2022-03-31-accounts

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 2022

Contents Pag• 140 Report of Iha Tru&i8e8 1-6 swaiègic Rfyp 7-8 Slalemtrht of Tn￿1￿68 Respon8ibSNlles Auditors, RepDrt 10-13 Statement of FinancialAct5vttle5 14 BBlonce She81 15 Con8011d8tgd Cash Flow S191em8nl 10 Notes iothe Acwnis 17-32

THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2022 The Irust9es present thelr report logelh8r￿rylh the fingntaal slalemenls olthe cornpany for the year end6d 31 M￿h 2022, and confirm that the Ilnanci318talements comply ￿1h curient 8latulDryrgquiremenls and ihe r8ouiremenls of tho ompany'8 merncrandum alld articles of as$￿¢lati￿. Th15 report 1$ 3 directors. ieport and ha5 been prepared in acEord&nce ￿th Finana81 ReporNng Standard publS8hed in Ihe UK Bnd Ireland IFRS 1021 an¢J in accordance wllh s417 of the Companies Act 2006, and all trustees are directors. It￿n$ di6Gk)sed under Ihe straloglc r8PDrt are not repaatsd here, allowtd undBr 5414CI111. REFeRENce ANO ADMINISTRATIVE INFORMAnON Foundation n8rne.' The John Blg¢k ch8dlats￿ Foundatlon hgrity regI￿ration number. 01143431 Cortpanyr8gtstr8u￿ nuMI)er.' 07734413 Reyislgred Office and oporatimal addres¥'. 24 Old Burtlliglr) street London, W1S 3AW Yru6te•8 ThB pgrBons tservEAI Bjtruslees during the period wer8 asfolkwJ5:_ Mr S Conway Mr D Tagllght Au¢Wor8 Banker Moore KlngBlon Smth LLP 61h Floor 9 Appold Strget London, EC2A 2AP 3rd8ys Bank PIC Lond￿ BarGl&ys Weath P￿val8 88nk 1 Churchlll Plaro London, E14 SHP STRUCTURE. QOVERNJ4CE AND MANAGEMENT The Company is limiled by guarantee An¢ Is goveined by Memorandum 8nd ArtSdes of AEaociabon dated 9 August 2011. The Foundglw was reg151ered Wih Ihe Gh8rity CommlsBlon on 18 August 2011. under ch8rlly I￿nber 1143431. The Wlll ollhe18te John Bkck dated 30 July 2002 siaies that the Truste8& of Ihe Wlll shall hold John glacvs res￿u8ry E51ale upon Iru&l to apply th& inGOrn• Ihwoof chaillgbl8 purposes. In orderto a¢hitrve this the Iruslety eslablishBd ihi% Foundation. Thg tru￿996 99 ¢haritytrus18es hove control of the F￿n￿a1vJn and 119 piopertyand funds. The Fvundallon is (air•J by Davkl Tgglight. Except Othe￿759 piovided in th8 WHI. every Issue mty bg d9termlned by a ￿T￿pIe majority ol voles cast at a meeting of the IwsteÈ$ bul a re5du￿￿ thlch In wrhtlno and by al tre trustees l¥ as valid 88 resolution passed al a mo8Jng. One of thètruste88' prlmary respon$lbllllles 18 lo ensure Ihal Foundallon oper318s lo thg h￿he$l standards In 411 86peth ol gowemance and risk tnana9emenl. Their aim Is lo man8g9 Foundauon 9tte¢Uvely. 8nsunng that PTDperoperarting procedurès and internal COntrDls are IT￿￿7181￿$d al all lim8s. Tr?nsparen¢y18 rxiitral lo this ot4e¢we and Trk)rè dtrtail can ￿ found In the Rbk Management ser*on ofthe Strategic Report.

THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2022 RECRUITMENT ANO APPOINTMENT OF TRUSTEES Future Iwsiees musl bo appointed by resdulion of Ihe Iruslaes. The numbérof b￿S￿e$ 8hall be not ￿s5 I￿n but sh911 not be subject lu any maxirnum. 11 Is dear thai foi our Founoation. need people of bolh exp8rfence 8nd Ih(Y69 capable of giving Ihgir time.11 Is noi alY￿YS aa5y 10 find both those chor8¢teristic5 In ppaple wAlling lo take on the cons1r1Brab￿ comrnilmenl and iespon&ibilty requlr8d by the FuurKJalion. We conunue lo &eorch for potential trustee5 of the quallly requlied. INDLICTION AND TrAINING OF TrUSTEES Ah of the e¥1311ng truslaès ar6 faTrMli2r v￿th lh8 rnnnlng ofihe F￿n￿li￿n and 8re pro￿￿ed do1￿ oftru8188 Irainlng eoursÈ$. New Iru8te8s ￿￿11 be provid6d Wlh Ihe memurandum and ￿tICI@S of a58orl¥fjM and vEb links lo charities guld8lines for trustee$. Tru$lees aro aW￿e that it is their reSponsI￿lItY10 kgep abr83$1 of developmen15 in lo thè governan¢tr ofcharilies under UIB Ch8lliies Act. AIMS AND 08JECTIVES OF ThE FOUNDAM014 The Found&lon was s&1 up 10 5upporl rnediral r$¥earch Pr061gie Cancer and P8rknnson'$ Disease in ihe Unlled Kingdom t￿elher ￿lIh Dlher Gh&rtiablo cause$ 885ocialed wih the Slate of15rael. Tho Irusle68 tonfirm they hsve rolerred 10 the Charity Comrni55ion's guidn¢e Dn puwic benefil whtsn revlewng the Foundation's aiTns and obleetlves and vthen setting ornnl making polKy lor the year. The Foundahon coniinued ils adopted policyof providing funJing variety of inslilulions lor Ihp public ben6fil. Thi6 In¢kndc8 resesrth Into beiifjr diagn068$ and ¥thorÈ appropriate more effertivB Irealmeni$ for both PrDsiAie Cancer and Parkinson'¥ Oisea5e. proviue SOTng details Oll this year's research under Grants and Donations b81ow. FINANCIAL REVIEW ACTMTIES AND PERFORMWICE Th8 Iruslee$ unlin￿d lo man8ye the Ag3818 htrld by the Foundation monitor Iha property a552ls held In lis whol ovmed subsSdiaries. The Irusiee$ consldBrfd thatthe valualbns ol Ihe Ihrge major propertles rBmained unchan9trd. The U.K. Bguily porffdlo performed Y￿1 Bnd the 8ond portfolio provided sglid Incorno. The truslees remain &alisfied vlth the spread oflhe Foundalhn gS5Bls. Durino the yearthe FwndaiiDn reTriv$d £1.43m from Foundation de F￿L4 h rtlated to an ssset he￿ by Iha late John Black which was SO￿ in France. PRINCIPAL FUND1140 SOUR¢es The Foundaiion cwtsnu8S to rocgive donat￿n$ from it& wholly subsldl8ri88. Itaiso has a# Invegimenl ponfollD whlch get)Erales Inve$lmÈnl relurn5_ La$1 year wo repDrtod that Ihe Foundallon re¢elvtrd Ilielssi ￿gacy payffjenl fro the EstalB i)f ihÈ late Juhn Black We are pleased ID lo report Ihal during the yearw$ received a dorkallon from FondaliDn de Fran¢B rel&ied to a Frenth properly ts￿￿ed by John 81ack. Thls finahs¢s any funds the Irusiees expect 10 wcelv& from ihe Estate of thtr IBle John Black. INVESTMENT POWER8, POLKY AND PERFORMANCE Under the M8morandum and AttideB ol Asso(xatson. th8 tru3lees have Ihe authority lo itsve51 the funth olthe F￿ndation al Ihelr discre￿on. The F￿ndalkin malniains a Caulbus approach lo its Cash deposits and Spreads the capital several hlghly r8led finanrAal institUilon5. Ils property porttollo Is a￿vety man8ged In-housE and a)Ile¥&l an excellent resum in16rffls DI incDm&. Thg 8quily portfdio, Iso manBGed In-hous6 had amther Y8ry posluve yeor. Th8 truste25 rètsln confide￿9 In Ihose inveslments.

THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2022 RESERVES POLICY As seen on page 15 of the BCGounts Ihv FuuThlaUtyi has subst9nti￿ reseN8s. Ilkeepg Ih&se to genewBte income vthich is dmaled to m•dlGal research and other charitable puFposes. As Ihe Found8tion begin8 to make longor ler Te5earch commitrnents the tFvslees have de￿ded to retsin an appopriale level of ils re5eFves In li4uld fornl. These InGlude bank d£posils, short dated bon¢Js and market8We listed invaslm$nis. This Ilquldliy wlll a150 bB availBble 10 tak8 adv8nt8ge of uniqu$ DPPOrtuniUes whith may Bnse in the exisllng pwerty wrtfolio, Thesa central London woperty a538ls are held to grow th8 capiial base aTrd malniain Income ovtsr Ihe longer iemi. thereby prowdlng thB tharitatAe Foundalbn wllh the Bbilityto GDnlhue Its 6tat•d 8im$ and objectives. GRNIITS AND INVE$TMENT8 Tht Trustee$ ar8 report Ihal since 2013 they have madè Grants and DLviatiDn8 8nvJun￿n9 to£29m. Tha$• InGlude three ienw8ar professI￿al research Chair6, t¥￿ In ProsiaiB Ean(xr81 UCL aThJ Oxford and one In Parkinson's di5e8se 81 Oxlord. Wa hsve donated £3m 10 Bnablg Oxfor(J Univ8fsity lo puichgse 8 MRI Linac m8chlne that uses pSoneerfng tschllol(w to locale and dglwer doses of radiauon lo moving lumours Wlh accuracy. In th&￿r￿S of Profes$or LDU18e Richardson. Vice Chancdlorof Oxtord Universily'lhe eqtswm8nlhas Ehe polenllal lo make e $ubslanlivB drference both on IhB treati￿￿1 of c&n¢8r andlhe fvrtbtrrlng olsignlfi¢anl IFs8aKh" The machlne 1$ bBlng used to treal nollust Pr051al8 bul oiher canc8rs. We madg A gfft of £2Fn to UCL to pur¢h858 a sorety needed 3T MRI SGanner¥thich Kil be usèd primarlty for sdenUfiG re5e9rch and NHS Irealments. In recogn￿On of thls the SLxnnerhas been named"Th6 John BlaGk Ch8Kiiabts Found81ion JTMRI Scanner". CurreTrly we havs made a lo101 of105 reseorth grants.. 89 of Ihese tyants ￿tTe for rese8r¢h Into Pr05tale ond PthIn5￿'s,. 16 olhew research grants low8rd8 Covld wgre mada b81 yearto meetthe urgent need ol rese8rth during lh2 height ofihe pand8ml¢. Thls yeBr 898in many of ourre8earchet8 have had Ih8ir work published In ¥uallly medlcal lourTia19 and where approprfaie have provKJed follow￿￿ liman￿. The M8jorily of Ihe syants 8re I￿9-terr￿ in natur6. As In pr8vlous years JBCF has w(xked wlh Prostale Cancer Foundafjon IPCFI and Ihe Van And•1 Intsthule IVAII btsih In the USA the Urcloylc81 Founda￿0￿ ITUFI. Tho CurB PaTklnson's Tru ICPTI and R05elre8s Trusl IRTI. Thetse In$JtuU￿S provld the neces5Bry peer revlaw r8qulred before J8CF makes aThygr8ni. We reported L851 y8ar thai WB joined CPT and VAI In 8 tiiparute agreern8nl lo fjJnd the ILCT prograrnme for repurpgsing drug5 lor pa￿D$on,5 ¢JSsease. We are happy lo report th81 in Ihal iegard Ambroxol has b8en thogen to mov& into a Ph8$e111 trial. JBCF Iirot supported research into Ambrox(A in 2015. Last year the18boralories wale $tsii affBcied by Covld and Ihls had e knock- on effeGI on our efforts io make meaningful 9ranl8 8nd donations. Do$piie thi5 JBCF made urants ol t3.92m12021 £3.Sml. Delo115 of IhesB gran18 ¢aD be y￿￿ed the sC￿ne0 Report. PUBLIC BENEFIT The twsteos have oimp4ed with the duty in seGUon 17 of th8 Chartties Acl 2011 to hpv9 due regard 10 the wblic benefit guldance publishBd by the Chartty commis￿On. indud1n9'F￿bIk Btnefft.. Running 8 tharily IPB21'. 11 Is erwisaged ihal Ihe grants mad& and the aaivllyas (thined balow￿l11 provk1e ccn*derable publc benpfil to a ¥%ide spclion ol ihe ty)mmunity, ThB thBrityparfn8r& other Instltubons, the ProBtsl• Con¢6r FO￿daUrAn IPCFI, The Urology Found8Uon ITUFI, RosEtr9es Trust IRTI, and Ihg Van Andel RBs8arch Instilule IVARII in order lo ha¥& IhB highe61 oualty peer re￿e￿ prDce88. PCF, VARI Bn¢J RT often Make donatton8 alongsldg the Found8150n. The dtrector81twstse5 still fjnd Ihol Ihls t￿081 helps produce IhD beyt re5ult¥. The projects ￿ 80m8lknes sourws bv US. someUMOS by our p8rtners and S(Ane￿me8 by dIre￿ approaches from $￿t￿lIstS.

THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2022 ence Re Prosiate CAncer PrOf￿0r lan Mills, Ihe JBCF Chair ￿ Prosiaie trdntsr81 OXI￿d, 88ktd us to Drfer 5UPPCrt to Iwo cfinlc81 surgBon8. Alaslalr Lamband Rl¢hard Bryant. They had been 8warded £lm frorn NIHR 10 carry wl a r8ndomlsed controlled tr￿1 ofTransaclal bbpsyv£rsus LfKAI Amesthetrc Tran3perin681 tyopsy Evaluation ITFIANSLATEI of wtentiBI dinlts 9n￿lcan1 Prosi81è cancer. Al partieB aoreed that thls VKJuld rise lo setting up a blop8y biobank. ¢￿￿eting Valuab￿ re88arth sampi85 trtsm the TRANSLATE trial. We bBlieva that11 is 8 very Important ustr ol JBCF funds lo al￿W biobankln9 of rnat&rfal Mthlch would otherMsÉ lost lo future re￿rth. The bBnk VAII store samples frDfft 1042 men, be trased at Qxlord and wll rovide a ￿ch res￿r(%? lo Proslate cAn￿r researchers nalbnstyide. The11ssue resource Is Ihouktht lo be thefirsl 4Jf its nd in Ihe We V￿re h8PPytQ 6UFPOrt a nèw projecifor ProfÈ&sor18n Mlls. It 1> known ihal Prostale cBncer ￿ su9ts5ned by Ih8 andr￿en rè¢8pior. Thg cBn¢w prornalirvJ Inffu$n(x of Ihe androgen ro¢eplor is Ihcvghtto be c8Used by ils acbons on a number of drfv&r&. lan h8s sden1rf￿d one such drivw. The purpose of his prdeci Is lo defin8 the mechanism of8ctiDn of Ihls drfvér and uncovertrealment Comi￿tK)nS In caTh￿r& Ihatdepènd on11$ activity. Wg a150 SUPPOrtèd an applie&lon from to target8 pertiuJLgrtranscrSpllonal kinasa ID knggel knnaig Immune respM5e in lethal Pmstate can(%r. DrV8lenline MacaulBy flr5¢ 5upfA)rtBd In 2016. Sho ￿kIThg Insulin-Llka Growtt) Factors, IIGFI and Ihe fa Ihg111 appeared trat those wllh low bwolts ol IGF seemed to be protectsd from Prostab ¢8ncer. AS many ￿h￿l roiac15 the pandèmichad aftE￿t8￿ wogress. we were lo rnake 8 further grani lo help Val gel the re8è&rth lo Ihe level ¥ther¢ 6hg cwld acc￿ 8 IDr larotrgranl from other concor knstItud￿s. The inibol has bBBn publisw Discover Oncology. subsequen11y￿ also JPPDrtgd Val In a yfy8r follosmn project, Mthore sh8 ￿ ty.ng lo mBke a n6wiyp8 oflGF iIoLer b3s8d on small cyclic pepllde3. Prol88301 M8rGus Drake from Brfstol Univ￿5￿tY re¢ell￿y concludad a study named Pl8n&i, d8volDped an as5e5sm0nl 8nd treatment plan IDr No¢luri8, ¥)¢fèased pa$&ng of urlne al npJhl. wh￿h can somebme5 be linked lo prosl8le ￿5￿95. We have fund8d B follow-on project NET IrnpACT which will seek lo sdapi the PLAIQET aEsessmeni and trtatment plgn foreveryday pradice. le51 il YJ pr8Gtical and for paiienls, ond mak8 st Standard in NHS, 11 vias ple3$ing lo see that some of the early w)ik carried out by Prolesstbr JUh￿ da B(Thk al Royal Marsdèn wds published in th8 pre51yJti)us S￿Sn￿ mBoan8. This work w85 5wnsor8d by us to Inve5bgale the rnicrobiome and ￿$ intera¢tlon ￿1th Gancwa. We h&ve again supputed tw Young Invesb'gaior Aws Ihrtyjgh tho Prostate Cgn¢&r Foundailon. This 8ward has helped m8nyfine scientists ￿ the road lo building Iheir r8pulaJon. In fartlho JBCF Proles60rof Pmstate cancer. Gert Attard. rerwed th16 OppOr￿nIty many year5 ago. Dr Harvt8r Sifigh Dev 8t Cambridge. AmDng several ulheraims. HaNeer hopes kn define Ihe funCt￿nal neI￿rIk the androoen recep1￿ In the DNA d￿age responso.. he wants lo Idènlfy ￿¥1 therepeullc largets for Dvercomln9 reEislan¢8 to ADT. DrETr4y Grisl ai UCL, ￿11 use rèpeated pl8$ma sampling of subclon$l and don81 genomic ElleraiK)n$ doi&Gted in biopsies fr(xn a(fvanced hurrn￿e 5en8iiwe Proslate cancer. Sho plans to identsfy Bnd th8raGtefi5e Iha emewgen¢e ol Sub￿ONe5 in men s18rfing ADT using the E19nd8rd Irè8tm6nts of 8nzlul8mldelabiraleronelapaludmide and PARP InhibilDrs.

THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2022 We were ddlghlgd 10 mBke a subs￿￿11￿1 grant to Professor Nick JamBs al the ICR along￿08 tho John 8Lgck Professc for Pro8181ts cancer at UCL. Gert Altard. Th6 grant ryll futhÈr èxamine benefts arislng from Ihe SIBmpede trbal. Thlts trfal h85 induded more than 10.000 men and started in 2005.11 haN been v$ry su¢¢es$ful in thAnglng Ireatrn8nl and DuIcLKnes u$ln9 8 his￿perIormSth￿e assay, opumlzed. and tested on gnoihèr Sel of patients funded by JBCF. Tlis new gTani ￿11 $8gk an$￿Vr5 on some men benefit, from gmono olher irBalmenl, Radlolherapy al certait) stsg6s.' il wlll creato bbmarkers lo better 86lect patients gDln9 fotward. Thi5 grant leverages on the fanl86dc succ8ss of Si8mpedp end prevlDUS grantB made by JBCF and we sBe it as a vital slep to ilng this elemeni of Duf WOTk ￿1th Gert lo a usek condu8vJn. 11 wa5 good to see Ihal Nlck Euw IC8rdlff Unwersityl who fullded in 2018 comp￿led hi5 yolect on enhan￿￿9 Ihe IhEryuli¢ 6ffl¢acy of PARP InhSbi1of3 in ProBlole cancer. We lor& forwBrd ￿ se8ing if work mlghl pave lor eBrPy clln1¢81 th91 may Imwave the oulcomos for patients. In 2018 wg BVPPOrtvd Dr Claire Fletcher at Imperial College. The work was to develop a bbod.b35ed blom8￿8r that WDuld Identify pauents tho would respDnd better lo vadous irealments. This work has been published In MoleGular Canc8r. Claire discovered a Ilnk betweon rniR-346 and NORAD that regulale$ DNA damage and repairing Prostate c•n¢er. Thg plan nowls ty lake miR.346 fwrd Inio pre4inicBI inve5UDalion6 vlgw ￿ eVen1u￿ dinlcgl lrfaL%. UCL has womrAed 8 new Pr031ele cancer trial n8med RQ-IMAGINE. Itwlll attempt lo corfeGt cuirenl errw8 as Overd￿gnoSIs. overtreatm8nl, mls$ed (agnosis 8nd poor rlsk siralillcAlhn' for 8n the pfo9r986 made lo dare in PC thp8e issues still The trial wlll coll8d blood. urine, and Ilssup for rngrker 8n8ly¥l8. W8 have made a grant whlth vll enable the trial Iv algo GO1￿￿1e¢8I mati8r, may also prove lo be an invaluable aource of inf(wmaliDn. The tri31 Is supwrted by prvfessor Mark Emberton and the JBCF thalr al UCL prvfB55or Gert Altard. aTkin5 ase 11 ia ni￿ to be ats￿ to re￿rt thai Ir8 Mikjsevlc. IhB J6CF ChBlr In PaMn8on'$ at Oxford, secured a preEti9IOUB WellcomF Invesugalor Award. Th15 Is a seven-y&ar career defining award ￿lch will enable herto bu1￿ crilleal mas9. In 2015 w SUPPDrted en hvesUyaI￿n into brealh anatysis ￿ the dlagnosSs atyj stagin9 of PatSnson's ¢Jiseas8. The Y￿rk￿8$ ¢8rri8d out between arnong others Tr Roger BaFker 81 CambrhJge arid Ihe TeGhnion UnSvtrsity In Isr881. The has bBen publlshèd Sn The Joumgl of Pafftlnson'5 Dlsord8r8 and look fcrfward lo il b8ing a step Professor Shouqlng Luo at the ijniversityof Plyrnouth ¥vBntsd lo Investigato'Lowerfng autopha9080mal o¥edoad to mftlgat8 synu¢lelnopathies' Alpha-$￿u￿len Ca￿8$ harmful B99ieg8les ID br81n ¢8115, L¥Jniributing lo P8rkin30n'& tlsease. Th8 $elf-Bating procests callod AutQFknagy remove these h81tnful aggregates. Profe8$or Luo hDpe5 that th8 ￿rk shed Ikjhl on dNg dl&covery for Parkinson's. In early 2D16 we supported 8 proj8¢t byProfessor D8vld Rublnszlaln whowas lty)￿n9 to 8xpe￿ the pool of autophagy IndurAng drug5 to lower tha bv8ls of harmful prO￿lTh5 kno¥w to be Involved wlh ParkinsDn's dlsease. We were pleased lasl year 10 follow from th15 vLvk. Dawd 1$ looking al reduung boih ￿pha-synU(leln an¢J another proieln Tau, %%trlch when mu￿le￿ cen be 8 driv8r of PBrkin6CA)'s. To dale David h85 fL￿Sed on repurposlno axlsllng drug5 In relatsth autophagy. he is nowexpk)ring an allem8livB rouie. kne Pro188some, h85 a dSfBrBni ￿￿￿ting dnjg lo focus on. Hg p1811s lo see whelhur he can 8chleve enhan￿￿ reduclons of Mpho-synudeln atHI TBU by combinlng 8utophagy end proteasome Inductlon. We were happyto support Robln Cloveland fonn the 08parknent of Ènginfjering al OxfDrd. Th8 pl￿8(1 megsures th èttecls of h)w4•nsity uMr8sound on Parkinson'g patients who havo had Deep Brain StlMuldts￿ IDBSI electrode5 placed in the brain ID help cases of sèv8re Patklnson'g SyTnplom$. Ultrasound Is becoming è better understood locl BrKJ In the case of these DBS patients Robln hope$ he wll be ab￿ to monitor the brainw8ve3 to eslatAish Ihe eflEGts or Ihg ultra50und. Th8 hope is Ihatthls v￿rk￿lI then be Iranslaleij into eady PathiTr50n'5 suffer8rs 8nd improve theli sympkths. Al the mDment high dose8 of Ultrasound are given lo patients to ablate thg di$$ase. Vdhlch ￿ be dom8gmg.

THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2022 W& mad8 8 further grani lo ProfessorTom FDllynlg'. hp Is collectyng bbod sarr￿8 while trxeculing h1$ Exaniilde trial Ifunded byJBCFI on patients suffarlng Spe￿￿c￿llY1rtsm mUltsp￿ System AlrophwPartlnson's IklSAI. He wBnts 10 tBt these s&nples and 8nalyse hDWthe prolejns mvJhl change reswse to that Ireatrnenl in wlents dlfterent fypeB of Parkinson's, for ex￿p￿ Progr0$￿v¥ Suwanuclear Palsy IPSPI. SrJohn Bell, Reulus Profesgor of M4dicine St O￿ord. asked us to support, among others, professor Wlllam James trom the William Dunn School of Palhdogy In OxfDrd. Ittr8nspiies Ihal through past research Into P4￿ns0n,S dmgs, Ihey have found that s0fflts￿ll succas5fully Inh￿?1tth￿ e3￿Y 5tagé$ DI SAR&CoV-2, They bfla¥$ thal further re8¥ar¢h into a ￿rtIcULar Praloin Coding gene 39s0cialed ￿th Pathknson'8 tauld lead 10 furiher drug being developed. %thlch COU￿ be utilised in Ihe fight ag8ln61 Covid 8nd tutse ¢oronavirus Ihre8ts. We re h8ppy lo fund thi5 work it m￿￿ri￿er re5eArd) )lo the Parklnson'B aspect, while helixw In the searth for bailer remedlÈs for Covld and bByond. Last year we rèported th41 JBCF hpd Joined Cure P8rf¢insth's Trust ICPT) and Van kndBI Re5ear¢h Ins￿1￿18 IVARII of Ihe US4, c(xnmlthng 8 total $6.75m IDward5 Ihe highly SUCGessful Intemalional Linked Cllnlcal Trla5 programme IILCYI.which &)oks to r&sear¢h rep￿p￿￿81n9 of 8xisllng drugs for use In Parkinson's dis¢a$e. In 2015 JBCF ftrsl $UPKthed ihe rese8vth of Profèssor Shapka frorn UCL and the Royal Free Hospilal, to rapurwse Ambroxol, a ¢￿9h Iincius. io h61p palieni$wlh Park4nson's. In 2020 JBCF agBln supported I￿ther thals. It Is exc￿1￿9 lo nole Ihat knbroxolwill now enier a Pfvose111 trtal VAII be fundpd equally by the three institullons from ts money mmilEed last y6ar. RELATED PARTIES The Foundation owns 100% of the share captt81 of The Maroln Finance Corporalbn Llmlled and BcrfrisbroDk ProperU88 Limited. Davld TaglighL a trustee of the Foundation is a directorofmargin FInan￿ CNpor8bon LirAied. He Is also the eyewtor of the Est81e orthe late J BIBck. Stephen Coiwdy18 a dSr£clor of BoYri5tr*ook prop￿¢$ Limited. ALIDrroRS Moore ￿ngStOn Smith LLP were appolnted audhoTS In attordance wih seCt￿n 485 of Iha Comp8nl8s Act 2006, 2 rea￿ution propo￿n9 Ihal IhAy are reappdnled ￿11 be pul at a gerernl meeting. This rewrt w aFyroved by Iht Bosrd of Trustse6 on ...... .2022 dyned on lis b￿h￿fbY Davld Tagllght Trust••

