oymed by th8 Found3tion remalned fully let bul Ihe dlrgGtors are findlng resistance to rent Inr¢afjes vthen flats beGDme vacanl. Some r¢nt reduGUons 8180 look place to keep len8nls. NOls18dIng the reducllon in Net A888ls, the Iru61ees conSer this has be8n another Successful year. After making grants and donatlons of e3,498.748 thé group's nel assets were £83,554,90512020.. £82,255,284). The rgsults of the Foundatlon and Its subsldlarles fDrthe year are sèt out In the Censolld8ted Statement of FlnanGL91 Actiwties C page 18 of the financlal ststempnts. We find oursdves in a finandal wodd wthere IntergSt ral88 ar¢ hlstorfcally low and h8ve to accept th8tth& onlyway lo increase our income 5ubstanlallywould b8 to increase risk, Thi$ 15 30rnelhing the InJ5tees will not do with our liqul¢J a¥sets. HOWT, In an effort to boost Income securely the Cornp8ny Id8nll8d and purchased a large bulldlng ne Heathrow let to The Secretary of Stste fer Housing Communities and Lorl Ggvernmenlfor 16 y6Èrs at an inilkgl eld of 4.3%. We cTrnUnu? to Èctiv8ly monSlN the property Interests managed by t)ur subsidkgr585. Th6 Irustses believe Ihsl Ihe Foundation hes sufficient reservD5 to be able to Gnue Successful In the future and m8k8 InTra5ing contribulknns towards Stated m8 and obhBctlves 88 &&t out In the TnJ81ees' Report.
THE JOHN BLACK CHARITABLE FOUNDATION STRATEGIC REPORT For the year ended 31 March 2021 RISK AIANAfjEMENT Th& trustees regu18rly 8xarnine the m8iorstrategic buslnpss and opwalional rtBks wN¢h the F¢und8 faces and corTrfirm that sysl£rns have been estal$had to ensura that noc8888ry 8teP6 we takeh lo mlnlmlse such h8ks. The trustee8 of tha Foundatlon Bit on the board of tts sub8ldi8ries. Bolh Ihe Foundatbon and the subskJl8rl88 hdd regular rnaelings to revlew perfoNance, operalino procedures, Intemal controlB, 0raar01 rfsks and unc8rtalnbes. In terms of ils investm8t)ithe Found8tlon and Ils wbB&Jlarles 18Cé LWO are88 of ftjndgmenlal risk. The flr8t is a rnaJc bnng collapse vM8reby a huhly rated b8nk might not repay Ihe group8 deposi16. For thls reason th8 tsuslees h8ve spread the deposit5 among aeveral rnalor ffinanc5 InstMUtlL8. Tho fundamtsntal risk18 a Beriou8 c¥)Ilaps8 In the Central Ldtsn pro[rtY markét would Iwct eommerck81 and residenllal propety tn9 values. Gfven the locatlon ond dSv8ts1ty tsf the group's properties and th? fact Ihat the grwp is as881 ch debl thB trust8e$ Ihink Ihe tlsk of 8edous damage to th6 Found8Ion p081Uon Is mknlm81. PLAN8 FOR FUTURE PERIODS Thg Foundalon <nueS to mBke grants in the 8re8s of Prostste Cancer and Panson'S Dlsease. In the year under revlew we made another 29 grants brfnging the Thjmber of ro8earL projects including Covld lo 89. Th& tru5t0e6 U88d thglr dIscreon and stepped In to fund 16 Covid-19 projects 81 tha request of srientlfic re&aarther8 to hélp fight against Covkj. More delall can be found in the Trustees Fi8porL We alm tts maintain and Ithere ptstslb incre85e our income be 8ble lo kyovide further grants 10 exlsung projects and fund new ones. We wryll havr, partlculady In tho88 exceptional 'MeS noi inlrease our nsk prolile which we bdieve is very IDW. Th? purchase ol a large offi¢e building for £13.9m near Heathrow let for 16 Yea to The Strtretary of State for Hcusinu Communltles and Lecal Government111 glve a slgnlfiLsnt boost to rantal income in the year5 to come. W$ contlnue to support the hlgh68tquality r8888rch for carÈfully peer rewew*d projects, where the alm18 8artl8r and better diagnosis, trealnienl and therapy in the 4re8s of Prosl818 Caneer and Parklnson'$ 015e&g8. The tru8tees 8triv8 10 588k out pro1t8 at major UKln8tllutson8 to 8xparid its si8ted aiffl5 and objectives, frequenuy in collaboration 4th olher charitable bodies and insliluticns. A full anaty5is of Ihg Foundation's currènt and futurè pkn$15 givon under Ihe Publlc Benefit S8thon In th& Rtsport ofthe Truste88. Davld Tagllght Tte8 io
THE JOHN BLACK CHARITABLE FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES For the year ended 31 March 2020 The ttu$toes I0 ere 81so dlrgGtors cf The John Black Charltable Found8tron for thè putP05es ofcompany lowl re responsible for preparing the Tru51ees' Antwal Report and the financial sla18rnèni$ in accordanc8 wkh applicable law nd Unlled ngdoM Ac¢ounUng Standards (United ngdOrn G8Th8rally Accepted Accounting Pr8c15c81, IncdIng FIna[gI Repwting Stsndard published in the UK and Ireland, FRS 102. Company Lqw requir8s Ihe tst8 lo prepare fin8nclal $1otemenls for each ftnanck81 yearwhlth PDie a true and falr vlew DI the 5tsta of aff81ts oltha chgriiable group 8nd olthe incomlng reyource5 aWltiOn of resources, indudlng the inGowe and &xpendlture, of Ihe ch8rilabl6 group for Ihat pedod. In preparfn9 these financ1 slalements, thé twstees required to.. select suitablfr 8ccounlng pollcles and appty them Constal., ob86rve the methods ond prtndp8 in th• Charllle8 SORP.. make ludgemgnt$ 8nd eslim8ta8 Ihet are reasonabb and pDJdont', stale vthether applicth8 UK ACCOUnn9 Standards have bèw followed, subject to 8nywnalerial departurey disclosBd and explalned in the finand81 $tat8rnents', and prepare the flnancial 8tstem•nts on the gThng concem basi8 unle38 1115 inapwoprfate to presume that charity 11 continue in buslnass. The twstèes arB responslble for keeplng ddèquate occounting records thatdlsclose th reasonable accuracy 8t any tlme the fingnci81 p081Ion of the charitable company and enable tham to ÈllGure that the fanCIal $tstement8 comply th the Companles Atl 2006. They ara a150 respDnb1e for wfeguardlng the assets of the charttable company and th8 group and hence for tsking re880nable steps fc the prevenllon and detecuon of fraLMI and other IrregulthJe8. In so f8r 8sthe truste88 are aware.. there Is no relevant 8udlt inf0mtiOn ol %hich the charl18e ¢omponVs audhor unaw8re.' and Ihe trustees have tsken all steps Ihaitheyougm to have taken to make Ihernselve5 aware of any relevant audit informatk>n and lo eslabll8h thallhg 8uditor 1$ aw8r¢ of that information. The Iwstees are responslwe for Ihe malntonane4 and Integrfty of ihe ccffporatè finandal Informauon induded on tha chèrtldble ccrfnpanls website. Leglslalion in th8 Untted Kingdom govemltvj Ihe preparatlon and dbserninalon of finantlgl sl8tements may dmfer from leglslalion In othgrlurisdlction$. Slgmd Oh behaw of the Board of Trust•e¥ Dad Tagught TNtlee Date: ab-IK-ZI li
