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 R￿p￿ting 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 all￿d 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 Pptso￿s $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 re5*Yu8ry
Es18te upon trust lo apply th& Income th9reofforth8 rknarlt￿e wrposes. In L*der 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$dution of the IrustééÈ, The numb6roltruslee8 shall be not le88 than bul
shall not be sublpdto any rnaximum. It Is dear Ih81 for our Foundallon, w8 ne•d p80p18 of bDth experf8nre and thos8
Capab￿ of giwng iheir tlme. 11 is not always easyto find bolh those charaGlfyrfsbcs In ￿aple wimlng to l*e on tha
consid?rabkn commllment and respon51bility r8quir8d by the Foundauon. We contlnue lo search DULfor wlenlal Irust¢es
of the ouallty requir8d.
IMDUCTION AND TR￿MING OF TRUSTEES
All of the tru8t868 8rè farniliwwith th6 runnlng ￿ th8 Foundation and are provlded *ith dètdls of trusteè trBining
cour88S.
NowtrustBes will b8 provlded with the memorandurn and arUol4s of a88cdallon and wab Ilnk& to char￿8$ guiddln88 for
trustees. Trustees are avAre thgt il Is th8lr responBINltyte keep abreast of developments kn rele￿On 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 covid￿related 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
Institu￿on5 for th8 publk benefit. This includes researd) Into better dlagno69s and vthero approprf8te more effectlve
Irealmenls for both Pr05ts1e Canc&r and Pl￿1nstrn's Di8e888. WÈ provlde 50m& details OTh Ih15 yearfs r8sear¢h under
GrAnts Hnd Donations Bnd In the s￿en¢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
F￿ndation 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$0 managed in-houso had 8noth&r very y8ar. The trustees retaln Confidence In
thoSB Investmonts.
ACTIVITIES AND PERFORMANCE
Trustee5 continuéd lo manage Ihe assets held bylh& Foundqlkn and moni￿rthe woperty a8s8ts held in its wholly
owngd subsidk9rf8s. Last year was Ihe flrst incep￿on, thal our18rgttt propety oss81. the freehDld In Drury Lan6
London W1, w88 reduced In value due to the pandemic. We have agaln Ihl¥ year. almg ¥dth th9 rnBlorfty prcyety
owning cornpanles, reduc•d th8 value lo take aGGounl of Covid. Thè second lockdovm ¢aused problems lor sotne of our
rgts11 lenanls, 8lbeh they arè 8 mlnority In DI rent81 Income. Wa acted responslbly durfng the y*dr m8klng rental
corrtes8ions and deferrals Vdhere l&lt it neGessary le help tnaintaln tenanciès. The tNslees contlnue to have
confid8nce In Ihls ceniMI London locatlon and the s8ver81 opwrtunllles that exist for Improvlng the sile. Th6 resldenlql
8$Stst In Konsington perfornied well and is maintalned 91 last ye8r'8 vgluatlon. Dudng the year thÈ FOund8￿0Th 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 pro￿d￿d solid incoma. Int8r&st rates remaln al an
all-llme low, and the tmst89¥ conbnu8 lo monitor, aN1 $ecure inveslm8nl opportunities, bul the prkrily is a￿￿y$ 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 Oppo￿nitieS 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 Pa￿KinsOn'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 unIver￿ty. 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 SO￿lY 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 their￿rk 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$lon, inthdlng'Public Benefft.. Running a d￿ritY IP821'.
It18 envIT￿ged that the gr8nls made the adville$ outllned belowwill provhle tonslderatle publlc ben8fl1 lo a Tr￿de
$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 someb￿8 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.
P￿lesS￿r 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 poI￿rfUl 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 Ma￿S 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 out￿de 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 Invol￿ng 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. tr￿ng 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 c11n1￿1 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 p0s￿OnE 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 SLIP￿rted 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
Ha￿eY15 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 fO￿ard 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￿.
Da￿d Teglight, a truste6 ￿ the Found9￿onI8 a dlreLtor ol Margln FInan￿ co￿OratIon 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 I￿11 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
Da￿d 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$knoni8 and the
maklng ol donatlon5 to cha￿table bodl88 In apwryjance vrtth rts charftabl8 8lm$ 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 F￿jnd8ti0n 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 o*ved 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
SIgni￿nI 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.
