2023-03-31-accounts

THE JOHN BLACK CHARITABLE FOUNDATION Company limited by guarantee Charity No 01143431 Company No 07734413 ANNUAL REPORT ANO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Contents P•g• No Report ofthe Twst09 Stralegic Rewrt statement of7ruEtAe& ResponslbUIUe8 AudiiorE' Rep st8t8m8nl of Finawal Acbvthes Bai8nce Sheet 16 Consolkjated Cash Fk)w Ststemenl 17 Notes lo the Arxtyjrfts 18.33

THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For thè year ended 31 March 2023 The trusteBs Presenlthek￿P)rt together vAih the flnancial stathents ofthe ¢￿￿panY forthe year ended 31 Marc 2023. confirTrb thalthe fin8ndal slaiemenls wrnptywlih Gurrent 8tatuiory IequSr￿entS and th8 reqU1￿ments of th¢ company'8 Memorandum Bnd Artldes OfAB5o￿atlO￿. This report Is 8 dlrectots, report8nd ha$ beÈn prepared ID 8ccordance V+iih Flnanci31 Reporbng Sland8rd publk8hed In the UK and Irdand IFRS 1021 and kn accord8ncè ¥￿th s417 01 the COm￿nI?8 Act 2006, and all Injslees are dlrectDr8. Iterns d&5cbsed under the strateg￿ Repori are not repealed here, as allowed undeis414CII 11. REFERENCE ANO ADWNISTRATIVÈ INFORIAATION Fwndatlon name.. The John Black Ch8rflatle FoundallDn CharKy reglstrglon numb2r. 01143431 Company tEgi3lraknn number.. OTT34413 Regbstered Offic and oF¢rational addr66s'. 24 Burfinglon Stroet London, W1S 3AW Tho per￿￿WhO 80Ned 88 truslees duthu the pericd were as folknys:. Mr S Conway Mr DTaoll9hl Audho Moor8 KngslDn Sm*h LLP 6th Fbor 9 Appold Street London. EC2A 2NP Barclays Bank PIC Lond(m 8artl8ys W¥lth Private Bank 1 ChurGhlll Place LDndon. E14 5HP STRUCTURE GOVERNANCE AND MANAQEAIENT The company15 Ilmlled by gu8r8nlee and 14 go¥gmed by6ts Memornn￿M and olAssoGkgUon datad g Avgust 2011. The Foundayon was reglsterod ￿1th the Charlty c￿mISsion on 18 August 2011, under charSty number 1143431. ThE ￿11 of the Ilts John Blad¢ dated 30 July 2Q02 stales that the IrybteBS of the I￿11 shal ho￿ John Black's rtrslduary upon trust to ¥plythe th8reofforlhe charitab￿ pu￿. In crfderto ach58ve Ihkg the ItusteeJ eslBbl¥hed Ihls Foundalon. The Itustsg5 as charfty trUSfBO$ hpve control ofthe Foundalon and Its wopth and funds. The Foundalon Is ¢h8lred try Davld Tagllght. Exc8Pt (rtheA￿Se pro¥￿ed In the wlll. every issue be dete￿Ined by a sSmplo m&Sorlty Df vDtes ca8tat a meeting Df the INstee8 but 8 resolulion whlch Is In wrmng and svJned by al Ihe tyslee815 a$ ¥alk1 as 8 re8oluUon pas6ed at a meeting. One of the trugtee&' priFr8ry respon81bSllle& is to ensure th81 Ihe FomdallDll Dperales to the hiyhesl sland8rd$ In 811 8SPe¢ts of yovernancè and rf5k ￿a￿agen￿nt. Th•lr Is 10 manage the Foundauon effectlvdy. whlle ensurfng that propeToperartlng proc8dure8 and Inknnal ¢ontrols are malntakned al al Imes. Transparency IB centr9110 th15 obJecUve and mafedetsll b8 In ts R15k Manag•ment seclon Dfthe Slrateoic Report.

THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2023 RECRIMTMENT AND APPOINTMENT OF TRUSTEES Future twstee5 musl be appointed by resolullon ofthe tru51ees. The number of tru$le68 shall be not1888 IhAn but shall not b8 sublerj to any maxlrnum. 11 Is dearthaifor our F￿nda￿on, we need people Df experS8nto and those capa￿8 of giving their Ikne. Itls not alway5 easy to [￿￿ both IhoÈè characterfsllcÈ Irb peop￿ vllllng totske on Ihe con61derable commrtmenl and re8pon&ibllty required by the Faundauon. We conllnue to saarch for polenual InJ$t¢e5 of Iht qublity required. INDUCTION AND TRAINING OF TRUSTEES All ofthe eXIs￿ng trustes$ org fgmillgrwnh the runnlnp ofthe FOUnd8th￿ and ore pruvhkd ilh deta4B of trustsg tralnlno urses. N6WIWS188s vllll be provided ￿th the MemorBndum and ofAs8odai)n and web link8to charHle8 wh1811ne3 far Iruslees. TtUGtees are aw8r8 Ihal tt L8 IW responslblltyto keep alwe8BI olde¥eknpments in rel￿On to iheoo¥emance of chadffi88 U￿er the Charflle5 Act. AWIS 14ND oeJECTives OF ThE FOUNDAMON The Founda￿0￿ was Set up to support medlcal research ￿10 Prostsle tanGer&nd P&fftln50n's dl¥ease in the United Kingdom together wlth Oiher G&u9es 8S80Glaled ¥￿th Ihe Stste of Israd. The trusiees confim Ihatlhpy have referred lo the Charity CDtnmls51on's guidance on putAic benefft %th8n review￿ng the Fuundallon's alrns and oblecowes and when settlng ur8nt making poliw for the year. The Foundation convnued fts adopted pollcyof prov￿￿ng fijndlng lo 8 vèrlety of instilulions for the publK benefit. This includes reseafcb Inlo better dlaofits5è5 and Bppropwiata more effective Ireaimeni8 forboih Prostate Gancer and PaT￿nson'S dlsea8e. W8 prO￿lde mor8 detail thi5 y881's re5ewch under Gr8nts and DDllgtK)n¥ and the Suenc8 RepDrt, below. FINANCIAL REVIEW ACTMTIES ANO PERFORW4N¢E The tru8le68 conlinued to manaoe the aBsets held by Ih2 FOundat￿n and moni&ir the property assets hehl on hs ¢)wn 8ccrAJnl 8nd IhDBe of its whol￿4 owed sub&idiarips. The Irusiees consldered IhatthÈ w￿￿a￿On& ollhe rornmw￿aI propeFbes have reduced In value a5 illGre8sed inlerèsi rate5 have w￿d. The re6identl81 pmpertyhas remaSned unchangod. Mora detall l& In the Slraleok RepDtL Ourfno the yearthe Irust88stook advantsge ollh8 rfse In interest rate¥to make I￿V￿l￿ent6 h t¥)Ih ￿ttedged securltl•& nd inve51rn•tt-orade coJporale bonds. Th18 ￿11 subslaTrll8W improve the return on rnonles pm¥iousty held aur b8nkers. PRINCIPAL FUNDING SOURCES The Found8Uon o)nl4iues 10 recelvt donaUon8 trom Its whDIty Dwned ￿b81￿lS￿88. It altso ha¥ an Inv8sknenl porWdlo made up of prDPty, eq￿￿e￿. and fixed incon, Bll ofvthich conlribule to Ihe income 8v8llable for donation& A$ reported last year. the Eslate ofthe late John Black hats been 1kn8l¥ed and no furlhpr kngacy payrfnt be received.

THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2023 INVESTME14T POWERS, POLICY AND PERFORMANCE ljnderthe Mtrnoranduffj aThJ thc4è8 orA55￿8￿0￿, the trv61888 hav8 authorftyto Invest the funds of the Foundatlon at The trustses have afvyays maintained g ¢aLrt￿u8 approach io cB5tt deposlls and had spread th& caprtal th s¢Vgfo1 hlghly rated finanL¥al inslthlons. Thls yoar was the fitst Inptbn whore il was posslblt to safety make 8 Telurn frc glYL4dged Secur￿0$ 8nd In¥eslmentrade COTpor8te bDnds The I￿rylee5 look advantage of this durtng the yeor and vested hs I￿Uld re50u¥ceg In those Instruments resvlling in a muth Impro￿ yekj on the group'5 GJ5h. property Investments managed iTrthou5• reluins¢ an excellent re8uK h lerms Df Income. However. we were not Immune lo the drcy In cthmmerdal propptly ¥&lues exped￿¢￿￿ by Ell property gwner5 8rislng trom ihe subsunoal mo¥ernent In Interest ral85 rApllpl wahjes sultered a small reductkjn. The residentigl property remASned unchanued. In lie the Stock markel General(ythe 8qulty porttdio had a qui2lyear.Th8 trustees Trtain wnflence In thotstr InvesbnBnts. RE5ERVE5 PIXICY As on ppge 16 Ihe Foundallun has 5th5tgnts.gl re8eNes.11 ke8p$ these to gener8te Income which18 prfmarlly dunated lo medlcal research lo 8nabl2 lito meel chadlab18 puFpose3. The Foundatlon continues to mak8 ￿ngert￿lM ¢A>mfflilrDenl$. For IhSs reason, il has in previ￿8 ye8r8. m81nts1n￿j An Bppropriole level of reserves In fiquid fDrm, Indudlng bank Oep)sllsith ¥ark)u8 m8iorbank8. Durtng theyear the Foundavon look advantage of the inueaslng yldd offtsred by GiA4lged se(#Jrflies and inve51menl-orad& ¢wporale bond5to move much of Sts cash reservets Inio these In8trumenl8 rewthng In improved yield on ihe group'$cash. Thes2 easlly martgtable 8ec41illes are rBadKy availa1￿e lo take advantag& of any opportun￿e5 that may arlse Ihe Fotsndalw's property portfollo. They 8dd to thé In{￿tt ofthe Foundation and help il meet Its alrn6 and 0￿￿j¥e&. GRAMTS AND DONATIONS ThB trustee5 are pig888d to r8POrt Iha¢slnGp 2013 they have madp gt9nts a￿d th)D8liot)s and o)mmllmtnts afflounbng tD £34m. Those Indudo 3 total ofiDurprofes¥ional rese8rch ChBir5, at UCL aThJ Oxford UnSwsity. We have donated £3m to onoble Oxlord Unlversity10 pUrch￿e 8 MRI Lltsac ma(ine that u589 ploneBring technDlogy ID IDcate and dellver dD320 of radiabon to trK)ving twnours wNh accuraw. To quote professor LO￿￿e Rlchardson. Wce chanc8￿r of Oxford Universlty'lhe e4uiprnenl has the poten￿al lo m&ke a substsnfve drffwpnce toth on the treamenl of carthr8nd the furfhadng of slgnbfic8nl ￿SearCh.. The maGhlne L8 bdng used ltstrÈal nol lust Prostate but other ¢snctr3. We made a g of£2m lo UCL to purth88& a 8ordy need￿ 3T MRI 8cannèrwhiGh will kn us•J prfmadly IDf K4enlific research and NHS IraatmèniB. In recoanlllon ofthis the scanner h88 b8en named'Th• John Blac Charitable FOUnda￿On 3T MRI Scannèr. Currenllywe have mad8 123 re5earc grants.. 105 oftsBe were lOrra￿￿h knto Pr05t8te cancer and Parklnson'ts dlsease. Thè year before186tWB 5UPPOrted 16 researchers. urgeniwork into Cowd. and1881￿8[￿a made iKY) folow-up grants to rnHlnl8ln that valuable work. Thi8year 898in many of our re5egrchBr3 ha¥e had Ihelr work published In qu8lfty medicgljowmals 8nd this h35 to be 8 welude to seeing Ihelrwort belno US￿ kn dlnlcal 58ttSng where w8 want lo make 8 difference. Again this year we ¥sYre tleased to make tdlow-on grants where needed to bring ￿rk to 8 u)ntJusion. As kn prgvIDu5 year8 JBCF ha& wDrked the Pruatste Cancer Foundauon IPCFI and the Van An(Ipl Insdlule (VNJI both based in ihe USAto h2lp them make grantb kn UK pr￿e¢l5, Here in the UK ￿ hava w￿k£4 ￿th tho Urdoykal Found81Son (fuFI. The Culo Pathlnson's TFust ICPT) ond Ro8elre8s Trust IRT). A of the¥e instllullons provld8 th8 necessary pe8r ￿vIew¥￿rk requlied belore JBCF rn4ke5 8ny grani. We repDrted List yeorthglwe Solned CPT and VAI in trlporule aareemenlto fund the ILCT programtne for repuwslno dru93 for Pprkinwn's dise88e. We are happy to report IhHI In thatrega￿ Amioxol, 8 repurposed medi(xne we ffirsl supported M 2015 has been chosen to move into a PhaÈe111 Dvrfng IhE yeaT JBCF made grant6. donatlonB and comrrthént6tot8lh)g £4.1m. D￿￿1¥ ofthe8a gF8nts ran be viewed in the full Sdence ReporL

THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2023 PUBUC ÈENÉFir The ChadUe8 Act 2006 rt4ulresthal, wlh effect from 1 Aprl 2D08, all Charfl￿& have to meet th& requlreM8ni Ih8t their 8kns and oblecknves are forlhe publle b8nefil. The Charty Commls8lon In ilE'ChorfUes and Putjlc Beneft. gulde requlres ihal there are key pAnry￿e5 lo be mei in ord9rto showthai an org8ni581ion'8 alm8 and objecuves afft for public benefil." f￿$[ Iherg Triyl be an hJenlthaL ond 88c4wJtytha benefrt must be to the wblkor a 8wthDn olthe The IN8lee8 C￿nfiM7 Ihat they have due reo8rd to the Charibes commk8￿0Th guld8rK8 on publlc bonefil and COt￿d e8ch year how it best meets the publk benefft objecbve5 Sel out Sn section 17 of the Charltl&È Act 201 t. indudlng'Public 6enefil.' R￿nIng a IP621". The trustees arg that th& Found8fy)n meets the requirements and mnforms to thèAcl'5 de￿n￿On ofa charty méèlng all elements olth&tsYo kÈy prinuples. The rese9rch grants rn8de and the acbwtses oulllnod In th8 sc￿n¢e Report below wv¥lde Mn8iderabfe publ￿ benefit. Includin9 an improvement 01lh8 surv1¥81 andlor quaily of IKe of M8n ￿1h Pm6tale canwor per￿80￿,¥¢J[9è￿Be, ondlor ltrad tothp develoFxnent oln0¥81 therapies. Appllcaiknns for restrarch grgnt8 ID the areas of Pw051ate cancerat¥J Par￿n$on.1 di8ea8e8rn weIr￿e In 811 fomat6 bul appllc4th18 aw 2￿c￿Jra9ed to In orwn8I. The charity partners other insblutions suth the Prostste Cancor Foundation IPCFI, The uM￿9Y Fgundabon (TUFI. the Roseirees Trust (Rn iThd ihe Van Andel Re￿arch In5Vlul8 (VARII In orderto have the hlghest qU81ity peer review pr(￿£$6 b9fore fundlnp ie88arch. PCF, VARI. and RT soMelknÈÈ make Gr￿ 8nd dOrWti￿￿f0r researth prolocts 8bnoslde the FOundalc￿. PrrleGt& are somebmos swrcad bythe FOUnd￿￿on. 60mdm86 by ow pgrtnef8 and someomes by di￿( apsyoaches from sdenllsls. 8 orant is e8t9￿18hed the g￿ntee Is requlreil lo provide sen*anrnial orAnnual wogress rewrf6. Th8trustees Still fmd that ihl¥ model hdps PToduce the bEst r•CIENCE REPORT 2018we r# èxtited to back professor Mark Lylhlloè ryn5 Centre for Advanced BK)medkal Imaglno, CABI at UCL. The proiectwas c418d MINIMA'mSnlmalty inva5nie Im8ge-guld8d aNaUon'. li c￿prfed ferroma9netlcthemoseed5 naviga18d to a tumour uÈlng rnsgnellc prOpU￿r￿ gradien15 generated by an MRI &trAnner, before being remotely heatéd to klll ne8rby can￿r cells. The findlngs ￿￿Te puNlshed in Advanced Scienp.' reBe3rthers commented that tht ￿ndIngs, established"proof of concept,. for pretI5e and eftectlve treatmem of hotd-lfy rèach olbbla5toma wilh other (xncerg such 88 Pr06tata thai ￿￿Id benefilfrom1888 invas￿& IherBpies. Th1514 9XC91bnl researth, and w8 h8ve hlgh that Markwll continue to novd gnd e¥c*ting pol8nlal treatments. The re8utts wer8 U)Trwn&nted in rn8ny newsp8peis. Th6 MINIMA project isconllnulng.

THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2023 As In pr￿ou$ years w8 are 8￿y8 happyto offercpniinulng 8VPPLYt lo tha John Black profe680rn at both UCL and Oxford. Somg ygarB ago. the Relmaqlne tridl was set up wth the aim of Straffi￿n0 dlseas8 wbth 8 to offering Indbwklualise¢ care. ag opposed to the one S￿efits approach, prevaletstal some trealmenl r£ntres. As Reimaglna evofve5 new ideas aro discu&&ed, one suth Is the DfsloDI 8ample5, frorn pallents, to Invesugsle the rnlrxobh)mo and OBI 8utne idea oflu5twhal the diiferences are In gui of V8riLHJS pBUents undtrgolng trealmenL JBCF wa$ happy lo provlde fundlng fpr thls wlecilon and ex￿ted Aboyttho Dro¥pecl of new dots bwng diBcovered Ihatwlll furthBrh8lp Rdmaglne. We sUPPOrted a iesBan P￿￿81 Iram DrA￿l￿ndro Granado8 Ma￿neZ at Kn9'$ CollEye. Th¢ proppsltk)n l¥ to understand vthether 3D ￿￿Ell￿￿, both real. and mre IntsreS￿n9Iy ¥ltiuHI, con Improve the an8lomlc81 outc￿ne$ or Suraèry and hBlp ID rgduce advew effects. In localy adv8need Pro$t8le cencer cgse?, the error rnargln rates can b8 hlgh. ¥Alh SIgn￿¢&ThI Imparl do¥mstream f(fwther Ire8trnenL In 2020 made a grant lo professor lan MIIS, the JBCF Char In Proslgts Cancer al Oxfo￿. lan was wF¥èylng the lumour mlThnvkonment to e8tatql8h whlth genelkknstablllves c4v5e both progre651on and Ireakn6nt r#&￿tanc&. A somelltn¢$ happens. In Ihe last fv40 years there hBve been new sof￿re 8dvances that KY)uld llre81￿ ènhance the work. We were happy lo fund lh6 purth8s8 of the new s01N¥8￿ and look forward eauerty lo sedng the results. Alongside this. Ihe leam pthlished In Nature wotk concern￿g the Identlfulion of hSslDlogical b8nign olprostste IIs5ue c4ffjng copy variants. prevlously regarded as ￿nCer spevflc. Having used this infDnnation lo repDrt on don81 ev0￿￿On of Prostsle cancer. lan wanted to c￿￿t￿li￿e on these Nyo yolerts by conductsng 4 slx-month pilot 51uty lo Sppty bolh rnelhod8 to the samB d465es. Th15 ￿1 allow hlm to 8llgn ttansGrlplDmKd8tO to protein marters and ch8r&cterlse th8 ssu8 blology. We we happy to suprKJrt th15Kxk in lan's Ipborthry. We hwe ffjaln IhlE ￿r￿uppo￿ tsvo UK Ytyjng In¥t&ttg&torAwwds the Proslote cal￿er Foundèlon IPCFI. Thwde awards ware crtated to a glfted cohort of human rapital. SUPPDrdng th8 neyt g8neratton of Prostale ￿nCer r888archeYs. Award5 are given to eady career 5clen115t5working In 8 rn888rth envlronmenl. Gapabla of supwung hlgh knpaEI researth. The award fvJnd6 may be used fiexbtyto advance the career and r868arth ¢ffon8 oftho awgrdee. Meniorshlpls ph¥ayy requlred IDr e¥ety Young In¥e51igalor. Flrstly we Are funding ASh¥￿n S&chdevB based 91 The Univarsrty of Manchester. We backed A5hvMn fof g 5rn￿￿r, Suc￿¥$fil project In 2017. time he be acTrsslno the lono mnnlny Bnd hlghty succgssfvl Slampede trfal. Vadous fe prrAonging IherapS8s increase rf$kfor pallenl% In oih8rvMys, fur expmple osteop0rD￿s. AS￿￿￿ will assess c8rtn t￿s￿ng thugs, wAIth mlghl be r9pvrw5ed lo rnltlgattrthese IÈsuès. ahd improve the quality of life forthese patlents. Secondly, ￿11 swport DrVaslll& Stavrinides who 15 al UCL, 8n InsllluiiDn where we have slrrfflg hris. V8slli$vll btylld on supportino e¥ldence IhBt spatral fealures on dJlU8ed palhokngy slNles have prognosllc slgnrfcance Prostait c8ntr. By tskin9 advanta0e oflhe recent devdopments in Image [￿￿9￿1￿0￿ analy￿8, h8 hopesio ueate lrbs1tum￿ts th8t Iderffy mén ai the hlghe5t tsk of piooresslon. dls¢)$e reuJFrence and metast811¢ swead. Our UK b8ued PCF Challengè AV￿rd Ihis year was awarded tD HatveerDe¥ 81 Cambrldge. vknowe have pravlous supported with 8 Yuung Invesii9ator AwBrd. Chalknge avrdrds 5UPPQrt CY085 dlgcSplln8ry team8 ofinvesllgatot5. conductlng ploneerlng re59arth lo eddr8ss crlllc&l need¥ for ￿08￿1? cancer p8Oenls. Harvèer hope5thal his research vlll pro¥lde crfbcal m8chanlsii In51ght end support the reoulalory approval af PARPIAR inhibilors as first Ilne treatmènt fDr melastalc Prostsie rAncer. It15 hoped Ih8t certain epigenelic b￿fftarkers ￿11 pro￿de 8n 8ddtt￿na1 layer ol pr8-ir8alment51ratificalSon th81 GDuld b2 raptured &nd extdored throuoh the PCF reg￿tsy. A5s0ciale professor NIY Papo based 8t BeTrGvrfon U￿￿Èr8￿Y In Israel approached u¥ and we accepted the In￿t￿tIon to sponsora PMPDSBI entllled'map binding 4)eC￿cty IBndsc8pes of human TIMP'S towwd lsoforrn-5e￿cti MMP Inhi￿tor& forlhe imaglng and therapy of Prostale ca￿ert. Th8 prOj￿t WAII vJBniify. isolale tharactelise no¥ &ll&nts that can be used forth8 d&BgnOFAS and treatrnenl of Pro8181? c*)cer.

THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year end8d 31 March 2023 ProslA ncer on Our ryfirs1 granl In 2016 was lo Dr Hayleywhlttaker, she was inveslloatlng Ihe gene NAALAD2. Her￿)rk was published Sh￿4￿¢ the slgnlficsnl tsiruciural rearrangement ¥Athln ttte gene Ihgt they hava Ilnked to p8rtkuL8rfy agureÈ4e d1508s8, Unfortunaldy results of the Iherapeub"cwork were dl8appdnting and the ants"bodywas not perttrmlnu wdl enough lo warranisp&ndlng any more olthe grant on Ihl$a8pect. ThlB megns there wa8 an underspend, an¢J HaW2y h88 appl￿￿ 10 US to develop 8 bréak Mpart assay lo delecl gen8 In diagnostlc 58mple3 in order io Idenirfy men wHh 8ogressive dlsea8e. Itwlll be excitinp to develop 50rnelhlnu translates slx yèars ofwork on NAALAD2 lthto 0 dn81 lesl. We were h8PPy to approve the use oflhe on the gllled prolath. In 2020 we supported Dr Nlg81 MongBn 41 Nowngham Unwernrty. vla a Challenoe Awarf, who wa$ in¥8slloaling Epilranscrfplomic deterrninants of androllen depnvalion therapy redslBnce In Protstate cancer. Nigel recently won a PCUK grant whlch w511 help the rtsearch.11 svas 5811$￿ng lo see paper5 published around th1& Kvrk, In both Fuiutp and In Genetics and Cancers Sourn81s. He has Identified some unlquo and dlscrète Ins￿hts ar￿jnd the JB¢F re8earth etèmént that warrant furth•r inv•sllg8llon. might abng the way offar pthniial fLr IP. We V4Bre provide a no ¢￿t rne exlenElon, &nd sorne bJrtherfrJndlng to expknre these p0881bllm&6. We Bupwrted DrEmma E¥wgveeM WOTking al Queen'8 un￿er5￿ Belfasl. Much work has bfren ¢c)wtrated Dn Ihe drivers ofPrtsstsle cancer, Emma wanls lo loel Ihtr Énablor5. Th18 ￿SearCh ha$ the poten￿ to both Idenlfy new Iherapeulictsrgets and furfherto be UBed to newprogno8tlc18sls lor Patienl Etralffjcatton. Pamnson Professor Ira hAilDsèvlc was app￿Trted 81 Oxford Lg8tye8r to hold the Trewten-ye3r John Blad Senlor Research Felow In Parf(inson's Di5888e Resaarth. We are aws keen to 18celve researth proposals from tyJr'¢)wn profe8sors' and this ye8rw8 ha¥e Supported SUGh a propos￿. Several oen8 mulalk)n$ that dthercau5e PD orlncrease nsk h8vè been identiied and $ubsequent 51udle5 hawe focused thdr Indlvidual rcles in PD. Ira Inlends lo betterundtr51and howsome ol the PD r￿k bearing genes. are CDnnect8d func¢ionBI(¥. to Idenitythe PTe s￿￿pt01￿sllc mawkers of pr neurodegen8r8llon lo be used for diaonosis gno lo esumale Idelayl the on88t of dlsease. Ilw8s also Ml8worthy that Iro s￿red a severw8r Wellts)me In¥•S￿o#l0r Award. These are ureer definlng awards furtherendorÈèmenl, rfany were needed, that Othrd has made an exc8lknl ch(xce %4then propo8lng to ￿ that lrn takes upthe JBCF prof8s50rshlp po$l. We bok fotward to m8klng ￿rther orants to hgf In the future. In 2016￿ ba¢ktrd prof¢$soi Peter al Oxford to funh&r Invètstlpftte Ihe use olL)88p Brain Stsmulauon to modify dlse888 And thl&work he¥ allraraed muth puUldty. We were plpased to support Dr Huiliny Ton, uylna Ihe experllse gbined by professor Brown's researc, ID apply to e5senO81 tremor. whlch affects more peop￿. DrTan ha$ established collaboraiion Gemian oroups. He Intends lo re￿￿1 pat￿Thts ond 818rt106tsno al St G8orgè'ts London 8nd the Rsddiffe In Oxford. We supwrted profess￿ Nkholas Woc¢J at UCL. Whil6 Ils nownthal oendcs th a key rok fft Parin8M'8 dl88asé. the mechanism by whlch PD•&socl8tÈd geneB reDul8le Ihe effect on lh& risk ofdeveloping PD remJns unkno¥m. The proleGI I￿11 use an up to dale tethnique H￿C. unde￿￿n4￿)9 the underty￿9 genellc8 OTPD K411 not only provlde v8lu8b Inf￿r￿alIDn abrArt the m8thonlsm bywhlc PD occurs, bJi alÉo ald In the Searth lo thlmaidy help devek)p cur88. We supported an applk8ti0n frtsm protsBEor Heike L8man and profe88dr Roger B￿rtro￿ CaMb￿d￿0. We ha¥e succes1￿lty supported Rooer on Sever81 oc¢asé)s. The study ol inherited lomis of PD has pro¥ldad rnuch Inslghl Into the ￿￿OgY snd cdlular dysfuncuonal of doparninerglc heulron5 durlng the cwr66 of the disegse. Stud5 have shown palienl mLrta￿ons In a partScul3r gene have hdlcated that It Impact8 mulllpTe pMtés￿$ ¥Mthin cdls. UsSno among other thlng$ CRISPR tethndogythe ￿111 inVeS￿ate and hopefullyfind a rrrtrte to di8covorfng d+sea&e moditsng pakny8 lor Iheropeulic intervention.

THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2023 rkin DI Inued In 2015 we barJ¢ed profe580r Rooer Barker ro 9ore crt8ln 8lem8nls of brèath In ￿E￿nI for Parklnwn's diseage. Roy9r Is 8UpW￿¥e ofDr Ilada 8￿￿orn0 at Imperial Collegt. who wants lo inve51igale tesdng foi non-lnvasfve yo￿trIe compound an81y￿S and microbiome assessment. This woFrt hope to Ilnk in any ￿n￿ue b¥ealh signature6 f(xJnd In PD Ile verifying the Ilnk to th8 mfjErthwJtne. Wa wgre hawy to offer a gtstbtto Dr Jonjthan Holbrook from th& UnfvtrTAtyof Cambridge. In the 5ewch lor new Stralpgles to modity dls88s8 coursè, reje&￿hers have been uslng Bn immun03uppressanl (Azalhknprknel howeverthis 1 Ilmiled by it5 side effect prDfile. parhculatty In older pgllents. JDnalhan wants lo better und8r51Bnd the of spe immune cel types kn ordeTtQ 9uid2 deveknpment ofmore woetsd Imtnunt tyeatsDeMts. He has several targets ha Intsnd$ to wrrt oft. Sever81 Yea￿ ago. firtstdi￿s￿ed vlllh OxTord Unfv￿ty Ihe Op￿￿1Vnity lo brhg professormolty SIBvens lo work at Oxlord. has boen at Irnp8ri81 Cofrfe since 2004 and is the WDfe55or of Biomedlc81 Mèterfals and Regenerative Medidna. We are dellghted to have Me opportunltyfor Molly lo become ihe John Blath Professor Sn at OxTord UnivBrsity. Molty Iswodd renOW￿d, and we IDok fo￿0rd to gfving herextta resource5, vthere sheworks on exdlng resèarth whlch could hav8 an eflect on Parkinson's disease. On? suth wssibllty h85 glre8ty ar￿en vthuety ihBre may be an opportunltyfor Molty to yovide assislance to fvéo Df ovrolher grantees. Mark l￿bg08 31 UCL, YthD IS working on our su¢cessfiJlty publlshed Mlnlm3 pro￿￿ and Tom Foltynie from UCL Que8n Squarè InsUlut8 of NgufDIogy. o we are supporting Dn ¥wlous Par￿n80n.￿ pro)￿. M8rk h&5 polenlk9lly round at) Intsresting mpthanlsm lo 8llow new dmg 118r¥)¥w lor Parkln50n dSsease and logether 4Yth Tom we have 88ked Mdly 10 brin9 in httrbk?n8n06cience 8klll8 ID helpiwih Ihls pro1￿t. We rEported1gstyearthal10getheTynlh Cure P￿ft￿On'sT￿Isla￿d the v￿ Andel Insthulg of the USAvJe had entered inta a iwartste $6.75 agreementto fund Ihe IICT programmp for repurposiw dw¥lor PD. H8vlno succ8$51ul Om￿eted 8 slx-month Pha5g11 tri81, we and our partnBrs have collecli¥ely funded a futher E5.Sm Phase111 trial into AmbroKoI. J6CF actUBlly began bjnding work Into Ambroxol in 2D15. Ambroxol is E cough linctU8 il is hoped modify the dl8eas&. 330 patients are belny r8L¥uited foT the trial. Reformulallng the tablet do&e is currenlly holdi￿ up ih v&luaNework, but ¥￿ are hopeful rt ￿111 start in the G￿rentY0￿r. RELATED PARIIES The Foundallon 0¥￿$ 100% of the share Eawtal of The Margln FIna￿ Corporatlon LSmiied and Bor￿$bT￿ ProperUe8 Limtted. Da￿d T801Soh( a tNslee of Ihe Foundation, 18 a dreclor of The M8rgln FInenr￿ Corporation Limtted. He 5$ 8150 the e¥8¢Lrt￿ of the Esthie of the lats J ￿al￿. Stephen CMway. E trustee of the Foundauon. Is a dlretlor of BoMsbTodE Pmpèrb8J Ltrniled. AUDITOR8 Moor8 ￿ngSton Smllh LLP were appolnted audilors in accordanc8 ￿lih aettion 485 of tho Comp8M￿S Act 2006, reBdulcn propo that ihey ore reappointed tse wt al a general rnedng. reportW88 approved by the Bo8￿ ulTrustee5 on .. . a.i.. sbned on Its bthaifby Dnvld Tagll9ht TN$ts•

THE JOHN BLACK CHARITABLE FOUNDATION STRATEGIC REPORT For the year ended 31 March 2023 Tha alms Df the Found8lk)n durlno th& year conunued to be the managgmenl of Its ovm fund8 and kn¥&thnls and the making of donaOons lo charftab￿ bL￿leS In ac£Drd0nce￿ih tts thptithble elms and oblecti¥e$. The prtndpal actmles oflts whdy ¢)wed 6ubsldlarlÈs ¢￿InUed to ￿ Ihal of property Inve81￿￿Trt. d￿￿orment. management, maklng ofloans al￿ olher l￿￿&1m8￿ts for thefmancw bEnefit ollhe FOwda￿0n, to oenerate Irwe lo enable the F￿ndatIon to cery out its objects. The 1ry8lee8 took advBntage of rislno Inter881 rBIÈs 8nd Bdopted 8 active treasury manaV￿￿t strategy durtno the y88r and thi8 M&ultsd in improved oth the uroup'5 cash holdln95. Ou￿ng the yèorthe truslees cononued to rnnitorlhe group's kyoperty inler•s18.11 was nuucegble ttwt all FweTtse8 rem8lned fulty lat. AmadwJ5 HoyBe, 45 an office c408è th HesthTowAlrport, ovmed by the Foundation. and Is letto the Flrnt Secretary of Slate for Houslng snd Communthes 8nd Locsl Govemmenl for 8 further 13 ye8r$. The 1￿C￿se in Inte￿$t rates caused theyldd on Ihls swjre propety kn¥e5tm8nl to ￿0Ve out. And produc￿d g v8hJaib)n of £12m dovm from L4Jl y8aVs £14m. Thè m1xe￿￿e freehold 5118 oth Drury Lane LDndon WC2 ts￿&d bythe F(￿ndatIon,6vthC4Y ￿nad ttubEldi8ryThè MBrgin Flnanr C(wT8llon Ltd. sIm￿allY suffeTed due lo Mierest rale fB¢tor8. and the value reduced from £24m to £22rn. The sitt exlends ovgr three quartets of an a¢re and ha8 b88n oY4ned slnce the Incep￿On of Ihe chadty. The reducuon in valu8 16 dl8gppolnlng. ￿1￿5 woperty61I1 Glands at £1Dm h￿tterthan In 2013. We happy to rep(xtthal al 18nants remaln in place and are Ir8ding noM￿ly. 8othsbmok Prcyerbes Lld, the Foundation's rAher1th￿￿ owned Sub￿dIary. lh8 freehdd of 8 trAo¢kof go aparfment5 in Kenslnoton Hiph Streel, L9ndC￿ W14. Ttte cDtnp8ny wns 13 118ts vthlch are let wton assfftd shothold lenancles. Th1$ ptr8cJve 858et held fts valuo during tho y88r. Overall1118 Warth noihg Ihalth8 n81 reduthD In our propelty a68ets was wgnlficènly bdow the reducbans in Ihe UK propertyseGtor. As 81 M8lth 2023 the nel 858ets Oft￿ Foundation gtood 81£77,657,722 12022.. £83.553.366I Th18 aftor m8kSw gronll donallons of E4,088.S8712a22.. £3.615.9751. The rgsuN8 of the Foundgfjon and its sub$idKgries forthe yearwe set out kn the Crm5rAldated Statement of FIna￿l81 ALlivl￿￿s on p&oe 15 of the fjnancial st8tements. Lastyear $aw a rn8BningfrJl Increa88 In Interest rgtes, whlch had the effect as dl8Gussed abov• of reduc4ng th&v&luollDn of tsurfixed pmpertv 88sel$. HDwevÈr, fta150 prowlded the tFUBtees V￿th an oppor￿n￿ ID gdopl a more acuve treasury man8gem8nt stratew, th15 moans golno fotward ￿ imporyed yl8kl on th¢ Founda￿On'S c&sh. Thè trustees h8ve focuséd on fixed Income Invesknents ranging gltt-edged to Investrnenl-oradè cuporale bonds. The I￿Ste&S bellev8 thalthe FouthdaivJn h9$ evffident reseNes a￿e lo cOn￿nU￿ tsu¢ts8olulty In the future and make Incr•a8lng o)nlrfbutSons kn¥afds stated 8kn8 and obJecllY68 as sel OLrt In Ihe Tm8tees' Report.