Independent Auditors, Report to the Members of The John Black Charitable Foundation For the year ended 31 March 2021 Oplnlon We have audited the financial stat8menls of The John Black Charitable Foundation for the year ended 31 March 2021 which comprise the Group Statement ol Financial Activltles. the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, Including Fin8ncial Reportlng Standard 102 The Flnancial Reportlng Standard appllcable In the UK and Republic of Ireland (United Klngdom Generally Accepted Accounting Praclicel. In our oplnlon the financial statements.. give a true and fair view of the Stale of the group's and the parent charitsble company's affalrs as at 31 March 2021 and of the group's Incoming resou0$ and application of resources, Including ils income and expenditure, for the year then ended., have been propedy prepared in accordance with United Klngdom Generally AGcept8d Accounting Practice.. and have been prepared In accordance with the requirements of the Companies Act 2006, Ba818 for oplnlon Wè conducted our 8udil in accordance with Inlemational Standards on Auditing IUKI {ISAslUKII and applicable law. Our responsibilitles under those slandards are further described in the Auditor's Responsibilities for the audit of the financial slalements section of our report. We are independent of the charitable company in accordance th the ethical requirements that ar6 relevant to our audit of the financial statements In the UK, includlng the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilitles In accordance with these requirements. We believe that the audit evldence we have obtained is sufficlent 8nd appropriate to provide a basis for our opinion. Concluslons relatlng to golng concem In audlling the financial statements. we have concluded that the twstees, use of the going concem basls of accounting In the preparation of the finanaal statemènt5 is appropriate. Based on the work we have perfomied, we have not idenlif18d any material uncertainties relallng to events or conditions that, indivldually or collèctively, may cast significant doubt on the charitsble companV5 ability lo continue as a going concern for a period of at least twelve months from when th8 finanoal statements are authorised for issue. Our responsibilities and the r&sponsibilities of the trustees with respect to going concern ar8 described In the relgvant sections of thls report. Other infomiatlon The other infomiallon ¢omprises the information included in the annual report, other than the financial statements and our auditor's report Ihereon. The trustees are responsible for the other infomiation. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any fom) of assurance conclusion Ihereon. In connection wilh our audit of the financlal statements, our responsibility is to read the other information and, in doing 50. oonsider whether the other infomiation is materially Inconsislenl with the financial statements or our knowledge obtained in the audit or olherwise appears lo be materially misstated. If we idenlify Such material inconslstencSes or apparent material misslatements. we are required to d&lennine whether there is a material misstatement the financial statements or a malerlal mlsslat8menl of the olh8r Infomiation. If, based on the work we have perfomied, we conclude that there is a material misstslement of this other information, we are required to report that fact. 12
Independent Audltors, Report to the Members of The John Black Charitable Foundation For the year ended 31 March 2021 We have nothing to report in this regard. Opinions on other matter$ prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. Ihe inlomiaUon given in the strategic report and the trustees, annual report for the financial year for which the financial statements are prepared is consislenl with the flnancial Statements; and the strategic report and the tnjstees, annual report have been prepared in accordance with appli¢abl8 legal requirements. Matlgrs on which we arn requlred to report by exceplion In the light of the knowledge and undersl8nding of the group and parent charltable company and its environment obtained in the course of the audit. we have not identified material misstatements in the strategic report or the trustees, annual report. We have nothing to report in respect of Ihe following matters where the Companies Acl 2006 requires us lo report to you rf. in our oplnion.. Ihe parent charitsble company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branch88 not visited by us,. or the parent charitabl8 company's financial statements are not in agreement with the accounting records and returns- or ertain dlsclosures of Iruslees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Re5ponslbillties of trustees As explained more fully in the trustees, responsSbililies statement, the trusteès (who are also the directors of the charilable company for the purposes of company lawl are responsible foT the preparation of the financial statements and for being satisfied that they give a true and fair View, and for such internal Gonlrol as the truslees determine is 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 assesslng the group and parent charitable company's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and Ltslng the going concern basis of accounting