THE JOHN BLACK CHARITABLE FOUNDATION STRATEGIC REPORT For the year ended 31 March 2022 The alm5 ollhe Foundation durtng the year condnued to b8 iht mBn8gemenl of rts o%w fund8 and inveslments and the maklng of donalons Ip charil8bl8 bodies in acc<d8n¢e its ch8ritable alm8 and oiyective5. Th& prfncipol Octiv￿e5 of lis owed sub51diaTiES conlinued lo be Lhai af prop8rly investment. devebJptnwL m8n&gement. the making of loans and otherinve51rn8nts for the ￿Man￿al b8nathtof the Foundauon. 10 gener8te income lo enBbkp the Foundallon la carry oui it5 objects. In an effort lo b)0$1 Income ¥￿thOut unduè ris Ihe Iruslees L881 yeaT purthased a18rye building near HeAihrowf( £13.9m let 10 The Firsl SepAetBry of Slate for Housing Communities alld Local Gavèrnrrni for 16 years. Ourtno the yo8r Ihg Iru&le£G wlnued to monltor the group's Other property interests. h Ihe yoar under review ¥￿th Covkl restrkuons bdng removed Ihe dlreths are heppy to report that all teDonde$ remain inlacl and decKled that the cotyng Va￿88 after two yearn ol dedine5 were GDtrect and made no 8118ralions In Ihe y8ar. Tho tr•me(16ub51dl8ry 118r9￿n FknBnte CorporalSon Ltd In¥ns B r￿1xed￿Se freehold site on D￿TY London WC2. The slle extBnd5 over Ihè quarter8 ol an acrfr. DuriD9 the yeai Ihg buard made several r9nl Goncesslons and deferr818. 8 view lo keeping tgnanls in pts¢0. We are happy to report thatall remgin In plac8 ar& trading Im)￿n81ty. Bornsbrook Prope￿e￿ Ltd. the FoUnd8b￿,5 other ￿ollY 0￿￿ed subskjlary, OWF)$ Ih8 fr8ehold of a block of9D partments in Ken￿￿910￿ Hlgh Slreei. L￿dOn W14. The company own5 dire¢tyy 13 flats thl¢h ar8 ￿t wt on assured shorthold ten￿¢195. Here agaln the bD3rd opted to keep rani8ls al the J8me levello P￿Erve lenBnc485. All apartments dlroGIy own9d by the Foundation remain fully let. Durlng the yearth& Charily recelved B donaiK)n of£1,431,614 frotn de France, ￿p￿senfj￿g the sale of8 French BSg81 from Ihp Estsle of lh8 laie John Bla¢. Including thi$ donation lh8 nei &S$èls of Ihe FDundalion 8131 March 2022 stood Al £63,553.36612D21 £83.350.7321. This WBS &rter maklng grants and donallon5 of E3,615.975 12021 £3,498,749). Thp results orthe FoundalL) and [15 sub￿dIaneS for the year ar8 setoutin the CDn¥olldaled Ststemenl of Flniial AGtfvlU8s ￿ page 14 DI theflnanual Slatsmentrs. For the first IlMe since its I)CePtiL￿ the Fwnd8Uot) ￿ndS itself In a worhJ %thgre Inlerpst rates 8re Ucwng up. This ha5 yet lo lead banks meanlnofully increasing thplr rates for saver$. Lasi year purchaeed Ihe property c105e lo Heaihrchw letlo the Secretary Df St919 for klouslng and Communlli6¥ for 16 years and we rBl3in our c(￿fidenc& In that SnvB5Lmeni. We still aciively manage o short-daied bond porlldio in quah'ly nam•5 and again are happy the peformBrK4 oftho80 Inv85tsnents. Thè trustees belleve that the FoundaliDn has sulftcienl reserves lo be 10 cOn￿nUt suEce¥sfully In the futur8 and make In(easing contrbulbns Iowds It5 slated and obieciwe8 &8 881 out in the Trustee8' Report. RISK MANAGEMENT Th8 Irustees reyulwly examlne Ihè majDf slrat&gic buslness and operational rfsks whlth the Foundation faces and Dnfitm Ihal systèms have bean b$t3bllsh&d to ensure thai n8ce5sary stèps are tsken to lo such dsks. The trustees of the Foundation sll on Ihtr board of rts subsidiades. both ihe Foundation and subsldlarkgs hold regular meeling5 to r8vlèw ptrrfomance. operating procedure8. Snlemal controls. tsp6rational risks and unc8rt&lniies. In 18trn5 of its investment Ihe Found8llon and ils subsldldrfes lace Iwo Blea9 offundatnenial dsk. Thefirsi 1$ a malL¥ banking coIIBpse wherBbya hiyhty r8ted bank n49ht not repay the group's deposits. Forlhis reason the Irusi$es h&v8 spread the deposlls among several majorffiBnciAI Inst￿lI0￿s. Thg second fundamental ri8k is 3 serfous col￿pse in the centr81 London property markBtMthi¢h would Impact comrnerclal re￿de￿Ik91 property IBlling Va￿￿5. Givpn Ihe lucalbn and divernity of th8 group's ptvpfjrilBS And the f8dlhal the group is 83get rlch vAih tyJ debt, the tr)slees thlnk Ihe risk of serluus darnage lo the Foundation posllbn is mlnimal.

THE JOHN BLACK CHARITABLE FOUNDATION STRATEGIC REPORT For the year ended 31 March 2022 PLANS FOR FUTURE PERIODS Thè Found8lion Cthtinue5 to make research grants In thè sre88 of Pr05tate cancer 8nd P¥￿n80n,& diseasa. In the yeBr under made A furt￿r 16 grants bdnglng Ihe totsl number ofprolerjs to 105. Includèd Wlhin Ihat n￿mb￿r ￿ra 16 grants m8de to fund COV￿ research projecis In the prevbus year thn there 89n￿3 J)etrd and the labor&todets senring ourkn%> Ina￿ moLtlcal targets were party closèd due to thè pandeml¢. More dot¥il can be found In the Trustees RopDrt. We alm kn maintain and where possible increase our incomp to be able to provlde further grsJn15 ID existing prDl&¢t8 and funa ones. We %%ill. however, never in¢rease our rlsk prDflI&. The purchas8 of an oifite building for£Y3.9m He81hrow ltri lo Th6 Secretary of Slate lor Housing Commufillies lasi year gives us a skJniflcant boost lo regular incom8. We continue lo support ihe highest quallty research for carefully peerreviewÈd projects, whertr the aims are belter diagnosis, treatment and therapy In the areas of Prost8te C8ncerBnd P&rklnsoD'8 diseose Thg tru51ees strive lo Segk projects at major organisallan¥ to expar￿1 our sL4ted nd objectlves, fr¥ueThlly in eollèboradon %%41h other charkablg bodies and in8tilulions. A full an21ysis of Ihe FoUr￿8110￿.$ wtr8nl Hnd fuiure plans Is gDfen undèr the Publ1¢ Benefit Seclion in the Report of Iho TrnslB88. Da¥￿j T8glighl Twste

THE JOHN BLACK CHARITABLE FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES For the year ended 31 March 2022 The trustees are also dIre￿D[S Df The John Black Charflabl8 Founda￿0￿ f(Y the wrpDs85 of company lawl are rotsponsible for preparKw Ihp Tmslees, Annu81 Report Hnd the fin8nGial stslements ￿n accordance applicdblo law and UnSled ￿ng￿0Th Accounfjng Standards (Urited Kingdom Gentrnlty Accepted A￿￿11￿9 Practscel, Indudlng FInan￿￿1 Repoitin9 Slgndard PL4)lished in tha UK and Irel8￿j. FRS 102. Company law requlres the trustees to prepar8 financkal $18lem&n15 for each fltyandal year gfv8 a true and tsir vlew olth8 State of affeirs of the charitable group and of iho Inconmry resources and appIl￿tion of resources, indvding th2 Inccffrè and expendliUTe, ol th& tharhlable group f( thai peTiod. In prep8ring these financlal st&l8m8n15, the truslEtr8 are required to.. selecl 8Gcountlng pollL4es Bnd apply Lhem consi$lenUy'. obserye Iho methods ènd prlnrAples itb the Charllies SORP.. m4kpludgernents and 8stimAlg5 thai are rga80nabl8 and prudent., slaie whelherapp¥tbl¢ UK AcEounling sland8￿¥ hav8 been lollo%¥ed. subject lo any maiedol departure5 dtsdoBed and eyplaintrd in thfj finandal 51at8men16'. and preparelh6 finafidal statemtrn13 ￿ ihe golrvj cor￿er￿ basis unless11 Is InapprO￿ale lo presum? Ihat Ihtrtharily wll ￿nIhUe in buslness. The truste99 8re r•spDnsibk forke&ping adequ8le awouThting r&¢cvds Ihat dis￿ose rtasonable gccura¢y ai ahy time Ihe finaD¢181 PLksition of ihB tharilatrAe eompany and enawe ihem to ensure Ihal the fin8ncAal statements Ih the Companies Act 2006. They Are also respon4lble for ￿&gU8rding the 8ssets ol the chariuqbb CO￿panY and the group and hence fortsklng regs0n8b￿ SIEPS for the prevention and deleGlion of fraud and ¢¢heT iire9ularlU6S. In $0 fqr &s iha trustees ere aware.. - there is Tro rolevanl a￿rt Inltsrmatlon of whlth the charlwle companls audrtor 18 unaware.. and Lhe Irugtees have tAken 811 $￿pU th81 they ought lo have t8ken lo make themselves aware or￿Y rglevani avdil intorm¥bon Bnd ID eslabI8h thal tha 8udllor 15 Bware of thai InloTmalion. Th8 trustees arè rasponwbltr for the mthntenance 8n¢ inl8grity of th8 Cuporaie and finan￿81 Informall¢yb Induded on th9 ¢h8nl8blè cornpany's website. LegISlab￿ kn the Uniitd King¢om govemlng preparallon and di5semlnaisDD ol finand81 stglements May differfrom le91￿￿￿0n In ￿h￿rI￿￿$d&ctlon8. Slgn•d on bqh4110l the Bo•rd of Trust•eB Davld Tngllght Trust¢• Dth..

Independent Auditors’ Report to the Members of The John Black Charitable Foundation For the year ended 31 March 2022

Opinion

We have audited the financial statements of The John Black Charitable Foundation for the year ended 31 March 2022 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 March 2022 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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 form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

1013

Independent Auditors’ Report to the Members of The John Black Charitable Foundation For the year ended 31 March 2022

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the strategic report and the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• • the strategic report and the trustees’ annual report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable 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 the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees 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 assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain

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Independent Auditors’ Report to the Members of The John Black Charitable Foundation For the year ended 31 March 2022

audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.

• Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council

• We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.