THE JOHN BLACK CHARITABLE FOUNDATION STRATEGIC REPORT For the year ended 31 March 2023 RISK IUNAGeMEIIT tnJ818e8 regularty txamlnethe malorstratèglc Iwoinesu and oper8tlonal rfsks whith the Foundalon faces and confllm Systsrns ha¥e been established to ensure Ihal n￿ssary steps are taken to lo rnlnlrn15e such rfsks. The trustees of FoundallDn sil on the board of118 subsidSades. Both the Foundallon and the 5ub61dlarles hold tegul8r meellng5 to revknw perfomance, operallnp yocedures. InletnBI contro￿. Op￿?￿Onal rlsks and un¢8rtthties. In t￿￿ of Its In¥eslment ihe FoundBIIDn and tt5 5ub8idlarfe8 face two 3rewJ of fundamenlal rlsk. The fir511¥ e tnajor banking Collapse vthereby a hlohty r8ted bank might not repay the group's depo¥Jts. For thi8 reason the ItU81ees have Spread th8 depO￿ts among several malorfinancJ81 Insittubons. The seGolld fundamenlal rfsk Ss a $&rlDVS col￿PS8 kn Ihe Cgntral Lon(lon proporty maTkei which svould Smpact tLYnmerdal gnd resldenlkql yoperty lallng ¥alugs. Given Ihe lornbon and dlverslty of the woup's propert￿9 and the faGt thal Ihe group 16 a850tfith %ilh no debt, thè Irutsteea think the rlsk of serfous darnag9 lo fv Found8Uon posthn18 mlnlmgl. PLANS FOR FUTURE PERIODS The Fwndatiun continue¥ to make reseawth grants in th• 8reas ol Prostats tancer and ParkinsDn's d15ease. In the year under rè¥lew we made a frjriher 18 grants brfnglng thg to1￿ numtei of kYoi8Lts in ihe dl$g0sps ¢0 105. Mora detsll cgn befound In ihe R8portoltheTrustees. We akn to mwntain and ￿tro PDSEible increase our Incom8 to be able lo provkje furthw uranl$to oxlsting proieLts and lund newon6s. ThlB yeargnd nexlwe be 8eBlng an increase kn our annual IrKoM8. alvan ourpurchaGing DIf￿ad Income Secu￿e5 as intere51 raths rose. We conunue to supwrt Ihe hlgh8¥tqU811ty f68èarch forrArefulty peer revknd prc4eca8, where the al￿ Bre better d[8gno￿s. 8tral1fvx￿O￿, treatment and Ih8r8py iri Ihe areas of Prostsle cancer8nd Pa[kin5￿,3 disease. The Iwslees strive to seek projeth$ 8t major lnststul￿￿S lo expand our 5t8ted alrns and oble¢iive$, frequently in coyaborauon ￿th other charitable bodies and Inslltutiuns. A full analW$ of the Foundaibn's GwreTrl hjlure plans 18 glven under the Putyk¢ BenÈll Seooon In the Rep¥t oflhp Truste8& D•vld TagHght Trust•• Dats.. -1,4

THE JOHN BLACK CHARITABLE FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES For the year ended 31 March 2023 The IN$i8es tho ara also dlr¢eior8 ofThe John Black charitab￿ Foundal¢x) the puTroses of rJ)Mpany18wI arg responslbfe for pr8p8ring Ihe Trustee5' Annual Report and the finanrjal stslements ITr awthancewlth applicab￿ L4w UnNed ￿ngdoM Artounting Standards Iuntted Klngdom Generally Acc8pted AccounisNJ Prddlcel, Includlng Flnanri8t R8pNUw Sl8ndawd publthed In the UK and Irdsnd. FRS 102. Company law requlre8lhè truslees to prepore finandal 81atements fareach fin81K1￿ Year￿ICh al¥e 8 In* and falrvlew ofthe stat8 of affairs of the th3ri1able group and ollhe kncomlng resourc88 and appllcatlon of r8sourc88, kndudlng Ihe Income and èxpendiiure. of Ihe charllsble group for thai pèrfod. In prepanng these finandal st8temenls, Iht trustees raqutred lo.. seled suhaLle 4UX)Un￿￿9 polides and apwy them con51stenty'. ob8eNa tha metlKNls and princlple5 In Ihe Chadlles SORP., kelu¢gernonls and esllmatss tha14r¢ reasonab￿ and prudent., stale vthelher applicable UKA¢counUng Stsndards have btrn Idh)￿￿, wbla￿t0 Matsrfal departures dlsclosed and 8x￿aIn￿ In the flnandal stalementy.. and prepar• Ihe ststements on Ihe COnr￿M ba￿$ unless il 1$ Inapproprfale to presume thAI the ¢h$rfty wll con11n￿ kn tyjsiness. The Irustsel are responsfjtle fork8epkny wjequste acwunlng r¢¢ord6 thatdisclose rÈ3sonat48 8ccuraw ot wny Ilrne the financial poslllon ofthe th8rit8trAe cornpany and en8blèthem to en¥ure Ih8tlhp fin8no8151al8menls comrAy wmh th8 Companles Act 2D06. They are olso responslN& lor safeguardino the assets of the charitsble umpany and the group and hence lor taklw rn88on8LIg step$￿the pr•ven￿on and deteCu￿ offr8ud aThJ other tyul8rlU¢s. kn sofaraGihp trustees are a￿10.. there Is no rdevanl audll InlomH￿o1Tr olwhrch the chaFlt8bk comptrry￿ Judttor18 unaware,. and Ihe tru8teeB have taken all steps th81 thèy ought to have Isken lo mBke themsehie5 awar8 of any relevant audit Information and lo 88tatlsh thatlhtr auditorls awara oflhfii Informa￿on. The InJ51ees 8re respons1b￿ forthe malntsngnce Intsgrfty of the Eofporate and fin&ncial Inftsmiaiion included on Ihe Char￿ab￿ ctynponls web511e. Leo181allon in Ihe United Klnodom governing tho prepar8￿On and dis58min8llon of finandal $t8teMents fftaydthr from kol81a￿0Th In oth8rlur￿d￿tson8. Slghod on I)•h￿l olth• BoaY¢l of Tw8t••1 D•vld T•gllBht Tru•teè Datw. Clf io

Independent Auditors’ Report to the Members of The John Black Charitable Foundation For the year ended 31 March 2023

Opinion

We have audited the financial statements of The John Black Charitable Foundation for the year ended 31 March 2023 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 2023 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.

11

Independent Auditors’ Report to the Members of The John Black Charitable Foundation For the year ended 31 March 2023

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

12

Independent Auditors’ Report to the Members of The John Black Charitable Foundation For the year ended 31 March 2023

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.

13

Independent Auditors’ Report to the Members of The John Black Charitable Foundation For the year ended 31 March 2023

• 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 6 December 2023 6[th] Floor 9 Appold Street London EC2A 2AP

14

THE JOHN BLACK CHARITABLE FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTVITIES For the year ended 31 March 2023 2023 Tothl Unr••tilct•d 2022 Total Unrqstrlct•d Fund• Incomo from.. Don•lon¥ and L•gJ(%p Investments Share of profftfrom lolnlvenbJ2 1,431,614 3.455,755 3.996,624 50.443 Totsi kn¢om• 4.047. expendlturn on- rjrect tyoperty eotsls OtherinveBlment rnanag8m8nl8nd admlr4slrat5ve costs Deferred lax movement Charttatle 4cU 276,269 2B4,185 1500,0001 4,088,587 273,204 351.819 612,518 3,615,975 Total •xpMdftuv• 15,593.6701 168,781 N•1 Incom• Il•xpqndMurnl 15,695.6441 202.634 N•t mov•mqfit In fvné8 15,6gb.6441 202.834 Rveon¢lllitlDn olfunds Tol81 funds brouyhlfoNard 83,553,366 83.350.732 Tot4lfwrKIB ¢arrf•d 1otW4 77.857,722 83.553.368 l Df Ihe above rosults are dewived Ircffl con￿[ng adi¥￿•&. Tlwe were no other recognI88d galns or olhor than IhoBe staled gbove. 15