NO￿ls18￿dIng the reducllon in Net A888ls, the Iru61ees conS￿er 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. HOW￿￿T, 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 Lor*l 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 G￿￿nue 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 esta￿l$had to ensura that noc8888ry 8teP6 we takeh lo mlnlmlse such h8ks. The
trustee8 of tha Foundatlon Bit on the board of tts sub8ldi8ries. Bolh Ihe Foundatbon and the subskJl8rl88 hdd regular
rnaelings to revlew perfoNance, operalino procedures, Intemal controlB, 0￿ra￿ar01 rfsks and unc8rtalnbes. In terms of
ils investm8t)ithe Found8tlon and Ils wbB&Jlarles 18Cé LWO are88 of ftjndgmenlal risk. The flr8t is a rnaJc* b￿n￿ng
collapse vM8reby a huhly rated b8nk might not repay Ihe group8 deposi16. For thls reason th8 tsuslees h8ve spread the
deposit5 among aeveral rnalor ffinanc5￿ InstMUtlL￿8. Tho fundamtsntal risk18 a Beriou8 c¥)Ilaps8 In the Central
L￿dtsn pro[￿rtY markét would Iwct eommerck81 and residenllal propety ￿t￿n9 values. Gfven the locatlon ond
dSv8ts1ty tsf the group's properties and th? fact Ihat the grwp is as881 ￿ch debl thB trust8e$ 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 Pa￿nson'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 dIscre￿on 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 ha￿v￿r, 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 Government￿111
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 pro1￿t8 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
T￿￿te8
io

THE JOHN BLACK CHARITABLE FOUNDATION
STATEMENT OF TRUSTEES. RESPONSIBILITIES
For the year ended 31 March 2020
The ttu$toes I￿0 ere 81so dlrgGtors cf The John Black Charltable Found8tron for thè putP05es ofcompany lowl ￿re
responsible for preparing the Tru51ees' Antwal Report and the financial sla18rnèni$ in accordanc8 wkh applicable law
nd Unlled ￿ngdoM Ac¢ounUng Standards (United ￿ngdOrn G8Th8rally Accepted Accounting Pr8c15c81, Inc￿dIng
FIna￿[gI Repwting Stsndard published in the UK and Ireland, FRS 102.
Company Lqw requir8s Ihe t￿st￿8 lo prepare fin8nclal $1otemenls for each ftnanck81 yearwhlth PDie a true and falr
vlew DI the 5tsta of aff81ts oltha chgriiable group 8nd olthe incomlng reyource5 aWl￿tiOn of resources, indudlng
the inGowe and &xpendlture, of Ihe ch8rilabl6 group for Ihat pedod. In preparfn9 these financ￿1 slalements, thé
twstees required to..
select suitablfr 8ccounlng pollcles and appty them Con￿sta￿l￿.,
ob86rve the methods ond prtndp￿8 in th• Charllle8 SORP..
make ludgemgnt$ 8nd eslim8ta8 Ihet are reasonabb and pDJdont',
stale vthether applicth8 UK ACCOUn￿n9 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 f￿anCIal $tstement8 comply
th the Companles Atl 2006. They ara a150 respDn￿b1e for wfeguardlng the assets of the charttable company and
th8 group and hence for tsking re880nable steps fc* the prevenllon and detecuon of fraLMI and other IrregulthJe8.
In so f8r 8sthe truste88 are aware..