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Independent Auditors’ Report to the Members of The John Black Charitable Foundation For the year ended 31 March 2022

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

• In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charitable company'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 state to the charitable company's members those matters which we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Stickland (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

Date 9 November 2022

6[th] Floor 9 Appold Street London EC2A 2AP

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THE JOHN BLACK CHARITABLE FOUNDATION CONSQLIDATED STATEMENT OF FINANCIAL ACTVITIES For the year ended 31 March 2022 2022 Totsi Unrestrtded Fund 2021 Tot•1 Llnr•8trlLt¢d Fynds In¢om• from: Donations and Loga¢￿& Investménls Profll on sale of assets 1,431.614 3.455,755 1,679,975 2.826,152 434,140 Share of prfthtfrom joint v8nturo Tothi Incorne Expendltuvv on.. Dlrecl property C08ts Other uivastmènt managemeni and edr￿nfstrali¥e costs D&ferTed lax mov8mènl Ch8dtabl& aGti¥iknes Share of10s3 fromhjht venture 273,204 351,819 612,518 3,615.975 276,002 290,193 34,173 3.498.749 34.080 Total expondlttJr8 Net yaShS I Uo$8a81 oh Inv4tment8 1eB.781 288.878 Net In¢om• I lxp•ndMurol 202.634 1,0￿,446 Net movem•rbt In lund¥ 202,634 1.095,448 Recon¢lllaiion olfundB Total fund$ bioLhghl forward 83.350,732 82,255.284 Total fund8 e•rriedforward 88.5￿.366 83,350.732 l oflh8 above results are derived from continuing actDfhig8. There were Th) ￿her recognised gains or los olherlhan Ihose Blated above. 14

THE JOHN BLACK CHARITABLE FOUNDATION BALANCE SHEET For the year ended 31 March 2022 Tho group 2022 The ¢harfty 2022 The Th8 charity 2021 2021 Not•$ Flxed a6$0tg Tanglbl8 assets Investment Inlolni verthjre Inveslmentpropertles Egully InvesiTnents Hntl l>)nd8 CaBh in¥eslm8nls 144,859 1.958,890 39.263,217 13,7D6,768 4￿,688 147,732 1,958.890 39,263,217 10.634.669 150.2D2 12 15,263,217 32.644,648 400.688 15,263.217 30,OQO.860 150.202 55.474,422 48.3LIB,553 52.154.710 45.474.279 Current •¥$•t¥ stock- properbe5 for sale Debtor5 Ca$h ai bank and In hand 3.796,966 8,309,740 21,497,1 3,796,966 9,528.400 22.983,871 14 23.204,123 16.357,303 24.073.972 18,211,839 33,603.812 39.561,426 36,309,237 42,285.811 UHbiif(1e8 Creditors amcAJnts duewilhin eye ¢urr•ht assAts 15 1837,9431 (337,6971 11,175.1521 1776,1571 41.500.654 Total &$8018 bètss ¢urront 88,240,291 87,532,382 87,286.795 86,983,933 Cr&YKcrfs aM￿l￿ts f4llTrJ du after U)an one yegr Prowslon for liaillltiB3 18 12,134.7661 12,134,766) 11,998.4221 11,998,422) 20 2.552,1591 1,939.0411 83.553.366 85.397,616 83,350,732 84,985,511 Funds Unre8lrfcl8d funds Genersl fund$ Non-th3rit&bk retslned funds 85,025,355 11,471,989) 85,397,616 B4,946.928 11,596.1961 84.9B5,511 Total chllrfiy lund¥ 83,553.38e 85,397,616 83.350.732 84,985.511 As perfflltted by s8cl+on 408 CA 2006, the pgrenl ch8rily¥ gros5 income 8Dd Te6ults have not been Included in the n8n¢ial Slatem9nts. The parenV8 or065 in¢om8 wa8 £4,395.12312021. £4.198,53718nd Il recurded a proll of £412.104 12021". £644,6751. Arvroved byTruslee3 on....... .................. and slgnod ￿ th￿r beh£lf by Davld Taglight TTuEtso Chgrmy numbgr: 01143431 Company r8gl8iraUon nLwnb•r 1734413 Is

THE JOHN BLACK CHARITABLE FOUNDATION CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 March 2022 2022 21121 eH&hfiows fr¢Jm op•ratlng a¢tMtI•B Cash genefal8d frorn qabsovbed by) oper81ions 23 11,786.6401 16,055,926) Ca%hllow6 from Invg8JnB acii¥ltl• F￿ett ass•1 addllions Cost of investment addibons Procgeds on Sale ￿ hveslments 18821 16,630.6321 3,475.630 119,331,080) 9.591,140 13.1SS.8841 19.740,8521 Cashflr*WS from flnanclng ¥¢t1￿lI•S Inter&$l ￿nCom8 Dnfidend incame Invesiment income 1,162.220 131,855 2,161.680 1,104.761 57.B96 1,663.495 3.455,755 2,826,152 Incr£￿6 In ca$h and cash oqul¥al¢nl• 11,486.7691 112,970.6261 C&Jh and ¢a8h equivalints atthe b•glnnlng olth• yaar Cosh and cash Aqufvalonts atthg end of the year 22.983 871 21,497.106 35,954,497 22,983.871 16

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 A¢wunUng polJ¢lo8 l The fknancial stslemenis have been prepared In &w(dance wlth the Financ181 Rgporttng Standard appllcabl8 In the UK 8nd Republlc of Ireland IFRS 1021. The Charilyanis subsidiaries are a publlc bentrfit group forihe purposes of FRS 102 and Ih8reforè the Charity prepared Its fin8nclal ststemenls In accordance the Stalemenl of R8Gommend£d Pracllce applIca￿9 to ch8riUe5 preparing their acco￿1$ In Bccordance the Flnanclal RepDrting StBnd8rd appli¢8EAe In thB UK firKJ Repub￿01 Ir8lBnd (The FRS 102 Charlttes SORPI, Ihe C(mpanies Act 2008. ihe Ch9rlUe8 A¢t2011. Thp fingnc181 siatornentB ar8 prepar8d in slerllny, byhich is IhB fLmGtional currency ufthe companleB. Montstary pmounts In thesetinanclal statements 8re roUr￿e¢ to the nearest pound. Those flnanclal Ststsments conso1idats the results of the Charity and wh(Alpowned subsldlarfes Maryln Fin8n¢e Corporalon Limited and Borrisbrouk PrDperlles Limited Dll a Ilne by1Sne ba6is. In fv group flnanclal Statements Ihej(xnl venture Is accounted for using the equily m8lhod. Th8 con501hJaied SOFA Includes grwp's share ofihejoint venluro'5 resulis, whllgl Iho grDUP'S share of Ihe fah-value of thejoinlvenlurtr is Shown in thB consolidated Bal£nc8 Sh8el. AS thelolnl venture partn8rsNp. any profits trlosses are de8mBd dis1ri￿13bI9 to It8 owners. The results Includèd f thtrlDinl venture In Okj Burliglon Street Jolnl Venlwe are dorlved from accoun18. Trsn&aGti￿B end balances betY4een the chanty and its $ubsldlaries hBve boen diminatsd from the consolidattd finanrAal slalemBnts. Babnce¥ bEhYFen Ih2 9roup organisalh)ns are dlscbsgd thB note8 of tht charitws b8lanGe sheet. On wul$llioTr of $ubsldiaries all of their assets and ￿abIllIO5 Ihal 8x161 at the dale of 8¢quIsthon gro r8¢ord8d attheir r&ir values refieBting their condition 01 that daiB. Wh9re ¥ubsidlar195 are acqulred for nil conslderauon and are 8kln to a gift. ihe fair ¥81ue of Bs5ets and Ilabllltie5 al Ihe date are re¢ogTh￿ed as volunlary Income in the gt31ement of acdOt￿s. changes to thoBè assets and liabiliJes InGluding the resultin9 surplu99s or doficfts th 8wise afterth8 group has gained control of the subskliary are charged lo Ihe pa51 ar4vl6ition ststsmeni of tinar￿al 8Ctlvrtl8s. Thetruslee6 hove 8sse8s&d whether the use ol the golng concern basis is approprlate and h8vg conshjered poss1b￿ events or condthM$ Ihal tnight c8s1519nilicanl doubl on the &bllily of Ih8 thBrtlgble group to continue as a gdng con¢8m. The tW51ee8 have mad$ this a5ses$mentfor a p8dod 0181 least one year1r￿n the dale of approval of the flnandal slal8ments. In parU¢ularthetlU81888 have considered the10slln9 ItnparA of the coronavinjs pandemk andth8 wirBnteCDn¢m￿ 6nvironmenlOn the Chgdtable group's and have taken acc￿￿1 of pressuros on ￿nI￿1 &nd investment Income. After making Bnquirie5 the InJ51ee5 havo Con¢lL￿e￿ Ihatlhere Is a reastsTTrable expect81bn that Ihtr charitable grDUP has 8d84uaie F850ur¢es lo ¢￿tInue lo settle ilg debts 86 th8yfg11 du6 for the foreseeablB lulurè. The Charitab￿ group Iharefore conts"n￿$ lo 8dopl thegrAro conEem basis in piepgrfng ils financlsl slalam8nls. bl Comifl our¢e5 l incoming r850urces aw accounted lor when ￿ charity h95 enWllemenito the lunds. rece)l is pr(bable and Ihe amount Is measurable. FDr18gac46s. enIbtteTr￿nI l¥ tsken Bs the earlier of Ihe dgle which the eslale i¥ finali5ed or when an unGDndlllong1 d1stributi￿ from the estate has been ￿ther nDlified or r￿ts1ved. Where maleriql legades hove bpen noulled but th8 requiremen13 of InctynB recognillon have not been mel, the detalb of the leyarAe5 are dlsdosed In the noles lo thetinanGlal statements. Whore pradical, gffts In klnd end don8ted servlc8s and facil￿8$ are recognls8d as voluniaryinwme ai th8 falr value ol r8sources received, when the re5oufcès Bre rec&vod. 17