THE JOHN BLACK CHARITABLE FOUNDATION BALANCE SHEET As at 31 March 2023 Th• group 2023 Tho chartiy 2023 Tho group 2022 Th• chwty 2022 Flx8d a888ts Tanglble 8ssels Inveslmenl In jdnl ¥onlure In¥e&th)eni prwÈrbes E4uityinveslmBntS and Ca6h Inv68tm¢fiti 142,043 1.999,333 35,058.786 28.934,605 334.847 144,850 1,958.890 39,263,217 13,706.76B 400,686 12 13,058.788 42,445.300 316.754 15,263,217 32.644.648 400,688 66,469.616 55,620.842 55,474.422 48,306,553 Curretti aasots Stock- propetJes for5￿¥ tkblors CB&h at bank ar￿ In haTrJ 8,796,966 9,869,OS7 3,929.744 3,798,986 ,309,74D 21,497.106 14 24,082.2a 3,305.952 23,204.123 16,357.303 17,395,767 27,388,251 33,603.812 39.561,420 LlablMlle• C￿dI￿rE amounts ￿thIn on& ￿ar Npt ¢yry•nt I880ts 15 11,092.0161 1649.602 1837,9431 1337.5971 16,303,751 28,738.649 32,765,889 9.223,829 TotAI a•89ts1•98 CUVY•mt Ilabllltlo 82,773,287 82.559.491 B8,24D.201 87.532,382 Credthrs amounts falllng du¢ after mor8 Ihan one year P￿￿8[On for Ilabl1￿.￿ 16 12,863,4B6 12.863,48ei 12.134.766) 12,134,7Bei 20 12,052,159) 2.552,159 N•t 77.857,723 79.696.005 83,563,366 85,397.818 Fund• Unw8Mctéd funds General funds Ntsn-th8ritaWe retsred funds 79,123,262 1,265,540) 79,696,005 85.025.355 1,471.989 85,397.616 Total ¢havKy funds 77,857,722 79.896,006 83,553,386 85.397,616 A5 pernbtted by seclon 408 CA 2006, Ihe parent charivs gross Sncome and re5uNs h8¥8 not been included in the finandal statements. Thè p•renl's glos$ income was £3,333,20812022.. £4,395.123I and itrecorded a deficlt of £5.701.81112022.' surplus vf £412,1(Ml. ApF¢oved byTrustèas on .Q.4.-. 12-..i¢ia.8nd ￿gnad ot)Ih&lr by ￿l￿d T•g11ght Charmy numb•r. 01143431 Compahy rng1str•tlon numbw.. 07734413 16

THE JOHN BLACK CHARITABLE FOUNDATION CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 March 2023 No 2023 Cwshllowsfrom opèratlng actlvttl8• Cash gonBrat8d from Ilabsvrtjpd by) opgrafjon8 23 15,021.2901 11,786.6401 C••Mlow•from Inv••tkng aÈtMtIp• Fixed asset addillons Cost of Invpslrnent a$Jd￿on8 Pro¢oBds un sale of ￿n￿SImInts 18821 18,630.6321 3,475,630 124.271.6791 7,728.963 116.542,6961 .155.8841 ¢o8hflows from Ilnanclng •¢iMUo8 Interest knccffle Diwdend Income Invp¥trnent Income 1.544,3aS 2fj6,D23 2.186,21e 1.182,22 131,95 2.161,e80 3,996.824 3,455.755 Met Intmse In cuh ¢•8h •qufvahnts 117,567,3621 11.486,7891 C••h and cash •qu￿0￿nI1 attho bogltthlng 01th•￿ Cash and cn¥h oqulvaknnts •1thg •nd ofth• y•ir 21,497,108 3.929,744 22.983,871 21.497.1Ce 17

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023 Accountlng polcl•g l The financial slalemAnts have be8n prepared acrA)rdanc8 wilh the Flnandal Repotfjng Standard 8pplic&bk in Ihe UK and RewblSc of Ireland IFRS 1021. The Charity and 8ub8idlarle$ are 8 public benefil gmpforlhe purFK)ses of FRS 102 8nd therefore Ihe Charitytho prtspgred its fin8nci•l ¥t&temiii In accordance wfth ihe Statement of Recomtnended Practica aprAltable tD charibes preparino thelr 8¢cwnts in accordance wth thg Finan(aal Rgportlng Stsndard OP￿1¢8b￿ In Ihe UK and Republic of Ireland lThe FRS 102 Charitias SORPI, tha Compan1&& A¢120￿, the Charfllas Atl 2011. The fln8nclal slalemEnl& are prepared in slerfing, whlch18 th8 funGUon4 CUrre￿Y of ¢txnpBnles. mC￿￿8ry BMounl$ in these finand418tatsnents are rOuT￿e￿ to the nearest pound. These ￿ancIal 51alern•nl$ consdldale the ￿BuIts 01lh& Ch8rtty 8nd Its whdly-Ow￿d S￿8145&neg The Margin Flnance C(Yporallon Umlled 8nd Bwrtsbrook ProperUe8 Llmlied on 8 line by line b8s1&. Inthe grDUP finat)dal atatements Ihehoht vwtyre16 accounted lor using the equlty mtsthod. The con$(4ldaled SOFA induOe$ the oroup's share of Ihelolni venttjrè's results. whllstlha llroup't share af the fwrvalue of Ih610Snt venture is shown In I1 ¢on&iAidaled Blance SheeL As the lolni venture is a parfnershlp. any prDfils orlo8888 are deemed dlstyibulatla 10 hts owners. The retsulls Included fcf Ihejdnl vture In Old Burfinglon StfeetJDlnt Venture are derlved from attounts. Tr&nsactlons and balaneea be￿{een the th8rtty and its &ub&l¢l8rbs have been eunwnated from Ihe Consol￿81ed flnandal tslatemenls. B•lances bets¥een Ihe group org8nis&ts"￿8 are disd0$8d In Ihè note3 of the charity% b818nc8 8heel. On acqukttlon of 5ub61diarfeB all of thar a68e18 and lobuttibo that 8￿$t al d•t• of acquisthon 8re racorded at their fair vahjes r6fi8th9 Iharcondition al that dale. Where subÈidiaries are acquired fornil consideration and am akh to 8 gift, Ihe f8irvalue of assets and liabllibe5 al the dKt• ar8 recogrlsed as voluntary Income In thg 51olement ol Ilnamal aciivilles. All ch8ngo5 ID ¢hose assets ènd Ilabilibes Indudlng the resulting $urpluses or deficlls that after the group ha5 galned co¢￿01 ol Lhe subsldiary are charged to it post ar4uisthon statementof firbJnLX Thè tru&tses hBve ass8s58d wtslhei Ihe use oflhe g(thg c(An¢•ffj ba81818 4)prtspdafr and have c(n6ld8red po$slble evenis or condl&DnB that rnlght C8St 6iqnMcant dO￿t onthe ability of the charitable gmup lo continue as going concern. The Iruslees have made Ihls a8sesimenl fora peri(￿ of 81 least ont year Ir￿ the date of approv81 of fin&nual slaternent5. In partiGular the liustee$ have ¢onsldered cwr•nl e¢onoFnlc 8nwronmenl and havo 18kgn Bccwnl of pr8ssuies on ienlal and Investrnent income. AftBr wklng enquld86 the tsIJstses hgve C￿￿￿e￿ th81 there a reasonable expectation lhatttr￿ th8rilHble group ha8 adequate re$ourrAa to eorthnue lo 8etMe debts as they f&ll duÈ forlh2 foreseeoble lulure. The thèrilable group therèfore continues lo adopt the golng ¢D￿￿rn basis in prapar*vJ ￿ finandal ￿tste￿￿t5. All Incomlng r9Bourw grg 8ccounled f￿when the tharfty has entMementt0the fundB, roc8iPt 1$ probab￿ •nd Iha amount is m&asurable. For1e08c￿$. entilknenl Is18k2n 35 the ellrfEr of Ihe date on whS¢h estate i& fin81ised or hen 8n thCDnditional di5tra)ulion from Ihe es19te h4$ been 8llher nolmed or re(%ived. Where malgrial legade5 ha¥8 boen natifiad ￿tthe mq&em8nts of Income have not been met, Ihe d8talk of Ihe legades ar8 d[s￿O$8d In Ihe notes to the ￿na￿al statsments. Wherè prsclltsl, In klnd Bnd donated Aervice6 and ￿l￿"e5 are racognlsÈd aa vduntary income al the falrval of restyJrc88 r8ceSwd. when the r6sourctr5 are recew. 18