there Is no relevant 8udlt inf0m￿tiOn ol %*hich the charl18￿e ¢omponVs audhor unaw8re.' and
Ihe trustees have tsken all steps Ihaitheyougm to have taken to make Ihernselve5 aware of any
relevant audit informatk>n and lo eslabll8h thallhg 8uditor 1$ 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¥
Da￿d 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 resou￿0$ 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 object￿eS 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
nOn￿ompliance 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 a￿ordanCe 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 nOn￿OMpli8￿Ce 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
cha￿t￿ble 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 exp￿dIt￿re
N¢t galn$ I IIos$051 on Investments
288,378
13,013,915)
Net Incom• I l•xp?ndI￿r?I
1,095.448
13.486.se61
N•t M0￿MOnt In funds
1,095,448
13,486,566)
R•conclllabpn of fundB
Tot61 fund8 brought frmrd
82,2S5,284
85,741,850
TO1￿ funds carrfed fe•rw•rd
83,350,732
82.255,284
l of Ihe above ra5￿￿ are dÈrfv8d frDm COn￿nUIrVj adivi1106. Thero were no other reccgni88d 9&ins LW losses
Other1h￿ th08$ 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 In1￿nI 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
Un￿St￿Cle(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 th￿r 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)
ra￿on$
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 fIna￿la1 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 acc￿nIS in accordance vAth the Flnanclal Reporbng Stsndard 8P￿IGHble in
the UK 8nd Republ1¢ of Ireland Ifhe FRS 102 charl1￿5 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 wh￿l￿o*￿ed 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$ a￿oUnted far using the e9uIty method. The crmsolldated SOFA InGlude5 the group's share of Ihelolnt
veniure5 results, whllst the grow's sho￿ of ￿ fair V￿￿8 of the￿In1 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 cha￿ty and its Sub￿dIa￿ES 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$ed as volunt8ry incom8 in the stst8rn&nl of
nancl81 aC￿￿￿e￿. All changtrs to ltrw 8s5etS 8nd Ilabilitie5 includlry Ihe re5uttlng su￿lUse5 or d8ficlt8 Ihat arfse
afterth8 group ha8 galned contrDI of th8 sub8Idlaryare charged to the rM)8t acquk%Mcn stat&mont of financSal
actlvithÈs.
The trustees have 8SSE55ed by￿ther the use of ihe gdng corwn basis is apr￿p￿ale and have cons￿e￿d
posslble events or condillonsthot rTthJhl cast &gnrf5cant doubl on the ability of the tharflable grcup to conihue 8$
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
tha￿tabl6 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 reason*le 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 prep￿ng Its fInar￿181 sl8lem8nts.
bl
ncotnin
Resou
All Incomlng resour¢e5 are 8C￿ljnted fw when the charlty has enll8men¢ lo the funds, recelpt Is prob8Ne 8n¢J the
8mounl is Measura￿8. 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 i￿￿ne 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 S￿￿rItt 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 rela1r￿d 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 va￿6 ar8 In Ihe Stsiem8nt of Flnan¢W AC0vtt￿ 88 partof those fund8.
•) Unres￿cled fund5 4re dorsallons and other ￿n￿mI￿j resources rocelved ty gen8r0t8d lorthe charitabl8 PUIPOse5.
ich Hre notd88ignat8d for p8rt[C￿ar purposes.
n Investment Incom81s acC￿nIed forwhen recelvable and IndudÈ& retsin&l 18x r8coverable.
ul
ourc
nd8
R?$ource5 expended are r8ccwJnlséd In the perlod In which they are incurrad. Re&ource5 expended Include
att￿L￿table VAT whlch cannot be reciwered.
Resource8 Èxpended are alloc818d to th8 Patd¢ukr advltywhare the ¢08t rdat88 dlr8clly to that activity. Whwe
Costs cannot b? direclty attnbutéd to pÉrkncuLqr activities IW have been 8llocaled on a basis consistent with u88 or
r8sources.
h) R*nt r8cgIv8ble Is r8cognl$ed In the perfod for ￿thIch rel8teg ¢0.
il Costs of raising incom8 arts Ihose Incurred in $88king voluntary ¢￿trIbU￿orts And do not Indudo thts ts)sts of
dk￿MInaun9 Inforwauon In 8UPPOrt of charttsbl• a¢1￿￿85.
11 Govemanc8 C08t8 afa th8 costs associated ￿th the gov8rnon¢o arrangem8nts orthe ¢harty- Thes8 ttsts are assoda18d
th conslltuoonal and statutory requirements and include any costs associated the strategic management of the
tharity5 acti￿￿eS.
kl Llablllles ¥e recognS$ed a5 resources expended a8 SO￿ as there Is a18oal or CrmstnJct￿0 (*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 I￿g lemi or short term credltor8s approwale.
11 GoodvAII on acquis￿0￿ i& initially measured os the exces8 of th8 cost over Ihe a(4uir8rf8 Interest in the fair vdue of the
[dent￿lable 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% redu￿n9 balanc8
Investment [￿pertIeS are Incjuded In the bglanco Shéet 81 theirop8n marf(el v81ue. Dèpreciation is wovlded onty on
ihose Investmenl Y￿pertIeS wthich are lea8ehokl 8nd %%fiere the unexpired le88e term 15 less than 20 year5.