unless the trustees either intend lo liquidate the gffjup or parent charitable company or lo cease operations, or have no reallstic alternative bul lo do so. Audltor'8 re5ponslbllltia8 for th• audlt of the flnanGlal statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole gre free from material mlsstatement, whether due lo fraud or error. and to issue an auditols report that includes our opinion. Reasonable assurance is a high level of assurance, but18 not a guarantee that an audit conducted In accordance with ISAS (UK) will always delecl a material misstatement when il exists. Misstslements can arise from traud or error and are considered material If, indivldually or in aggregate they could reasonably be expected to Influence the 8conomic decisions of users taken on the basis of these financial sts19ments. Irregulanlies. includlng fraud, are instancos of non-compliance with law5 and regulations. We design procedures in line with our responslbililies, oulllned above. to delecl material misstalemenls in respect of Irregularities, including fraud. The extent to which our procedures are capable of delecling Irregularities, Including fraud is detailed below. 13
Independent Auditors, Report to the Members of The John Black Charitable Foundation For the year ended 31 March 2021 Explanation as to what extent the audlt was consldered capable of det•ctlng Irregularltles, Includlng fraud The objecteS of our audit in respect of fraud, are., to identify and assess the risks of material misstatement of the financial statements due to fraud., lo obtain sufflcient 8ppropriate audit evldence regarding the assessed risks of material misslalemenl due to fraud, through designing and implementing appropriate responses to those assessed risks,. and to respond approprfalely to Instances of fraud or suspected fraud identified during the audlt. However, the primary responslbiltty for the prevenlion and delectlon of fraud rests with both management and thos8 ch8rg8d with governance of the charitable company. Our approach was as follows: We oblalned an understanding of the legal and regulatory requirements applicable to the charitable company and consldered that the most significant are the Companies Act 2006, the Charities Act 2011. the Charity SORP, and UK fi'nancial reporting standards as issued by the Financial Reportlng Council We obtained an understanding of how the charitable company complles with these requlrements by discussions with management and those charged wlth governancè. We assess8d the risk of material misstatement of the financial statements, including the risk of material misstatement due lo fraud and how it might OCGur, by holdSng discussions with management and thosè charged with governance. We inquired of management and those charged with governance as lo any known instances of nOnompliance or suspected non-compliance with laws and regulations. Based on this understsnding, we designed speclflc appropriate audit procedures lo identrfy Instances of non-compliance with laws and regulations. This included making enquiries of management and those charged wfih governance and obtaining additional corroboratlve evidence as required. In addressing the rfsk of fraud due to management override of internal controls we tested the appropriateness of journal entrios and assessed whether the judgements made in making accounting estimates were Indicative of a polenlial bias. Due to the inherent limitations of an audit, there 18 an unavoidable risk that we may not have detected some material misstatements in the financSal statements, even though we have properly planned and perfDrmed our audit in aordanCe with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of Irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of Intemal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected lo deteel all fraud and nOnOMpli8Ce with laws and regulations. As part of an audlt In accordance with ISAS (UK) we exercise profegslonal Judgement and maintsin professional scepticism throughout the audll. We also.. Identify and assess the risks of material misstalemenl of the fi'nancial statements. wholher due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material missiatemenl reskjlting from fraud is higher than for one resulting from error. as fraud may Involv8 collusion, forgery, intentSonal omisslons, misrepresentations, or the override of internal conlrol. 14
Independent Auditors, Report to the Members of The John Black Charitable Foundation For the year ended 31 March 2021 Obtain an understanding of internal control relevant to the audit in order lo design audit procedures Ihal are approprSate in the circumstances. but not for the purposes of expressing an opinion on the effectiveness of the group and parent charitable company's internal Gonlrol. Evaluate the appropdateness of accounting poli¢les used and the reasonableness of accounting estimates and related disclosures made by the truslees. Conclude on the appropriateness of the trustees, use of the going concem basls tsf accounting and, based on the audit evidence obtained. whether a malerlal uncèrtainty exists re18ted to events or conditions that may cast significant doubl on the group and parent charllable company's ability to continue as a going concern. If we conclude that a material uncertalnty 8xists, we are required to draw attention in our 8udilor's report lo the related disclosures in the rinancial statements or. rf such disclosures are inadequate, to modify our oplnion. Our onclusions are based on the audit evidence obtained up lo the date of our auditor's report. However, futu events or conditions may cavse the group or parent charilablo company to cease lo Gontinu8 as a going concern. Evaluate the overall presentation, structure and content of the financial slalomenls. including the éisclosures, and whether