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 Accouk)IlhO policies Icontlnuodl cl R8stricted funds are lo be used f(Y ¥pecrfbc pwrh)sÉs as lad down by the donor. Exw)diiure ￿1Cl) mBet5 these criteria ￿ idet￿led lo the fund, tOgether4￿th a f8Sralocalon of $upwrteOs1s. dl Donalbns required lo be relslnod a8 capilal In actordaTice by￿h the dOn￿S ¥￿she6 accounl8d for 85 endowmenls- perrnanéni or èxpendable according lo the nature of the residciion. EndowThnls and U)a subsequgnl cJBases and decrÈa$es ￿ valu? Are In tha Statement of FinarK#d AGtivities ay partof those furyjs. el Unrestrkted funds don8tlon5 and Oih8r Incoming resources re¢elvad or generd for the ch8rftable purp088S. which are ￿t d¥slgnated for p¥ti¢ularpury)0ge5. fl In¥&slftnt income accounW ILKwhen reCefv3b￿ and IncMJde5 retained lax recoverable. nded ResourGe5 expendad ai8 rocounlsed in the peri￿ in which Ilw ara IrKurred. Resour￿ e¥pended incKJde attrfbutsble VAT wthh canllol be r8cov8red. Resources expended are allocated 10 the parbcularactiyity whère ihe c05t rdates dlrecllyto thai acbvity. Where ¢08ts rannol be dir6¢1Jy aliwibuied to parbcular advldgs they have been 811oc8ted rm 8 b8818 con￿819￿1￿1th of r850urceB. hl Renl is recoJniAed In iha peri(xl forwhlch rdates to. 11 Costs of raithg Incfm8 are Ihoso Incurred In seeklng v(Aunw o)nlrfbulions and do n(il includo Ihe costs of dis8enlnaUng Informa￿0￿ In support of charilabl8 &Ctiwlies. 11 Govemance cost$ are thè Costs as50Ciated wilh the governance arrarwJements of Ihe Char￿LY. These costs ar8 99$￿ated vAth consUlUtiDnal and slAlutory r8quir2menlg and Indudè any cosls 8&#ocialed ￿1th Ih8 Strategic manag•Thani of th9 ¢harWs act1￿1188. kl Liabllities are recognls8d as iesDufc0s expandad as So(￿ 88 thère18 a kgal Dr construdve olxlgadon eonTattlrMJ th8 charlly lo the eX￿n￿lIUre. Fr￿grants mÈdé in the finandal period, the full amount ofihe grant is re¢ognlsed In the year in vthch the commitmeni Is mad8 and shown 88 a long lèmi or shorttemi crodltor as 8pproiyiaie. 11 G(X)th￿l1 on acqulskion is i￿￿e11Y m6a$ured as the ex¢a56 of the cosi over th& 8cqulreVs Intoresl in thÈ fglrvalueof Ihe assets, li8bil%es and condryAnl Ilabilthes. 18

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 A¢countlng polldo8 l¢otttinuedl ml Tanglble ltsed assets are stated ai cvst orvaluab'on kp58 deprecialk)n. D8precialiDn is provkled al r8tes to Wftto Dff thè cosi trvajaliorb kss esiimaled residual value of each ass￿ ovgr Ns gxpectsu useful Ilfe, as folbw5'. Fre8hold Plant and mac1¥￿ry FiKture¥. ffliings and equlpmènl 25% redu¢lng balance 25% reducing balance Investment Included In thf sheel at their opgn market vslue. Depreryallon ￿ WDvided only on those investnn¢prq)8rt￿s whlch 8re leasd)dd an¢J where Ihè ￿0Xplr?d leo$e temi Is than 20 yeors. Ahhough Ihls accounling pollcy18 In attordBnce with ihB Fkn￿nC￿l Fleportlng s￿ndard, il is a departur6 fri￿ Ihe general requir6m8nl of the Companlo5 Act2D06 for 811 tanglble assets lo be depreciBled. In the oplnion af Ihe Injsiees com￿lance ￿ the stsnd8id IB nBceg&8ryforlhe financial slalements lo give a truE and fair ￿e￿. DepreCIati￿ or arnLYtlsation is only (th of many lactors ref￿rt& In the annual vahjadon Ihe of this whlch rnlght 01h9n￿￿e have be6n chargeil cannot bB sBparalely Id8nlifl8d Dr qtsanlmed. l Llsled iv8stM8nls are 5ta¢ed at mark&tY8lue at the b8￿nce sh88t dale. 8talemBril ol fin8n¢k918ftSwlies ￿ClUdeS Ihè net g81ns and reValUa￿Or￿a and dIspO88￿ th￿gh￿l the yEar. Unliqtsd Inve&lrnents 8nd inve51mgnls In $ubsldladas are sleled al valualon le5B provish)n for dlmiwtion In value. ol Slo¢k Slockls staled atlhe I0￿*r01 cost 8nd 88timai8d %lllng p￿¢818$$ costs to ctymplele and sdl. l Forelw currnncy tran614tlDn Mon8tary 855els and Ilabil￿e5 denwnln81ed in foreign c￿￿9￿c￿S aretranslaled Inlu stsrllng 91 ¢he ral0$ of pxGhango ruling al the balanre sheet dale. Transactions in foreign currencles ar8 Tecorded al the rai8 at the dale of lh8 Ir&nsaGtion. dfferences ore taken lo profltgnd loss attounL ql Consolldalion ofsub8ldiaFi•s The re5uli$ ofBorri$brook Propertkn Umited and ThB Margin Financo Cryration Llrrdled hèva been included In Ihe crmsolidal8d financial 918lemèrrt5 lor both IhB Gu￿8￿1 and prlcrf pwiod rl Judgvments #nd key estlmat•s In the Bppllcallon of the wmpanys ac¢ounbng polides, the Trustees are requlred to make jud9pm8nls, estimate5 and 06sUm￿l0ns gb)ut Ihe carrylng amounlofassets and liabillues that are nol r88dlty8pparent from other 5wrces. The e811ma￿S and a¥soGi8led assumplms are based on hlsiorfcal 9xperfence and olhgrfaclors thalare ￿nSider8d lo be relevant. Actual results maythrfrom Ihe5e estimalgs. The e8tim8te5 and underlyng assumptions are revlewed on an ongoirvJ ba$Ss. Revlsk)ns Lo ECcoUn￿r￿a e8limle3 are rBcogrMsed In the period in vthlch the esllmate ig re¥18￿ where Ihe rev1610n affects Ihal peiiod. or the period of the rBvi6lon and lulure pprfgd8vthera Ihe re￿151￿ affEcts tx>lh fAJrrent&nd future perioth. 19

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 Aocountlng pol1cl￿ l¢ontinuqdl 81 Crwcal Judgoments Uselul oconomlc Ilfo ol 08i¢t6 The 8nnual d2preci8llon charge for prO￿rty, plant and equlpTngnt 1$ sens￿ve to changes in thg estimated uséful economic lives and resldual values of the assets, The u86ful economSc Iwe3 and residual v8lu08 are r8a$886s8d anrnjally. Th￿ are amendgd when ne¢e#s8ryto refi8ct curr8nl eslimales. ba88d technological gdv8ThGgmenl. futur Inveslments, eC￿0mle uli11saticn aThJ the FthysScal condllion of thé assets. See note 8 for thè carr5ino eThounl of the property, ￿efit ond equipment and note 1M for the usoful econ￿1¢ IIv88 foroach dass of a53et. V&lu8tlon of Investm•Trt properhe The vAlualvJn of inv&51meni propertie$ Is Sen$￿ve to thangas in Ihe mèthel rate$ for cofflpar8ble propfyrfj88. Tho valuauon of the properbes arB BG8e$9ed annuBltyond adlustmenl$ 8ra passed thr￿9￿ IhB sts18m￿ ol FlnB)cial ￿v￿e$. tl Fln•n¢Tal Instsum•nl¥ C•¥h and Cuh E4ulval•nts Cash and cash equlvoleThts incknde cash at b8nk8 and in hand and short term dep￿t% vAth 8 madjrfly date of tt)ree months or ￿3s, Bas1¢ FiMn¢lal InBtrum•nts The charity anly hokls ba51c fingncl81 ln8iiufTEntB as dthed by FRS 102. Finandal instruments re¢elvabl8 w payable witFin one year ofthe repr%ling dalè arn carried at their transaction pdce and subseouènly 81 aM0￿$￿d c08t. 20

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 Voluntary Income 2022 Total 2021 T(al Vnrestricied Legacy Inwrne 1.431,614 1.431.614 1,679.975 ,679,975 Tho carfty had no resirlcted ¥olunlary in tht ￿al$ ended 31 March 2022 or 81 Marth 2021. In¥e8lwt In¢vme 2022 Total 2021 Tol81 Un[eStr￿ted GrosE rental Income from iIK propotthB8 Iniere$t receivqiAe IUKI DI￿dEndS receIva￿e from UK158ted In¥e8lmenl$ ¢)ther interest reGgivable Other br￿Ome 2,161.680 358,431 131,855 803.789 2.161,680 358,431 131.855 803.769 1,663.495 519,339 57,B96 585.422 434.140 ,2fj0.292 3,455.755 3.455,755 The charlfy had no reslrlGlod inveslmenl Incom8 kn Ihe years ended 31 March 202Z ￿ 31 March 2021. 41 Totsi rosourc•s exp•nd•d 2022 2021 Dlrect Pr Colts In Dlrerl prDpety CDSIS Legal and prote89ional OopreclaU¢n Rqn 162,450 106,999 3.755 273.204 175.439 95.851 4,712 276.002 er Inve Staff c0518 Directors. r•munerafion from subsldlaryvndertaklngs So￿81 Stcurity cos1 External Invèsiment costs Qffi¢s rL¥)nlng c46ts Bad debts overnanca Costs (see b8lowl Mana emént ond admlnlstrat1011 94.230 100.000 19.724 1.000 34,276 54,651 47.738 93.460 100.(M)O 19,649 1.263 35,198 40.623 351.819 290.193 Deferred tax movement 612,516 34,173 ble rants natlons to 1thsiiiu￿on ?not•5 3.615.975 3.498.749 Total Resourc•1 Expthdod as pw ¢•n•olldatsd FlnAncl•l StAtemEnts 4.853.516 4.099.117 Gov ancv cost AudhDfG' rÈmuner&fjon - Parent coMp￿Y and con6011dallon - AudS18 of sube1d￿ companiea other costs 27,984 19.741 21,677 18,930 16 40.623 47,736 21