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023 Ac¢ouniihg pollclH leonllnu•dl cl Restrbcted funds are to be used for6pedfic wrpDse5 35 Iwld ¢Jovm by the donur. EX￿di￿r whlth meets Ih6Be criterta 18 Identsfied to the fund. togelherwhh q fglr oIIoc8lon of support co&i#. dl CIOna￿or￿ roqulred to be ￿taIned a5 capltal In accordanw drffjof8Ishe8 are for 08 endowments - p8rman8niorÉxpendable accordSNJ tothe nalure ofihe reslrfdon. Endowmerrta and Ih? subseqLrt increases and do¢re8se6 In ara sh￿n In Ihe Slalemenl of Fln8ndlll AGtswbes 0$ pwt of ihose fvnd8. 01 ijnrestrtcted fund8 sre donatrDns and oihw in¢Dming resouTce5 rece1v￿4 or g8tratsd lor the ch8rftabl& purp0686, whlch are t¥Jt designated for partlcu1arpu￿Dse5. Income Is accthJnt•d for￿￿En recefvatk arKI It￿￿￿& retsined tsx recoverat4e. Re$ourGps exponded 8re recognltsed inthe perfoy In whlththEy aTe inwrred. Resource¥ 8ypend8d Indude atlrbulable VAT whlch CB￿nD1 be recover8d. Reeources 8X￿nded ere 3llocbted toth8 partiGul8r a¢bwty where tha wsl relates dwedyto that srtmty. ￿ere cost8 r¥nnot be dlrncuy altrlbiitBd ID parfcul•r a￿￿tIo$ ihey have been 01k)￿ts￿ on a b88SB conslsteniwlth use of resour￿5. h) REntreCeIva￿e Is ￿COgnISed In ihe perfDd to whlc11 relates. l) Costs of ralsing Inwm? are those Inwgd In B¢eklng vduntary ¢onIrf￿0ns end do not Indude the costs of dsssemlna￿n9 Infgnnatton In 8WPOrt csf ¢horrfabts aC￿￿￿e$. Go¥emancE CQSts Hre the co¥ts 8ssoualed wllh the govemance arrangqments of Ihe ¢harlty. These costs are assodaiod with crffislttuuonal and staluw requlrem8s)ts ènd any costs assoclaled wKh the Èiraleplc manauement olthe charfty athttle4. kl LI$￿I￿e5 are recogtt159d 88 resources exppndgd B$ soon 88 there Is • kn081 oi ¢ontslructwe c4)bBallon ¢c￿MIt￿p tt)J arftyto Ihe expenditur&. For grtsn15 made In the flnanclal period. ihe fvl amount of th& grant is recognised in the ye8rin whic the ecmmknerrt 15 mgde and Shown as a lony term or Short lerm t￿ditOr as appropFlalg. 11 Goothlll Dn p04u1s￿0n Is hI￿alty m&qsured as the excests ollhe cost 0¥8r the acq￿￿￿ Int8r6st f01r vwlue of the lenlifiable assets. IL?￿l￿e$ and conllngentllabllm&s. 19

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023 A¢courrtkn9 polkloB Icontlnuodl ml Tang￿￿ fixed ass8ts are 8tstsd 81 GOBI or valuation depleual￿n. DaprèdAtion is p￿ded at rate& calculated to￿te off the co$tor v8luatson le8g est1rn8ted r8skJ31va&Je of e8d) ass81 Dverits expecled useful Iwe, ss fDIIows'. Fwhold18nd 8nd bulkllngs Plant and rnachinery Fmures, fitUffj$ e4uipfflent Nl 25% roduclng bal8n¢e 25% redwng ba18t)ce Investment properties 8r8 induded in the balance ghefrt attheir op2n market value. Depred8tion18 FOVNled ordy on th08a inveslment propertkn which are leasehold and wh&re the u￿xpIred lea88 temls than 20 ￿Or8. Amhouoh Ihls att0un￿n9 pow Is In accordancewth Fn8nd81 R6wUng 8tsndord. 8 depariwe from the Beneral réquirwllenl of the C¢mpanie8 Act 20￿ for an langille assets lo be ijepveualed. In ihp Opini￿ ollh8 tsusie88 compllance with the sl&ndèrd18 ifEsaryforlhe finan&al Ststsments lo giw a IrL ènd falr vth. Depreclatbon or aM￿sa￿on l& only one of fftany f4clors rnllecied In the annual vakjatlon tho èmourt ol this whlc migm OlheM8e have been charged (xnnotbe 9ep8ralely IdenJfled or quanIfi9d. nl Listed investmen18 are slated al Tharkel value al Ihe balance shoot date. The ststwnent of fknand818¢1tr41Y•8 icJudes t nel gains and losse$ on revaluaoons and dlsp05815 iWghoutthe year. UnlL818d i￿￿￿tments and Investrnents In 8UbGldla￿￿ are Bt8tsd al valuallon WOW￿On fc¢dlmlnutson in val￿. ol Stock stoo4 Is stated btthe lower of c05t and eÈlknaled sdling prk818S8 Costs ts COM￿018 Ind sem. pl ForeEgn cytrTrncy tr&nilaUo Mowdtary as5elB anil Ilabllb'e6 denominatéd fordw currenaes are trah&laled inlo 51arkffj ai the ratès of exchange rLling at the balance shept date. Transactions Sn f(elgn currencies recorded alth¥ rate nJlr¥J al tha dab of thè trHn5adon. All OIff8rer￿ art tsken 10 profil 8nd10s8 account. ql Judy?mBnts and k•y ¥otlmBt•• In the appllcatton oflhtr CL￿pan￿$ ￿￿OUnting pokn"es. th8 Trusleets are required to m8k8 judge￿￿￿ts. e8￿M&￿8 and 8s5umptionB abtsut the c8rying amounl of 9s88ts and liabilbties Ih818re not readily apparent frfKn dher 8our¢es. Tr eBlmate$ And assoc181ed 8Ésumplons are based on hlslorfc•l eAperf8ncÈ and 0lherfaclLYS Ihatare considered lo ba rdevanL Actual resulls may differ from th686 estimatss. The estkn8te5 8T¥J undwtylng assum￿th￿ arg reVI￿ed on an ongoing bB81&. Re￿￿10n6 to accountlng 88lm&tes gre rettoni8ed In Ihe p8rfod In whleh Ihe ￿tiMate is wised wh&r8 IN* rEvision affec15 only Ihal perlod, Or￿ Ihe wlod of tha revision and frJbJr8 parf(￿& thl)ere the remsion BfferAs both currenl and fLrtLJre ptrrfods. 20

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023 Aeeouniing pollcles Icon¢thued> r) Cvluczl Jtsdgements Valy•tlon of In¥o•tmottt prty•rtknB The v8luaUon of In¥EBtment properlej Jen•thveto thano8s In Ihè market r8t8sfvr GornparB￿e prOpWU￿. The Iwtion of the k¥wrtl8s assessed 4nnuaty and adlu8tTr￿ts are passed IFough lh• Stotorwnl olFlnanrlal 31 Fknan¢lAI In¥tmm•nts C•¥fv •nd ¢a•h Equlvahnts Cash and ￿$h p4ulvalents kndud8 c&sh at bonh oTrJ In hand and ohorttsmi dapo￿tI￿11h a m8turfty dot• Dfthree month• orles¥. BJ8lc Fln•nclalln•trumq The (arfty W hohls baslcfmaw81 In$truwdnts as defined by FRS 102. Fln8nclal Ir*tmmenls recelv4We or p9ygb one ytrar ofts rewlng date ar8 althelrtran6ac￿M prfce &ubsèqutrnly 8t amorused cost. 21

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023 Voluntary Incom• 2023 Total 2022 Tot•1 UnftSt￿ctDd Leoacy Income 1,431,614 1,431,614 ty had no res￿1cted Vdun1￿ in Iht years ended 31 March 2023 or31 Mald) 2022. Inveslmont Incomo 2023 Total 2022 GrDSS Income from UK yowbes Interest recewaNe Di￿dendS trcr UK listsd investmente 2,186.216 1,544,385 266,023 3,99e,624 2,188,216 1,544,385 286.023 3.99S.624 2,161,eao 1,162,220 131,865 3.455.755 Tl chliy had no reglri¢ted Invem￿l irtome in the yeèrs ended 31 Morch 2023 or 31 2022. 41 Total r••ourcee oxpendwd 2023 2022 Dimct pr￿￿tY costs Legal 8nd yolesC￿21 Dep￿18￿( 145,187 128,266 2,816 276.269 182,450 I￿1,999 3,755 273.204 Staff ts)St¥ rectors, rernunwati￿ from sub￿13ry u￿￿taking& Swal security ¢o$ts Extemal Investm8nt managementWSts Office Nnnlng costs Bad debts m5s￿lIan￿o￿5 GovwnanGB costs18e2 ￿¢￿) 97,338 100,000 20,168 1,668 21.614 94.230 loo.￿0 19,724 1.CQO 34.276 54.651 381 50,145 284,185 47,725 351.819 D•[er￿d ￿ mov￿• ,0001 612,518 Ch an donatlons to Ink tgs 4.088.587 3.615,975 Total R•sDurcos Expqndod as porconsolldaied Flnanelal Statpmon 4,149.041 4.853.516 GovornancA costs Auditors, rBmun8fabon . Parent company and cnns￿￿ation - Al*1￿ of &bsidlary Compa￿8$ 27.557 22.586 60.145 27,984 19,741 47,725 22