the financial statements represent the underlying transaGtions and events in a manner that achieves fair presentstion. Obtain sufficient appropriate audk evldence regarding the flnancial informatlon of the enlllies or business activities within the group to express an opinion on the consolidated financial statements. We ar8 responsible for the dlrection, superyision and performance of the group audit. We remain solely responsible for our audit report. We communicate with those charged wlth govemance regarding, among other mallers, the planned scope and timing of the audit and slgnificant audit ffindings, including any significant deficiencies in inlemal eontrol that we identify during our audlt. Use of our report Thls repcrt is made solely lo the charllable Gompany'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 slate lo the charitable company's members those matters which we are requlred to slate to them in 8n auditorfs report and for no other purpose. To th8 fullest extent Pgmiitted by law. we do not accept or assume responsibility to any paty other than the charitab18 wmpany and charllable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Ilort k+. LLF Dat8 2911112021 Andrgw Stlckland (Senlor StBtutory Auditor) for and on behalf of Moore Klngston Smith LLP, Statutory Auditor Devonshire House 60 Goswell Road London EC1M 7AD 15
THE JOHN BLACK CHARITABLE FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTVITIES For the year ended 31 March 2021 2021 2020 Tot•l Unr•8trlctsd Fund8 Unr•8tslct•d Funds Note Income from.. Donations and L8gpKa8$ Investment6 Profil on 881? of assels 1.679.975 2,826.152 434.140 3,188.856 Sh8r8 of wofil frtsmJdntvenlure 7.206 Totsl Incom• 0.26 3,196,062 ExpondltrJro on: Dlre¢t propety costs Olh¢r Investrnent managémwrt aThJ admlnistrative costs 08f8rred tax movorngnt chatble 8clivltias Share of ltsss from loinlventwe 276,002 290,193 34.173 3,498,749 34.080 492.426 291.524 1340.0001 3.224.763 Total expdItre N¢t galn$ I IIos$051 on Investments 288,378 13,013,915) Net Incom• I l•xp?ndIr?I 1,095.448 13.486.se61 N•t M0MOnt In funds 1,095,448 13,486,566) R•conclllabpn of fundB Tot61 fund8 brought frmrd 82,2S5,284 85,741,850 TO1 funds carrfed fe•rw•rd 83,350,732 82.255,284 l of Ihe above ra5 are dÈrfv8d frDm COnnUIrVj adivi1106. Thero were no other reccgni88d 9&ins LW losses Other1h th08$ StatÈd e4Jove. 16
THE JOHN BLACK CHARITABLE FOUNDATION BALANCE SHEET For the year ended 31 March 2021 The group 2021 The charlty 2021 The group 2020 The charlty 2020 10t•5 Flxod avdots Tangible assets Inv88tmeDI In1nI venture Inv8strn?nt wopertles Equlty inveslments and bondE C8sh invesbn8nts 147,73Z 1,958,B90 39,263,217 10.634.669 150,202 151.532 1.992.970 26,258.788 13,167,989 511.871 12 15,263,217 30.060,860 150.202 1,258.788 33,896.788 511.871 52.154,710 45,474,279 42.083,15) 35.667,447 CuThont ets 8tod(- properties for sda 08blo Cash at ba 8nd in hand 3,796,966 9,528,400 22,983,871 3,818,356 5,561,059 ,954,497 14 24,073,972 18,211,839 20,216,939 31,363,149 36.309,237 42,285.811 45,333,912 51.580.088 Credltors amount5 due thin one year Nel current aS58ts f5 11,175,152) (776.1571 11,018,644) 1669,0331 50.9 Tot81 a85•ts k55 currént Il•bllrti 87,288,795 88.983,933 86,398.418 86,578,502 Crediicrt am¢)unts f8111n9 du8 81ter more than on? y6ar Provl8lon for Ilabllities 16 11,998,422) 11,998,422) 12,237,666) 12.237.6661 20 11,939.6411 11,905,468) N•t as8•ts 83,350.732 84,985,511 82,255,284 e4,340,836 Funds UnStCle(S funds General funds NoFFcharitable rotwn8d fund5 84.946,928 11,586,196) 84,985,511 88,5,045 11.327,7611 84,340,836 Totzl chArKy fvnds 83,350,732 84,985,511 82,255,284 84,340,836 Approved byTw5te95 on .. . ,. and signed on thr behalf by Davld Tagllght Trustee CharKy numbar.. 01143431 Company roglstratlon nurnber: 07734413 17
THE JOHN BLACK CHARITABLE FOUNDATION CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 March 2021 2021 2Q20 Cashflows opor•tlng a¢tMtS88 Cash gener8t8d fram Ilab50rbed by) raon$ 16.055,9261 12,674,266) Ca$Mow¥ from Inv•8tSng acllvhles Flxed a$6et addllion6 Cost of inveslmenl 8ddftlon6 Pro¢ee(J5 on sale of inv8sbn&nts 19121 119,331.0801 9,S91,140 12,4261 18,212,560) 7,e06,358 19,740,852) 1808.6281 C•¥Mows from flnanelthg activities Irtsrest Inwtne Dividend incc4n8 Investment incom8 1,104,761 57,896 1,863.495 1.456,672 98,073 1,634,111 2.826.152 3,188,856 Net In¢rg•se In cash and oqulval•nts 112.97Q,6261 194,0371 Ca8h and co$h equlvalents at th8 b8glnnlhg of the 41 Cash and ca8h 8qulvalont1 at the ond of th& yèar 35,954,497 22,983,871 36,048.536 35.954,497 18
THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 Ac¢ountlng pollci88 al The fInala1 statements havo bean prepared in accordBnc8 wlh the Financial Reporting Standard 8ppkable Sn Ihe UK and Rqpubllc of IrÈlÉnd IFRS 1021. The Charhy and sub$ldiaries 8re 8 publlc benefit group furthe purpog8$ of FRS 102 and therefore th8 Charty also PTepared 11$ financlal staternents in 8c¢¢ydHnce with thé Statement of ReGoFnmend8d PrddKe applic8ble to ¢harft4e5 Ffepariryg their accnIS in accordance vAth the Flnanclal Reporbng Stsndard 8PIGHble in the UK 8nd Republ1¢ of Ireland Ifhe FRS 102 charl15 SORPI. Ihe Camp8n105 Act 2006, the Charilles Act 20f1. The financlal slalements ar8 prepared in stsrllno, which Is the lunclbnal currency of the compankn$. Menetsry amounts in th8s8 flnanual slaternents are rounded io the newesl twnd. Thes8 flnancial st8temEnts consDIOdale the re$utt8 01 th8 Chaffty d118 whloed 8ubsl(Jlaries Margln Flnan¢8 Cory)oralion Llmiled and Borrfsbrook Properbes Limrted on a Ilne by line ba51s. In the group fin8ncial ststetnenls th6 iolnt venlvre 1$ aoUnted far using the e9uIty method. The crmsolldated SOFA InGlude5 the group's share of Ihelolnt veniure5 results, whllst the grow's sho of fair V8 of theIn1 venlur8 is shown in the consdld8tÈd