Although th15 gccounllng polw Is In accordance wlth the Finandal Re￿rt5Th4 Standard, It Is a departure IrDm the gengr81
r8qulrement of the CornPan￿8 AGI 2006 for all taryJible ass&ts lo be d&pr8siated. In tho opinion of the trustees
compliance wth th¢ $tar¥Jard 18 neceSsaryf￿ the financial stalernents lo glvE a tTue and falr view. Depreciation ty
Bmorusation only one of many faclor& wfiect8d In th8 onnu81 valuauon and the amrAJntof thls wtrich rnlght o¢herwi58
have boBn charged cannot be 88parately identifi8d or quantified.
n) Lk5ted Investments 8re stated at markel Y￿lue at the balance she8t late. The st81gment offinaTh*l 8¢1fv￿e5 include5 tha
net g81ns and ksfjes on revalu8tionB and dlspos015 throughuut the year.
Unllsted InvgstsnBnl$ and lThve$tments In 3ub5idiar1&8 are staled al valualk)n le55 kYovl$lon dlmlnut*n 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 Prcp8rt*6 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 acCoun￿n9 polides, th8 TFusio68 are requir8d to makojudg8ments, e5tiYn8t8s &nd
855umpllons about the CAr￿ng amount of assets 8nd liabili￿88 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 re￿8w&d on an ongcxng bosis. Rewsions to accountsng es￿rnateS 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
cCoun￿n9 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$$8t5. The useful ecOr￿Mi¢ Ilves and residual vau8s are re-85se5sed
annually. They are arnend8d wh&n necèssaryto tefiect current 8stimatBs, bqsod on lechnologlcal advancement, futuro
invoslmenls, economlc uullsatitx) antl Iha physlcal condluon of the a55ets. Se8 ThOt8 8 forthe cawng 8mrxJntofthe
pmpérty, plwt and equipment and note'm, for lh& useful economic lives for each clas5 of assd.
Va￿atIOn of Investment propart188
The vahjation of investment pro￿￿es1$ 5ensitsve lo ch8TrJas In the Tnarkel rates for comparaNe prope￿8S. The
valuation of the wopertle& are ass8s$ed annually 8nd adjustments are psssed Ihr(xJgh the Statemant of Flnanclal
Acl¥Aties.
tl Flnanclal Ihsbuments
CaBh and C•sh EqulvalBnts
Cash and cssh 8quivalonts Indude ¢8$h at banks and In h8nd and short term d8postt$ wlh a matudty d8ts of Ihraè
months or1o$$.
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$tyGled velunl8ry InGome In the yeors ended 31 FJarGh 2021 or 31 M4rEh 202D.
31 Inve8trn•nt Incomo
2021
Total
2020
Totsl
Unrestrictad
R•5trfcled
Gro88 rental IKom8 from UK prop8rUes
Inlerest r8¢eSvable IUKI
id8nd8 récewatle Irom UK listed Itwestments
OtFwlnlereyt re￿￿￿bI
OthBr In(xme
1,663,495
519.339
57.896
585.422
434.140
3,260.292
1.663,405
519,339
57,896
585,422
434.140
3,260,292
1.634,111
757,021
98,073
699,651
3,188,856
The charfty had no restrlctsd Inve8lm8nt Ir￿￿me In Ihe y8ars ended 31 March 2021 ￿ 31 March 2020.
41 Totsl r•Bources ?xpendod
2021
2020
CDSts
Dirrfl property ¢osls
Legal and professlonal
Depred8tlon
atln
Renta
In¢omè
175.439
95,851
4.712
276.002
405,708
8D.740
5.978
492.426
vr Itwe3tm nt Mana
staff r￿St$
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 Act1￿110$.
tsand
on$
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
Audit￿8, r9mLnef8tbn
- Parent company 8nd conSD11datlon
- Audlts of subsIdl￿ u)mpanies
ot￿rG06t&
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￿$￿tu{lOn¥
2021
2020
Chartsbb gronts aw8rded for in Gu￿ent year..