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year 8nded 2022 Roconclll4tlon of grRnts And donotiony io Instltutlons 20 2021 CharilaNe glan8 awarded for in ¢uTheni y98r'. Pro8al8 Cancèr Parkinson'8 D￿ease Covld-19 Other th8rit8b18 purwses Total charileble grants Hwarded 1.622,579 1.248,825 2.064,681 159.813 357,253 917,002 3.498,749 744.571 3.615,975 Total charitabla gr￿ paid in th8 ytyar 3.922.371 3.5(￿.697 Th A rnalor insblulions iovthkh medic81 r88earch grants and dLwTrabon5 h3ve begn mad8 dr￿lUd6.. Oxford University Cardiff Llniversily camb￿￿g9 Un￿er￿ty Ptyfllouth Universrty Unwerslly College London Royal Marsd8n Hosplal Imperial Colbge LorKJon Royal Free Hots&llal Bristol Unwerslly Furtherdetalls ￿1h2 reseBrch grant5 and dr￿&￿0￿5 r¥n be found in ihe SrAeniinc R8KX)rt of IhB Roport Trusie88. OLh6r mBlry gants awsrded durlng lh8 year Y4Bre given lo charitBble causts assodBt8d vAlh ihB slate c41srael In accordsnce wlh Ihe wishes of Ihe Isle John Blar. Thes9 Included donation810.' Jewish Care Nowrt)d Community S•curityTrusl Worfd Jewish Retltrf NIEthtkng8le Hamm8rson Jevjsh 81Snd an(1 Dlsablod Met Incornlng Re￿Ure•S for ¢ho Y•ar 2022 This is slated olterchar9ng.' 2021 D@yeciBIK)n Auditors, remY￿rab.0n IfJ)Brity.' £27.9841 Tru$te88 remuner8tson 3,755 47,725 100,000 4,712 40.607 100,000 The dlr8¢tDrs' rernuner814on of £1O0.OLK)12021. £10D,(KJOI w88 pad lo D Ttglghl. in his tspauly as director Df The Margin Finance cO￿r8110￿ Limited. Th55 was p8ld In aCrth8￿ with ihe WSI ofthe Pate J Blsd¢. No eypanses were ieimbursad to Trugtsas d￿n9 th& ￿T. 22

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 2022 71 Tjxatlon Th8 ch&rMy 18 8xeTrwtfrom ccrporation18X 89 all bts Incorn2 Is thArf18ble and is ap￿led for purpos8s. The charills Inve51menl sub5K4kgry. The Matgln Finance Corporatlon Llwited and 6Nristfook Pr(l)8￿e5 Lhniled have 9Wled gvailgble prolfts to the ch8rt1y. A balance uf£2,552,15512021.' £1,939,641) is Th8 Matgh FlnaDce Company l￿De{￿red TÈX rel4bng the Imfe5trnenl Property. Tamglble Flxed A¥¥ots Group Land and Bulldlng& Platht and m8chSnery Tothl C06t At 1 Aprl 2021 Adlltions D15PD5aly Al 31 March 2022 133.596 274.462 408.058 8B2 133.596 275,344 408.940 Amortl¥•tlon Al 1 Awl 2021 haroeforthe y8sr 260.326 3,7 260,326 3.755 At 31 March 2022 264.081 2fj4,081 N•t book volu8 At 31 Marth 2022 133.596 11.263 144,8S9 At 31 Marth 2021 133,596 14,126 147,732 No fixed asgets 8re h¢kl underfin8n¢& lease. 23

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 Inw•stmthts Th• llroup 2022 Tha eharfty 2022 The group Th¢ charfty 2021 2021 atket v4ue brwghl lo￿lard Addlllons at mst DisposAI procèeds N6t gainlllossl on revaluation 10,634,e69 6,380,148 13.475,6301 167,5 so,￿0.860 6,380.146 13,475.6301 1320,7281 13,167.989 33,896,788 5.68È.320 5.688,320 19,591.1401 19.591,1401 1.369,500 66.892 M¥thel vllue carried fL)rwBrd 13.706,768 32,644.648 to,fj34,669 30.060,860 Cash hehj as part (rfinvestmenl portfolio 400,688 4(KJ,668 150.202 150.202 Totsl 14.107.456 33.045,336 1D.784,871 30.211062 Cost broughtfornvard Additions at cost DK%posals al cost 10,578.627 6,38D.146 13,553,424) 16.445,559 6.380,146 13.553.424> 14,096,282 1&,963.214 5.688.320 5,688,22 19.205,9751 19.205,9751 Cosl rarried fo 13 405,349 19,272.261 10,578 627 16.445,559 vestments hew Imarkrf The group 2022 Thg charlty 2022 Th• group The char 2021 2021 stock ex¢hong• Nsted Inv•stmgn18 Shares Short doted bonds 6,222.680 7,484.088 6.222,680 7,484.088 3,727.637 8.907,032 3,727.637 6,907.032 InvB&lrnents in subsidlaries 18.937,880 Cash held as part of the Inv95lmeM porwolo I￿81) 19,426,191 4(X).688 4W.688 1￿,202 150,202 14.1D7,456 33.045,336 10.784.871 30,211,062 G6ographl¢al location of 1￿￿$tmènts Th• group 2022 UK equityes and short da￿d b￿4S Qvers8a8 bonds 13,D76. 629.804 1370676B Material InvostsneN$ Ih sub¥ldary holdlngs Group Charlty Subsldlarfes The Margin Fhn8nce Corwslhin timited BoffjsW< Propwtses Lhnhèd 12,937.880 6,000.000 18,937 880 24

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 101 Subildlary und•rtakln The charlty awn8 the ol ihe18sued ordinary share Gapilal of The M9rgln Flnance Cowr8tlon Limited, a Gompany r8glE19red In England ICtrNJany number.. ￿215￿471. The activityof ￿ S￿sIdIary waB tKopety InY&strnenl, devebpmenL con8uIIEncy. man8OErneDI and Ihe mak￿g of 2022 2021 Tumwpr Cost ol Sgles Gross Prof 1.538,F17 21.206 1.161.004 6,086 1.154,918 Admlnlstraliye Expen505 Operating loss 371.587 94S.924 305,754 849.164 Profftfrcn Jolni v￿￿1r8 Interest re￿ived Interest p Fair Valu• galns 8nd10sse5 On InVes￿ent prop￿0￿ Profit on ordlnary aclvltJ6s b8fore laxalon 134,08DI 585.422 1568,8091 11,000,(QOI 1168,3031 803,789 1791.0551 958,658 Tax Profitfgr the ￿Or 612.518 346.140 202,476 Ass815 3B.160.123 39,371,788 Ll5￿lI1ffj￿s .222.243 125,945,597 12.937.880 13.426.191 Share capitsl Rev8luatbn rgsgrve Profil ond loss account 12.020.916 12,633,434 918.962 792,755 12.93T.880 13.426.191 25

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 1015¥b$ldlary undertaklngs Icrjnllnuadl ThE Charity0￿￿8 Ihè whole ofthe1$5U8d ordinary shara c8pilal ol 8orrlsbroDk Prop8rties. a comwy règistered in Eng12nd Iccnpanynumbfjr. 019030491. The subsidiary was ocquirBd on 5 Aprfl 2013. The 8cJvltyof the subsldlary is that of prOp￿ydE￿lerS, developers ond kYOPBrty Invest￿5. 31 March 2D22 31 March 2021 Tumover Co$1 (* Sale$ Gr055 Profil 225.083 127.434 97,649 664,245 508.112 Administr8lve Expansès Operating profil Inweslmenl Inu)mè 57,282 40.367 157.339 450,773 Profit on ordinary ecuvhles belore taxation 40,367 450,773 T&x Profil fNthe year 40,36 Assets 825.321 1,031.636 1132.498 129.342 692,B23 902.294 Share c3pWal Prolt and hss accouni 100 692,723 692.823 100 2,194 2,294 26

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 Sharo Inloln¢ venturo Old Burllngion Str••t Jolni V•ithire The Margin Flnance CorpNab"on Lirniled h85 9 50% share in Old 6uNrwn Str8etJrAnl VenturE. Thlj 1$ acctyjnted for in ihe ¢(MTrsolidaled accounts of The Jthn Charita￿e FOUnd8U￿ as o1(Hnlvenlurp. For 2022, finarKial informabon relating w Old Burllngton Slreei was nol availab￿ lo incorporate into ih9$9 acwunts. PkAas8 52e the bottom of Ihls fc mre InfOrnaU￿. 2022 2021 Tumover Rent reGBlvatle 77.764 Net pro16V Ilossl forth&y&ar 134.0801 FIx8d gssets assets 2.250,000 42.947 2.250,000 42,947 Gr055 assets 2,292.947 2,292,947 Gross114bllWes 183,4631 183.4631 To￿1 assets ￿8$ total lilUes- shara ol nel assets 2.209,484 2.209,484 R9vaknatson rose￿? CurrJrt account 1.746.448 463.086 2,209.484 1,746h4 463.036 2,209,484 Carrylng amouht ol Qld Burlinglon StMetJolnt VAllture 2022 2021 roughl fomard Share of ILos8llProfft Draings Reva￿alOn ofJolntVentura propety 1.95B.890 1,592,970 134,0801 Cgrried f(Nrd 1.958.890 1.958.890 012D clal Inform The company were unable lo oblaSn accurate acc￿n￿Th9 rgc(rts forlhe yèarÈnding 31 Mwch 2022 for Old urtinglon Street. An analysis wa5 undertaken to analyse the profil8 and k)55es from the past e years of Ihe joint venture ond Il wa8 dgold9d th81 the non4nrlusion of 2022 results would have o rnaleri81 Impact on the 2022 consolidated acwunls. The company plans ID 11K￿de the 2022 rèsuNs kn the 2023 acGDunts. on aGcurale iecords havo bBen obtained. Ther8fore, Informallon pre&eDled above shows no turnover or profiL and h88 tK) movementln the ba￿D¢9 8hBeL 27