Balance Sh8aL A5 the jolnt ventur8 Is a partnershlp, any proflis or1055es are deèmed distributablB to its own8r8. The re5utt5 IndudEd for iheb.nl venlure 7 Old Burfinglpn 8treet Join VÈnture 8re derived from audfted accwnts. TransHctsons and bBlanc¢s betyveen the chaty and its SubdIaES have be8n 8llmlnaleil from the Gonsdldated finandul s(atern6nts. Balances belween tha group organi$alkns ar¢ dlsdosed in thÈ notes of Ih8 ¢hariWs bslance sheet. On 8CqU15iiion of subsidiaries all [4 thelr 8s$gts and liabilits.es Ihal 81 at Ihe date of a¢qu13itKJn are recorded at thelr falr values r8fleGUn9 their condltknn 8t that ¢Jate. Where subsidi8des are acqulred for nll con51derafjon and are akin to a gnl, the falr value of a5s818 and Ilabilitles at the date are r8cogni$ed as volunt8ry incom8 in the stst8rn&nl of nancl81 aCe. All changtrs to ltrw 8s5etS 8nd Ilabilitie5 includlry Ihe re5uttlng sulUse5 or d8ficlt8 Ihat arfse afterth8 group ha8 galned contrDI of th8 sub8Idlaryare charged to the rM)8t acquk%Mcn stat&mont of financSal actlvithÈs. The trustees have 8SSE55ed byther the use of ihe gdng corwn basis is aprpale and have consed posslble events or condillonsthot rTthJhl cast &gnrf5cant doubl on the ability of the tharflable grcup to conihue 8$ golng conc8m. The Iru8tee5 have mado this a8s&sswent fcr a poriod of al least on8 yearfrom thé date of approval of flnanclal 3tatements. In parti(yJlar the trustees have Cfmsldered the Impact of Ihe coronavlws pandem1¢ on the thatabl6 aroup's and have taken account of pressuros on rental and investment Income. After making eryuiri88 the tru$tE25 hav8 con¢luded that there Is a reasonle expeGtstion thatthe charilaNe gmup has adequate resourLP5 to continue to setue debt8 as they fall due fur th8 IDre5eeybb futuré. Tho chadtsbl8 grwp ther8ftte ¢Ontinues to adopt th¢ gtxng conGem ba&s in prepng Its fInar181 sl8lem8nts. bl ncotnin Resou All Incomlng resour¢e5 are 8Cljnted fw when the charlty has enll8men¢ lo the funds, recelpt Is prob8Ne 8n¢J the 8mounl is Measura8. For 9acles. enlltlpfflent is t8k8n a3 the eadler of date on which tha estste18 finalifjgd or when qn uncondltional distrlbulion from the estate ha5 been either noirfied or recalved. Where malerisl18gaues hav8 been noufled the requiTemerbts of income r8Gognition have not been met, th& details of th legaoes are disclos8 In the note8 to the fknanclal Ststement8. Where practiGal, gffts sn klnd and donated $8Nlces and fadllties are rewgni52d as voknntary ine at Ihe falrvalue ol reswrces received, when the resources are r8Gerrfed. 19
THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 Accountlng pollcl08 l¢•iillnu¢dl cl Reslrictgd funds are to b8 U88d for SrItt purposes as lah1 dovm by Ihe donor. ExpBnditwa meals criteria is idenllfbed lo the fund. togelherwlh a falr allocalon of support costs. dl Donath)ns requlrad lo be rela1rd as capital In accordan with the donorfs she6 are accounted for as 8ndowménts- pemanent or expendable [dIng to Ihe natur8 of IhE re5tridon. Endowmeni$ and the subsequoTht Incrpa5es Hnd d8creas88 in va6 ar8 In Ihe Stsiem8nt of Flnan¢W AC0vtt 88 partof those fund8. •) Unrescled fund5 4re dorsallons and other nmIj resources rocelved ty gen8r0t8d lorthe charitabl8 PUIPOse5. ich Hre notd88ignat8d for p8rt[Car purposes. n Investment Incom81s acCnIed forwhen recelvable and IndudÈ& retsin&l 18x r8coverable. ul ourc nd8 R?$ource5 expended are r8ccwJnlséd In the perlod In which they are incurrad. Re&ource5 expended Include attLtable VAT whlch cannot be reciwered. Resource8 Èxpended are alloc818d to th8 Patd¢ukr advltywhare the ¢08t rdat88 dlr8clly to that activity. Whwe Costs cannot b? direclty attnbutéd to pÉrkncuLqr activities IW have been 8llocaled on a basis consistent with u88 or r8sources. h) Rnt r8cgIv8ble Is r8cognl$ed In the perfod for thIch rel8teg ¢0. il Costs of raising incom8 arts Ihose Incurred in $88king voluntary ¢trIbUorts And do not Indudo thts ts)sts of dkMInaun9 Inforwauon In 8UPPOrt of charttsbl• a¢185. 11 Govemanc8 C08t8 afa th8 costs associated th the gov8rnon¢o arrangem8nts orthe ¢harty- Thes8 ttsts are assoda18d th conslltuoonal and statutory requirements and include any costs associated the strategic management of the tharity5 actieS. kl Llablllles ¥e recognS$ed a5 resources expended a8 SO as there Is a18oal or CrmstnJct0 (llgaticn COMMI the eharitytoth8 expenditure. For grants made In th8 flnandal period, the full amount of the grant 1$ re¢ognl$od kn Ihe y88r in %411i¢h the commStmant is made ond as 8 Ig lemi or short term credltor8s approwale. 11 GoodvAII on acquis0 i& initially measured os the exces8 of th8 cost over Ihe a(4uir8rf8 Interest in the fair vdue of the [dentlable 88sets. li8bllttks and eontingent li8trMlthes. 20
THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 11 Acrountlng pollci08 l¢ontlnuodl ml Tanglble fixed 88sets 8re stated at cosl or v8lualon18S8 depreci81ion. Depreciation is [ed al rates cakulgted to wrl¢e oft the c08t orvaluallon less estimated re51dual value of each assgt over tts ?xpe¢ted useful life, ss folkws.. Plani and maGhknery Flxtures, ftttlngs aNI equlpment 25% rsduclng baL9nce 25% redun9 balanc8 Investment [pertIeS are Incjuded In the bglanco Shéet 81 theirop8n marf(el v81ue. Dèpreciation is wovlded onty on ihose Investmenl YpertIeS wthich are lea8ehokl 8nd %%fiere the unexpired le88e term 15 less than 20 year5. Although th15 gccounllng polw Is In accordance wlth the Finandal Rert5Th4 Standard, It Is a departure IrDm the gengr81 r8qulrement of the CornPan8 AGI 2006 for all taryJible ass&ts lo be d&pr8siated. In tho opinion of the trustees compliance wth th¢ $tar¥Jard 18 neceSsaryf the financial stalernents lo glvE a tTue and falr view. Depreciation ty Bmorusation only one of many faclor& wfiect8d In th8 onnu81 valuauon and the amrAJntof thls wtrich rnlght o¢herwi58 have boBn charged cannot