Par￿nsOn'S Dkease & Prosts¢e C4nc8r
COVIO-19 projects
Olhèr ¢hathable pu￿05eS in the Unilwj KIn￿10M and State ol Israel
Total charltsbla gwts Nwarded
2.224,495
357,254
917,000
3,498,749
2,449,763
775,0
3,224,763
Tot81 th8rlt8ble grahts In the year Isee note 181
3,509,597
3.449,763
Net Incoming R•50urces for Iho Ye
2021
2020
Th1&1$ 8tated after charglng..
D6pr6clatbn
Auditors, remun8r8tion Ithgrlty.. £21,677)
Twstees remunera￿Dn
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 re1m￿rSed to Tluslees durfno thè year.
71
Taxa￿On
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 ch￿tY.
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 fIna￿e 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 9￿￿1{10$￿) on revalu9￿on
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 the￿Ore of th& k8suwJ ordinwy share Capital of The Margin Financ8 Corporalon
mrt8d, B ccrfnpany registered in Ewland Icompany number. 021590471. The activty of the subs￿lary
was property Investment, devekwrnenl. CDnsullancy. manaoément gnd Iha making of lo￿5.
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
0￿ratir￿ 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 actlvtt￿s 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
L￿111185
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 Eng￿nd IComp8ny number,, 019)30491. The subsKllary was a¢qthred on 5 A￿11201&
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
$08,112
243.572
389.521
1145,9491
Adminlstrallve EXp￿Se8
Operatsng yofrt
Investment I￿orne
57,33U
460,7n
54,986
1200,9351
Proflt on Ord￿ary acuvhles ￿fore tsxoUL
450.773
120D,9351
Tax
Profftfor the ybar
450,773
200,935
As88t$
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 FI￿ar￿e 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 1labtl￿8S- $h8r0 of net &SsÉ18
.209,48
2,243,583
Revaluotlon re88Ne
urr8nlaccovnl
1.746,448
463,036
2,209.484
1,746,448
497,115
Carylng t*n(Nnt of Old 8urllngton Str•ot Jolnl Venturo
2021
2020
Brought fo￿ard
Sh8rè of ILossllProfit
Drawlng$
ReValUa￿on 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
Cha￿ty
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¢tL*S are
siderad qualifled to value Iha Invastrnent proparmes held byth8 chthtydue tothglr conshl6rabl8 ex￿r￿8nc9
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 arn￿￿t 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 cha￿ty
2021
The group
2020
Thè charity
2020
Tr8de 4Jebtors
Other debtors
Tax relund
Atnounl due from Svbsidi8rie8
Amount due from subsidia￿88.. 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 Cornm￿￿6nts 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 ComM￿entS
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 Ma￿tt 2020
625,0
1,050,otrtl
1,087,666
2,762,666
Awarded in year
253.344
253.344
Pa*J in year
1125,OWI
1136,1921
1261,1921
Grant Cortm￿￿entS 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 afterr￿a 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 Ul￿VerSItyto $uppc*t a research
fellow In Parkinson's dlsea5e. This is paygblo over a 10 year p￿0d 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*
corpora￿on Ltd on slm118r term3 to an u￿￿￿r￿ted 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 Ch￿table FoL1ndat￿n ty sub51diarf88.
201
Prov181ons for Ilablllti
2021
2020
Ba1￿ce br￿ght 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 m￿agement
Employm•nt ¢o•ts
2021
2020
Wago$ and $8lari8S
Soclal 6￿￿ty¢08ts
1WJ,460
19,649
191.205
20.433
On8 8mployee èarned morè than £60.000 In Ihe y8ar12020- 11
The key managemtrnt personnel of oroup is considered th& be the TNsteo5. Totsl r¢mLm8ration for key
maTh8g8ment personwl acros5 Ihe group Is £100,OQO12020,' £1(NJ.0001
221
SuTrlus forthe ffinandal y•ar
As pemitted by se¢don 408 Comp8nles Act 2(￿, the parent charW$ gross Income and resul1$ hav8 not been
Induded in thé financial 8tst8m8n&. The gro88 Inwme and SLwpIus t￿finana81 yew is made up a$ fdlows-.
2021
2020
Paronl Ch8r6tVs gross incom8 for the flnancial ye
4,19B,537
2,761,084
Parent SUrp￿811D6f4CIt) 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