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 121 In¥oknent propertles Group 2022 Gtoup 2021 Chaylty 2022 Cha￿ty 2021 Falrval Bmghl forwwd Additions Net IDsèeBthrouyh falr value adlusiments 39,263,217 26.258,788 14.004,429 11,000.wJi 15.263.217 1,25B,788 14,004.429 Cgrried foward 39.263,217 39.263,217 15.263,217 15,263.217 The In￿Str￿e￿ propdès are indudèd Sn the b8lance Sheet al open marf¢el value Ihlslorfcdl costd 7.393,0751. The invgslmenl wopertie5 were revalued by the dlrèciors as at 31 March 2022. The direBlors are considered qL￿11fied to value Vne Inve?ImEnt proper￿6￿ hdd by the charty dut kn IhwrcC)￿der8b1e expeThenca in Ihe sector. Flnanclal In8trumprrts 2022 Catyng arnDuni of financlal as&ets at.. Amorused cost F84rv8lue through Ihtr SOFA 2021 8.309,740 13.706.768 9,528,400 10.634.669 CarTring *nounl of financlkl liabilities 81 Amorused ￿31 461.079 378.116 28

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 141 Short t•mi dBbtDrB The group 2022 The charmy 2022 Tho group 2021 The d)arfty 2021 Trede debtors Olher debtors Tax rBknd Amount duE fr￿n Subsid1￿88 Amount du?from Subsidiarfe8'. Loan b81gnce Ieee note 191 131.965 8,177.775 4.085 897.8DZ 379,504 9.148,896 3,364 334,305 253.474 237,541 22,048,762 23,204.123 23.498.762 24,073.972 8,309,74Q 9.528.400 The £22,048,76212021.' £23,498,762ldue from subsidlar485 InchJded h) the charfly b8Lqnc8 8h8et k8 due In over one year. 151 Credknrn. amounts du• withln 1 year The group 2022 The chadly 2022 The gr￿p 2021 The charbiy 2021 Trade tedltor8 Taxation and so￿al securfty Olher ¢rodilor8 Grant comrnilments188& note 181 17,151 63,208 443,928 313,656 837,943 2,833 40,638 375,285 756,396 1.175.152 23.941 313,656 337,597 19,761 756.396 776.157 161 Cr•dltor8- amounts due •fter 1 y•ar The group 2022 The ch￿ty 2022 The group 2021 The (8dty 2021 Grant commnments (see noi8 181 2,134.766 2.134,766 1.998.422 1,998,422 171 kn•ty8lB of net a￿10 ￿lw••Th fun I the charW¥ and the group's fthds are UndeS￿Jnatsd, unrestricted 98ntrrdl fvnd8. 29

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 Grant Commltments UCL Prostat¢ ehalr Oxford Pro$tat& Chair Parklnson's Chalr Total Grani cornMllrnentÉ 8131 MBrch 2020 625,(X)O 1,050.(KWJ 1.087.666 2.762,fj66 Awarded In year 253.344 253.344 Pad In yg8r 1125.0001 1261.1921 Granl commliments Bt 31 M¥ch 2021 500,0(K) 1.050,000 1,204.818 2,754,818 Awarded In yBar Paid Mi year I125.￿) 1181.3961 I3￿.396) Grani cornmilmoni8 ai 31 March 2022 375,0 1.0s0,oLN) 1.023.422 2,448,422 one ye8r 125.0￿) 188.656 312,656 Due after on& YÈ 250,0(X) 1.050,0( 834,786 2.134,7f6 375.000 1.050 000 1 023422 2.448.422 A grant of £1,260,OW w8& 8W8rded Sn Ihe sear ended 31 2018 10 Oxford UnIve￿lYt0 supwrt a prof&ssryshSp to undertake research the fiekl olprostate cancer. Thrd ly pay8N8 over a 10 year pèdod ￿U81 amounts ol £125.0￿ per annum. A grant of £1.500,QOO w38 awarded in the year ended 31 March 2017 to Oxford Unl¥8r511yto support a research feNow in Parkinson's dispase. T￿S 1$ payable over a 10 year In aqual amounts of £150.DOO. 3 years ol paymenl have been held back for year5 2020. 2021 and 2022, ¢his18 a result of Iha late 51arUng of thè tnject. Thas8 payrnenk are siiii due 8nd I￿11 b8 pBid on¢8 Inltial funds have been used up by OxYDrd Unlv8rsilv. A granl of £1,3e7.e66 was avrdrded in ihe y9ar ended 31 March 2018 to UCL to eslabll$h a thair In Pros&le Cancer Ra88ar¢h. This Is payaNa ovér 10 ye8r8. A furfher £253,344 was awarded Ihe year ended 31 March 2021. payabk over 7 ￿￿rs. 30

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 191 Rplthd Piy Trwniactlone Al the baK4nGe shealdats the Foundallon IB owed £22.048,76212021.. £23,498.7821 by its utholly owned 5ubBidi8ry The Margin Fin8n¢e CoTporalion Llmiled. Thi% amount Is made up of iwo parts.. 111 A sum of E14,902.76212021.. t14.902,7621 belng the losn 8Ewunt of the Lgle John Black Al the date of de&th in 2010, This a66etwas tr?nsfprred from the EsLateto the Foundallon bylhe 8xewlor. It represents the 8dvanGeS rn4de by John BlaL in hE lrfetime to purthase and iefuthsh Ihe Sub￿<48￿$ two maln c(xnmerclal prop6ty Inveslmtn15 on Diury L8n8 and Old Burflnglm Street, currenuy ¥¥lued at£24m and £2m. As 8niirtrty of the subsHJiaWs incom8 is donated Wdch yoar to ihB Found8Uon, the lo$n ¢ only be rep8ld uKh)n Bale of Ihe prutprty investments. ThB IDan18 Intere8ifrp9. A flxod and fioa¥ng tharp exi%ts overth8 inve&tment property and undertaklngs of ThB Mgrgin Flnance Cory)Drabon Limlled. IhlA sum Of £7,146.(KM)12021.' £5,596,00018¢fv8n¢•d by lh8 Found8llon to sub61diaryVth￿h 8c¢ru83 Interest at 6.5% plus SONIA 8nd l& due for repawrent 30 days after rep8wnanl of the loan by ty)e ultimate L¥)rrower. Th15 amtyJTht has been18nl L by The Margin Fin8nGe Corpw8ffjon LLd cn simlLqr terms 10 an unconneGtsd third party seDured on prop￿r￿e5 on 8 50% kJan lo value. Inl4re$l Is pald quartedy lo thg Foundation ￿thIn on8 monlh of receipt by ihe Subs￿lary. I￿1) A sum of £nll12021.. t3,DOQ,LK)01 advanGgd bytho Found￿1￿ to its subsidlaryvthlch accrued inlerBsl al 6.5% and wa8 repald In the year. Paymenl for ¥BMce& of key management dSreciots of the Fwndauon madè ￿ behaf ofThe Jo Blsck CharftaUe F(Kmdallon by Its subsidlarf8S. 201 Provl8lons for Ill￿11188 2022 2021 8aknce brougmforward Movemenl In ￿ar 1.929.641 612.518 1,905,468 34,173 Balance carried fcKw8rd 2.552,159 1.939.641 31

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2022 Staff C04ts Number Ol￿nplOYe08 The aver8o8 rnOnth￿ numberof ernployees lindudlng dIreCt￿$) dudng yearw8t'. 2022 Numbar 2021 NumbBr Offlcè managemenl Ekwloywnent costs 2022 2021 w￿e6 and salarie5 Social &ecurfly cos1& 194,230 19,724 193,460 19,649 One ￿￿k)Ye¢ e8med mor& than £60.(KJO in the y8ar12021.' 11 The kéy mBnagenTrBnl P8rsannpl of the group is considered th8 be Ihe TnJ&teos. Total remunaration for kay manage[n￿l persoDrl acr055 grtyjp L% £100.00012021.. £1(KJ,0001 221 Surplus fortht financial y•ar A5 pamillted by SeCtsc￿ 408 Compa￿$ Act 2fY)6. the parent chty's gross income 8nd re8uks hove not be ¥icluded in Ihefknanclal 61alements. The Voss Incorna and sur￿￿ fortha fin￿Cl￿ yearl$ rrdtr up as follrwts.. 2022 Parenl Ch8rltys gross income forthe flnanclal yoar 4,395,123 4.198,537 P8r8ni Charill5 sUr￿￿51(Defi¢lI)f0r the fnana81 y88r 412.104 844.675 231 C¥$h g8neratd from op•roiions 2022 2021 N81 8￿pIuS in the year F8irvakn8 gains on investments DeprecSabon Interest Recewed Deferyed tax rnovements Loss on disposal ol fixed assets Changg In Stock Changp in Debtors Change in Creditor 202,634 1167,5831 3.755 13.455,7551 612.518 1.095,448 1335,4201 4,712 12,626.1521 34.173 21.390 13.967,3411 82,7361 16,055.9261 1.218,660 1200.8691 1.786,640 32