be 88parately identifi8d or quantified. n) Lk5ted Investments 8re stated at markel Ylue at the balance she8t late. The st81gment offinaThl 8¢1fve5 include5 tha net g81ns and ksfjes on revalu8tionB and dlspos015 throughuut the year. Unllsted InvgstsnBnl$ and lThve$tments In 3ub5idiar1&8 are staled al valualk)n le55 kYovl$lon dlmlnutn In v4uo. ol Stock sto 8r8 Stated at the lo[ of cosl Hnd eslmated 8o111ng c8 less costs to coryl8te and sell. pl Forolgn ¢urroncy trènslatlon Monetary 8SS8ts and liabllfjo5 denomlnal8d In forelgn wrrenrAes are trans1?ted Into stedlng at thg rates of ?x¢h8nga rullTrJ al Ihe balanc8 sheel dale. Transaction5 in forèlgn cuffenc165 are recorded at the rate ruling at the dale of transadon. AJI dwferences are tskon to profrt 8nd10ss account. ql Cons¥lldalFon of 4ub•ldlarfe8 The resums of Bcfrfsbrook Prcp8rt6 Llmhed has boen irdud8d In the conx4ldat8d slalamenl effecllrom S Aprfl 2013. rl Judgoment$ and k8y eBtlm*te8 In th& 8pplicalion of the comp8ny's acCounn9 polides, th8 TFusio68 are requir8d to makojudg8ments, e5tiYn8t8s &nd 855umpllons about the CArng amount of assets 8nd liabili88 th81 are ry)1 readity apparent from othersourGes. The esbmaitss and 88souated assurnplions are basod on hislorf¢dl experienc8 8nd otherfaclors thèt ere con5ider8d to bE relevant. A¢al reBuIts may dwfer from these estim81es. The estim8teS 8nd as8umplon5 Hre re8w&d on an ongcxng bosis. Rewsions to accountsng esrnateS are racognl$e(I In the p&rfod In whlch the eslrnats Is revised where Ihe rev151on affects onty Ihat pe¢d, or Ihe perfod of Ihe rovi$lon and future Feriods wther• the revlsiun affects bolh Gurrent 8nd futum porfod5. 21
THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 cCounn9 pollcle6 Icontlnuad) 81 Crbtlcal Judgamtrn Useful oconomlc Iwa ol as8ets The annual d8praclation charge for kyoperty, plant 8nd 84ulprnEnt 15 Sensitive lo cha¢$ In the estimated us¢ful economi¢ live5 and resldu81 values of th8 a$$8t5. The useful ecOrMi¢ Ilves and residual vau8s are re-85se5sed annually. They are arnend8d wh&n necèssaryto tefiect current 8stimatBs, bqsod on lechnologlcal advancement, futuro invoslmenls, economlc uullsatitx) antl Iha physlcal condluon of the a55ets. Se8 ThOt8 8 forthe cawng 8mrxJntofthe pmpérty, plwt and equipment and note'm, for lh& useful economic lives for each clas5 of assd. VaatIOn of Investment propart188 The vahjation of investment proes1$ 5ensitsve lo ch8TrJas In the Tnarkel rates for comparaNe prope8S. The valuation of the wopertle& are ass8s$ed annually 8nd adjustments are psssed Ihr(xJgh the Statemant of Flnanclal Acl¥Aties. tl Flnanclal Ihsbuments CaBh and C•sh EqulvalBnts Cash and cssh 8quivalonts Indude ¢8$h at banks and In h8nd and short term d8postt$ wlh a matudty d8ts of Ihraè months or1o$$. Baslc Flnanclal In8trum8nts Tho c*8rfty only holds ba51c flnandal iThstrumeMg 0$ deflned by FRS 102. Flnancial instruments e1vable or payable ihin on8 y&8r of the worttng dHte aTe ¢8rri8d al thek al transa¢tion price and sub$aqueniiyat amortl8Èd cost. 22
THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 21 Voluntarylncomè 2021 Total 2020 Tolsl Unre51ricled Restricled Legacy Inwmo 1.679,975 1,679,975 1,679,975 1,679,975 Th8 charty hqd no re$tyGled velunl8ry InGome In the yeors ended 31 FJarGh 2021 or 31 M4rEh 202D. 31 Inve8trn•nt Incomo 2021 Total 2020 Totsl Unrestrictad R•5trfcled Gro88 rental IKom8 from UK prop8rUes Inlerest r8¢eSvable IUKI id8nd8 récewatle Irom UK listed Itwestments OtFwlnlereyt rebI OthBr In(xme 1,663,495 519.339 57.896 585.422 434.140 3,260.292 1.663,405 519,339 57,896 585,422 434.140 3,260,292 1.634,111 757,021 98,073 699,651 3,188,856 The charfty had no restrlctsd Inve8lm8nt Irme In Ihe y8ars ended 31 March 2021 31 March 2020. 41 Totsl r•Bources ?xpendod 2021 2020 CDSts Dirrfl property ¢osls Legal and professlonal Depred8tlon atln Renta In¢omè 175.439 95,851 4.712 276.002 405,708 8D.740 5.978 492.426 vr Itwe3tm nt Mana staff rSt$ Directers, remuneratlan fturn 5ub81dlary undert8klngs SoGlal security fA)Sts Eklernal Inveytment management ¢o$ts OfNEe wnning CDSt5 B8nk chargés Govwnanre cc6ts Is99 b&1owl em nt and Bdmlnl$trotlon c 93,460 100,000 19,649 1,263 35,198 91.205 100,000 20.433 1.102 40.692 40,823 38.092 290,193 291,524 D8fe& tax movement 34.173 1340,0001 Charknbl Act1110$. tsand on$ eno 3,498.749 3,224,763 To¢ol Rp$our* Expgnd•d as per Gon8olld&ted Flnanclal Stat•mgnts 117 3,66e,713 ance co Audit8, r9mLnef8tbn - Parent company 8nd conSD11datlon - Audlts of subsIdl u)mpanies otrG06t& 21.677 18,930 20,995 17,075 22 38,092 40,623 23
THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For thè year ended 2021 51 R¢¢on¢lllaOon of #ionts and donatlon8 to I$tu{lOn¥ 2021 2020 Chartsbb gronts aw8rded for in Guent year.. ParnsOn'S Dkease & Prosts¢e C4nc8r COVIO-19 projects Olhèr ¢hathable pu05eS in the Unilwj KIn10M and State ol Israel Total charltsbla gwts Nwarded 2.224,495 357,254 917,000 3,498,749 2,449,763 775,0 3,224,763 Tot81 th8rlt8ble grahts In the year Isee note 181 3,509,597 3.449,763 Net Incoming R•50urces for Iho Ye 2021 2020 Th1&1$ 8tated after charglng.. D6pr6clatbn Auditors, remun8r8tion Ithgrlty.. £21,677) Twstees remuneraDn 4,712 40.607 100.000 5.978 38,070 100.000 The dlrectors, femunerat+en of £100.OLWJ12020'. £100,000) was paid to D Taollght, in hi5 cap8cIIy 8s dlrectorof The Maryln Financ8 Corporauon Limit?d. This w8s paid In wordance with Iha Wll of Ih818te J BL8d(. No oxpens86 w8r8 re1mrSed to Tluslees durfno thè year. 71 TaxaOn Th8 charfty 1$ ex6mpt irom corporalh)n tax 88 8ll its InwrrE is tharitsble ènd Is applled for charitsble purFose$. The charity8 invaslment Èub$ldlary. Tho M8rgln Finance Corporauon Limlted and Borri8two(At Propartles Limrted llffted av8lla14e wofrtS to the chtY. A balance of £1.939.84112tr20: £1,905,468118 held li ThÈ Mwgin FSnanco Company for Deferred Tax r8latiThJ to the Invaslmgnt Prryty. 24
THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 2021 8) Tanglbh Flx•d A8¥¢ts Group Land and Bulldlny Plant and machln•ry Total At 1 April 2020 Addrtions Disposaks At 31 March 2021 133,596 273.550 912 407,146 912 133,59 4,462 08.058 Amtsrtisatlon At 1 Aprll 2020 Charge for Ihe year 255,614 4,712 255.614 4,712 At 31 M8rd12021 2eO,326 260,326 N81 bDok value At 31 Marrh 2021 133,596 14.136 147,732 At 31 March 2020 133,596 17,936 151,532 Nofixed assets are hdd under fInae lease. 25
THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 91 slm•nt8 Thi group 2021 Th chority 2021 The group Tho charlty 2020 2020 Market valuE brauthlfcrfward Additions at C081 DIBposal proceeds Net 91{10$) on revalu9on 13,167.989 5,688,320 19,691,140) 1,369.500 33,896,788 5,688,320 19,591,140) 86.892 13,000.095 36.149.669 8,055,561 8.055,561 17.596,3S81 17,596.3581 1291.3091 12.712,0841 Markd value carried fowrd 10,634,669 30,060.860 13,167.989 33,896.7B8 C88h held as part Investment portfolo 150,202 150.202 511.871 511.871 Totsl 10.704 871 30.211062 13.679,860 34.408,6S9 Cost brought fotward Addlfjons at co$1 flsptssals al cosl 14,096,282 5,688,320 19,205,975) 19,963,214 5,688,320 19.205,975 13,079.447 18.946.379 8.055,561 8,055,561 17,038,726) 17.038.726) CO c4rrSed foThvard 10,578,627 16.445,559 14 096,282 19.963.214 Inveslments hold Imarknt valu•l The group 2021 Th• ¢harlty 2021 Th• group Tho char 2020 2020 Sto¢k •x¢hango N8tsd Invgslm•nt# Shares Short doted bonds Gltts Inv8stsn8nts In subsidiades Ivaluatlonl Cash held 85 part of the Investment pothllo Ico$tl 3,727,637 6,907,032 3.727.637 6.907.032 3.192,596 4.950,393 5.025,CQO 3.192,596 4,950.393 5,025,000 19,426.191 20,728,799 150,202 150,202 511,871 511,871 10.784.871 30,211,(2 13,679,860 34.408.659 Tho group 2021 Goographl¢o1 loratkjn ol Invo8lmpnts UK equities and short dated bunds Overseas bonds 10,049,186 585.483 10634 669 Materlal Ihv85tmen18 In subsldlary hDldings Group Charfty Sub8ldlarlo8 The marg Finance Corporatlon Llmlied Borrisbrook Propartias rnited 13,426,191 6.000.000 19.426.191 26
THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 101 Sub8ldlwy vndErtaklngs The charfty own5 theOre of th& k8suwJ ordinwy share Capital of The Margin Financ8 Corporalon mrt8d, B ccrfnpany registered in Ewland Icompany number. 021590471. The activty of the subslary was property Investment, devekwrnenl. CDnsullancy. manaoément gnd Iha making of lo5. 2Q21 2020 Tumover C05t of Sales Gross Profrt 1.161,004 6.086 1,1S4,918 1.364,739 6.205 1,358,534 Admlnlstrauvg Expen888 0ratir kss 305.7541 849.164 (288.202 1.070.332 Prof51 fr¢)m Jolnt Venture8 Interest rec8iv8d Interest pald F8irV8lue gains and1035e5 on investment propth85 Profit on ordlnary actlvtts before laxallon 134.0801 585.422 699.651 15fj8.8091 1672.3831 1,000.000 2.757.500 11fj8.3031 11,652,6941 Tax Profft for thB yesr 34,173 1202.476 340.000 1,312.6941 A88ets 39,371,788 37,075,899 L111185 125.945.597 122.347,100 13.426.191 14,728,799 sha capft Revèlu81ion r05wve Profit 8nd10ss account 12.833,434 792.755 13,667,607 1,061.190 13.428.191 14,728,799 27
THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 1o18ubtsldl und•rtaklngs leonlinu•dl The ch8rlty owns th6 whole of the issu8d ordlnary Share C8FMtal of Bcrfrf8brcx)k PropBrtie5, 8 company regl8t8r8d In Engnd IComp8ny number,, 019)30491. The subsKllary was a¢qthred on 5 A11201& The activty of Ihe 8ubsidlary is that of pwerty dealars, developer8 8nd preperty inv8Stor8. 31 Mar¢h 2021 31 M8rd) 2020 Turnov8r Ccst of Sales Gross Profil 664,245 1156,133 $08,112 243.572 389.521 1145,9491 Adminlstrallve EXpSe8 Operatsng yofrt Investment Iorne 57,33U 460,7n 54,986 1200,9351 Proflt on Ordary acuvhles fore tsxoUL 450.773 120D,9351 Tax Profftfor the ybar 450,773 200,935 As88t$ 1,031,636 S89.157 129,342 1137,836 902,294 451,521 Shar8 capltal Profil 8nd 1088 8ccount 100 451,421 451.521 902,194 902,294 28
THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 Share In lolnt wnture Old 8urllnuton Str••t Jolht Venture The Margln FIare Corporation Limltsd h85 8 50% share In Old Burtin9ton Street JdntVenlur8. Th1$ Is account8d for in the consolldaled accounts of The John Bl8¢k Chorilabl8 Foundation as a jcinl vonture. TFTe 50% share of Okl Burtlngton StyBet Joknt Vgnture's r8Butt8 forthe ytrarls yhown below. 2021 2020 Tumover Rent recafvab 77.764 51,478 N8t profltl (knsslfor the year 134.0801 7,206 FlxBd 8SSats CurrentasBot8 2.250,0 42.947 2,250,OLMJ 33,389 Gros$ ossets 2.292.947 2,283,389 Grrk88 ILrybilities 183,4631 139,8261 Total a5881818ss tolal 1labtl8S- $h8r0 of net &SsÉ18 .209,48 2,243,583 Revaluotlon re88Ne urr8nlaccovnl 1.746,448 463,036 2,209.484 1,746,448 497,115 Carylng t*n(Nnt of Old 8urllngton Str•ot Jolnl Venturo 2021 2020 Brought foard Sh8rè of ILossllProfit Drawlng$ ReValUaon of JolntV8nturo prop8rty 1.992,970 134.0801 2.753,264 7.206 110.Oflll 1757,5(x)I C8rrfed foward ,958.8 2.970 29
THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 121 Invgstrnent propertl•s Group 2021 Group Chaty 2021 ChorSty 2020 Falr vBlue Broughl forward Addluons Net108888 throuuh fairvalue adiustm2nts 26.258.788 14.004.429 11,000.0001 28,408,646 1,258,788 14,004,429 1.408.646 12,149,858) 1149,8581 Cawrwj forw8rd 39,263.217 26,256.7e8 15,263,217 1,258,788 The Inve5trnenl propertres ar& InGluded In th8 balante sheat 81 open matl<8t vèlue (histortcal cosl of 7.393.075). The inv8$trnent propertl8s were revalued by the directors a$ al 31 March 2021. Th8 dire¢tLS are siderad qualifled to value Iha Invastrnent proparmes held byth8 chthtydue tothglr conshl6rabl8 exr8nc9 the saclor. 1Jl Flnanclal Instrumants 2021 2020 aTTh)unl offlnanclal a558ts at.. hmortlsed $t Fairvalua thrwgh the SOFA 9,528,400 10,634,669 5,561,059 13,167.989 Carrwr¥J arnt of flnantial liabili118s at Am<lksod cost 378,118 426.192 30
THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 141 Shortl•nn dobtor8 The group 2021 The chaty 2021 The group 2020 Thè charity 2020 Tr8de 4Jebtors Other debtors Tax relund Atnounl due from Svbsidi8rie8 Amount due from subsidia88.. Loth balanc8 1888 not8 191 370,504 9,148.896 3.364 334,305 151,409 5,409.650 1,438 112,282 237,541 104,457 23,498,762 24.073.972 19,998,762 20.216.939 9,528,4fP) 5.561,059 The £23,498,76212020.. £19,998.7621 due from subsldiariES induded Ihe E*arty baLqnc8 sheel 1$ due in over one yoar. lJl ¢redltorn. •rnoun¢s due wtthln l y•wr The group 2021 The chadty 2021 The group 2020 The charlty 2020 Trnde ryeditors Taxation and sorAal secudly Amounts due to Eub5idk8ry undertakirss Other credllors Grant Cornm6nts lseo not8 181 2,833 4D,638 5.703 67,452 126,438 17,595 525,000 669.033 375,285 756,396 1.175.152 19,761 756,396 776,1S7 420,489 525,000 1.018.644 181 Cygdltors. amount¥ due aft•r 1 year Tha group 2021 Tho charfty 2021 The group 2020 Th8 d)srity 2020 Grant ComMentS Other ID8n8 1889 tv)te 181 1,998,422 1.998,422 2,237,666 2,237,6e6 171 Anatysis ol not a890ts bgtweon fund• I the charftys and the grtyJp'$ fund8 are undesignated. unr881dctwl gpneral funds. 31
THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 181 Grant Commiimonts Oxlord P4rklnson's Chalr UCL Pr06tate Chalr Oxford Pro8tst• Chalr Total Grant cornrnitlnants al 01 Aprll 2019 750,OC I,OSD,000 1,187,866 2,9e7,866 Awarded In yeor Pakl In ye8r 1125,0001 1100,0001 1225,0001 Grant cthmmltr))ents at 31 Matt 2020 625,0 1,050,otrtl 1,087,666 2,762,666 Awarded in year 253.344 253.344 PaJ in year 1125,OWI 1136,1921 1261,1921 Grant CortmentS at 31 MarEh 2021 S00,0(M) 1.050.000 1,204,818 2.754,818 Due vlthin one ye8r 125,DIM) 450.000 181,396 756,396 Due afterra y88r 375.OIK) eoo.000 1.023,422 1,998,422 500.000 1.050.000 1.204.818 2.754.818 A grant of £1,250,000 was 8ward¢d In the y88rended 31 March 2016 to Oxf(d Unlversltyto supwt prole550r5hlp lo undertoke r96earth In tha flold of proslats cancer. Thls is payatA8 over 8 10 yw perlod In awal amounts of £125.000 par 8nnum. A grant of £1.S)O.000 award lft the ye8r ekwjed 31 M8rch 2017 to Oxf(d UlVerSItyto $uppct a research fellow In Parkinson's dlsea5e. This is paygblo over a 10 year p0d In 6qual amounts of £150,IXIO. A want 01 £1,641.010 w85 8warded In Ihe year 8wJ0rt 31 Marth 2018 to UCL lo e5tsblish a chalr In Prostate Can¢0r R65e8rch. Th Is payable over 10 year5. 32
THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 191 Relvtod Party Tnns8CtIons At the b8knce sheet dole the Foundalon 15 owed t23.631,84612020.' £19,998.7621 by its owned $ubsldiary The Margln Fln8nce Corporation Llmited. Thls amount Is mad8 up P8rt5'. (11 A Sum of £14,W)2,7e212020.' £14,902,762) belng the loan accounlof Ihe late John at the date of d98th in 2010. Th1$ a55et was trdnsferred from Ihè Estate to th8 Foundation by Iha &xeculor. 11 rewesents lh8 adv8nse5 mad8 by John Black in h[5 Iweb'me to purchase and refurblsh the 5ubsldlary8 two m81n GoFnmerci81 tXOPgrty Investments on Drury Lano and Old Burflngton Str6et, ¢urrenUy valued at £24m and £2m. A¥ the 8ntirety of the subsldiHry's income 1$ donated each year to the Foundabon. the108n can only bp repaid upon sa18 of Ihe Froperty SnvestmoTrts. The loan 18 Inter8St ftee. Afixed 8nd floating tharga Pxists over tho knv88tmenl pfoperty and undertaklngs of The Margln Flnance Cowatlon LSm118d. lil A sum Df £5,596,OCQ12020.. £5,096,ODOI adv8nced by the Foundation to its sub3ldiJrywhich accrues Inter05t at 6.5% plus LIBOR 8nd due for repayment by 5 F&bruBry 2022. Thls amount h&s b8en18nt on byThB Margln Finance Corpor8Uon Ltd on similar terms lo an unconnecied thlrd pyity SBcured on prOp8rtI on 0 50% loan lo value. Interpst Inr4Jrne Is pald quarterty to Ihe Fcund81ion %%lthln one month of recelpt by Ihe subsldlary. (111 A Sum of £3,000,00012020.. £nill Hdvanc8d by the Foundatlon lo its subsidi4rywhlch accNgs inieresl at 6.5% 8nd Is due for repayment by 23 F8bruary2022. Th18 8mwiit has been knt on byThe M8rgin Finanf* corporaon Ltd on slm118r term3 to an urted thlrd paty secured on propertios on a 5Yh loan io valle. Inter8St income18 paid monthty lo Ihe Foundatlon upon ceipt bytha sub4dl8ry. P8yment for sarvkes of key manag0ment and dlrectors of the FouniJ8tlon were mede on behaw of The John Black Chtable FoL1ndatn ty sub51diarf88. 201 Prov181ons for Ilablllti 2021 2020 Ba1ce brght forwaTd mov¢ In year 1,905.468 34,173 2.245,468 1340.0001 Bakn¢e Earrfed fowrd 1,939,641 1,$,468 33
THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2021 211 staff Co818 Numbor 018mploy••s Tho overage monthly numter of employees lindudlw director81 during th6 y8ar w8s.' 2021 Number 2a20 Number Offlc8 and magement Employm•nt ¢o•ts 2021 2020 Wago$ and $8lari8S Soclal 6ty¢08ts 1WJ,460 19,649 191.205 20.433 On8 8mployee èarned morè than £60.000 In Ihe y8ar12020- 11 The key managemtrnt personnel of oroup is considered th& be the TNsteo5. Totsl r¢mLm8ration for key maTh8g8ment personwl acros5 Ihe group Is £100,OQO12020,' £1(NJ.0001 221 SuTrlus forthe ffinandal y•ar As pemitted by se¢don 408 Comp8nles Act 2(, the parent charW$ gross Income and resul1$ hav8 not been Induded in thé financial 8tst8m8n&. The gro88 Inwme and SLwpIus tfinana81 yew is made up a$ fdlows-. 2021 2020 Paronl Ch8r6tVs gross incom8 for the flnancial ye 4,19B,537 2,761,084 Parent SUrp811D6f4CIt) forth8 fin8n¢ial yoar 644.675 13.186,Wl 231 Cash g¢ner•ted from operatlons 2021 2020 Net surplus in th* year Fairvalue g8ins (#) Investments DeprecSatlon Interest R8c8iv8d Deferred tax movemtnts Loss on di5POsal offixed assets Change In Stock Chang0 in Debtors Change in Credltors 1,095,448 1335.4201 4,712 12,826.1S21 34,173 13,486.5661 3.19B,667 5,979 12.188.856) 1340,0001 122 215,669 1,154,168 233.448 12,674,265 21,390 13.967,3411 82,736 6,055,926 34