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023 Symm•ry ol graiits lon•llon8 to kn8tItUiloty• 20ZJ 2022 Chath8bk grants awarded forkn cwrent year. PrDstale GanGfjr 1.520,284 1.769,803 792,600 4,088,587 1.622,579 1,248,825 744,571 3.615,975 Oiher ch8rN8bk purpose5 Tot31 charitable grants awBrdEd Tolol Ch4rlt8￿e grant& paKJ ￿ the y•ar 3.062243 3,922,371 The InBIMons lo which medical research grgntB and donaUons hav? beerb mgde I￿Ude.. Oxford Unwer8lly Klng's Cdleg2 Cambrldge Unlvers Nottlngham Unlvarshy Unwer5ity col￿Oe Londot) Que&n'8 UnS¥eTsfty. Beifa$i CDMpye London Institute of Cancer R8searth Brfstol Unl¥w8lly FrancLs crt￿ Inslllthe CgrdlfT Unlver61ty Soulh8mptin UnlverBity Plymothh Unwersity Edlntr￿rgh UnNwsNy Royal Marsden Hostylal St George's Unlverslly of LDnd Royal Free Has￿181 FLther detans ollh2 researth grant8 and donation& Gan be fwnd In th8 Sd8nlMc Reportof Il* R￿￿ ofthB TrLK818es. Other m8lugrants awarded durfng the yearwere to tharilatrAe couses 898odal8d ¥Alh Slalp rfl￿e1 in accordancè whh Ihewishes ofthe18le Jphn Btsck. These Ill￿￿ed donations tD." Jewlsh Care No￿00d Communlty S8￿J[lIYTrUSI Worfd Jewlsh Remef NlgMngDI8 Hammwso JewLqh B￿nd and DiMt4ed 61 Netlncomlng R8•ourc•s forth9y￿r 2023 2022 Th151s staled after tharqlrvJ.' D6pre¢l0￿On Audllors. ￿Mun8ra￿"0n Ithèrft￿. £27,551) Cweclors, rernunerauon 2,816 50,145 100.000 3,755 47,725 100.OOD The dlradorj, rem￿￿￿0￿ of £1(X),IK)0121Y12'. £100,0001 wa8 pakl io D Taullghl. In hkg capadly as dlre¢tor of The Margin Financ• Corporation Lirnlled. Thls wès paKI In accord&nce wmh the ￿11 of th81818 J Black. No exp2nsJ5 were reimbur&ed to Tru¥tee8 ¢Jurlny Ihe yegr. 23

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023 71 Taxatlo The charity is exempl from ecrfporalan Izx aB all its Incom8 [8 chaitable and16 8PF4ed fceh&rttgble pwpo$8s. The charltys Invesknenl subsldiari25, The bAargkn Fln)ce Corporation Llmlled and BorrfBbrook prope￿e£ Llmfted haw gKied avallatAe proffts to the chadty. A balance 01£2,052,15912022". £2,682,1S9I15 h8ld InTh& Mafgln Flngnce Corporatton Llmtted deferred ts rela￿Nd lo th6 Invetsimentproperty. T•nglbl• FSK•d A•Mts Group Land and Bulldlngs Pl•nt •Dd a¢hknary Total cost At 1 ￿rf12022 133,696 275,344 400,040 Oi%p05•15 Al 31 March 2023 133,596 275,344 408,940 Amoth•tlon At 1 April 2022 Charge for the year 264,081 2,816 264.081 2.816 At 31 Mari* 2023 266,897 266.897 N•t botsk valLb At 31 March 2023 133.596 8.447 142.043 At 31 Marth 2022 133,596 11,263 144.659 No fixed Bssels are hld Underfin8r￿ leèse. 24

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023 In¥o8lm•fv Tho group 2023 The charhy 2023 Thp Tho charfty 2022 2022 M8thel valJE br￿ght fmvwd Addrtions at cosl DIsp0581 proceeds g8inlllossl on re¥81ualon 13.7D6,768 24,337,620 17,718,983) 11,390,7Lh)I 32.644,648 20.?02,960 (7,718,983) 12,683,32SI 10.634.6$9 8.380,146 13.475.830) 167,563 a0.1￿0,660 6.380,146 13,475,630) 1320,7281 M8rtelvRlue ¢•thed fo￿ord 28,934,605 42,445,3LYJ 13,706.768 32,8M.848 Cash held 88 part ullnveslment pfKtfollo 334,847 318,754 4QO,688 400.668 Total 29 269,452 42,762,054 14.107.4S6 33.015.336 Cost browhl foTh¥ar Addhion8 al cost DisposaL8 at cost 13.405,349 24,327.520 17.824.282) 19,272.281 20,202.￿0 17,824.2821 10.576.627 16,445,SS9 6.380.146 6,380.146 (3,553,424) 13,553,424) Cost carrfed fly￿ 29.918,587 31,650,D59 13.405.349 Ig.272.261 Vg•tm•nts lrnjvkgtvaluol Th• Th• charmy 2023 T￿ group 2022 Tho ¢h•rlty 2022 2023 Sto¢k gxGhwg• Ihtsd Invè•tmenlo Shares Short4Jated Lony4ated bcffids Gltts ITNestrnents In BUbBfjth￿e$ Ivalualonl Cash hdd a8 part OTIF Invesbrnnl portfolh) Irthtl 5.875.3CK8 10,242.435 3,928.392 9,088.472 5.675,30fj 7,677,417 3,343,162 8.105,086 0.221.680 7.484.lJ88 6.222,680 7.484,088 17,844,329 18.937.880 334.847 318,754 4(K).688 400,688 29.269,452 42,762,054 14.107.456 33,045.336 l of Ihe groLP'S Inveslmenls are located th the UK M•tsrfal Inv•Bkn•nts In sub•ldlary holdlfvg Group Chorfty 8ubsldl•rf The Margin Finance CorpDration Um Borrisbrook Prowtles Umlled 11,844,329 6.000,000 7.644.329 25

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023 101 Sub8ldlory Th8 chsrityowns thè whol& oflhe issued ordlnaryshare capital ofTh M¥gln Flnanc Corpornli) Lknlled. 8 comp8ny reglstered In Engknd (Company tMJmber'. 02159047). Thg actlvlty of the sub8ldlarywas prop￿tY Inveslm9nl, (kvelopmenl, consuftBnGy, rn4n8gement 8nd Ihe rnaklTrJ of k)anB. 31 M•Ych 2023 2012 Turnover Cost of sal85 Gr955 profit 1.366,355 22.086 1,344.269 1.338,717 21.206 1,317,511 Admlnl$tr¥8 èxpon8¢$ Operattng prortt 1302.7781 1,041,491 1371.5871 945.024 PTofft frofftjolnl venbJr8S IntèMAI received Interg81 pald Fair value108ses ot) Investrnent prop8rUe8 Falr value108s6& on Ilsted Investrnents ProfftlOo¥sl on 0￿1n4ry atuv￿o8 b8fore taxalkjn 50.443 851.840 (775,1281 12.000,OODI 928 1832,2801 803.789 (791.0551 958.65a Tax Profftl(10851 forthe yeAr 50D.DOQ 322.280 612.518 346.140 AsGels 36,668,802 38,160.123 U8blOe$ 125.024.4731 125,222,243) 11.844.329 12.997.880 Share c8Prt Ravduallon resy8 Profit and loss arxotht 10.620,916 1.123,411 11,644,329 12,020.916 916.962 12,937.880 26

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023 101 Subyldlary yndert•klng8 leottiinugdl The tharlty owns the whole ofthe18su8d ordlnary Bh818 capi181 of BOrr￿$t￿O0k PvwErtles. a company reglstared In England Icompanynumber. 01903D49I. The subtsidiarywas acqulr&J on 5 Aprfl 2013. The aclyhty ofthe 8ub8ldliry18 that of property dedern, develuyers and propJtyhw6slors. 31 Mard) 2023 31 Morth 20T Tumover Cost of sth& Gr055 profft 221,981 1115.B631 106,128 225,083 1127.4341 97.649 Administrat￿? expensas OFér&ting profil 59.8001 46,32S 57,2821 40.367 Iirterestre¢dv8Ne and ￿milar income Profiton ordlnary activ￿&$ bwfore taxalbn 46,334 40,367 Tax Proft forlh8 4D,357 727.054 825,321 b￿1￿9$ 128,2641 1132,498 696.790 692.823 Share c8Prt81 Profft losts Èccount loo 898,690 698,790 loo 692,723 692. 27

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023 Shor• Inlolrrtvenlyre Old 8urflngton 8tr¢•t JolDt V•rfur The Margln FSnanc& CorpDraUon Llmtted ha8 a shèts In (Yd ￿rfIng10Th sirtet Jolnl VenbJr&. This is aCGounled for inthe con8olldal8d accLYJnts of The John tslac Charflwble F￿datIon as &￿Trt vertura. 2023 2022 Twnover Reni recelvable 95,733 Net proW1108$1 fLYlh2 year 50,443 Fixèd C￿￿ent assets 2.250,000 41,721 2,250.000 42.947 Gross a8S&tÈ 2,291,721 2.292.947 Gm88 Ilabl1￿ets 141,795) 183,463 Totd 8888ts ￿?5&tDt4 li8bilib.es- share of net as&etS 2,249,926 2.209,484 Revaluallon re5ery8 Currentaccounl 1,746,440 503.478 2,249.926 1,746,448 463,036 2.209,484 CoTrylnll •mourt ol Old Buhllngtoh Stmot JolntV•bthr• 2023 2022 Brought forward Share of I106sVpr)fft Dra￿￿￿5 Revaluskn ofJolnlVentLe propwty 1.958,890 50,443 110,0001 I,￿8,890 CDthed fo￿ord 1,999.333 1.958,890 bionca f2022fl Inlom)•Uon The componywas unBble lo oblaln accurate acctyjnting rectrd8 forthe year eThYlng 31 M8rth 2022 for Old Burlinplon Slreel. An 8naly51S W8s undertaken lo Bnalyse th8 profits 8nd losses frDm Ihe p￿￿ou8 se¥en yoOV6 of IhB IDSTrt venture and itwas de￿ded Ih81 Ihe non-Indu8lon of the 2D22 resutLs WOU￿ not have a material ellect an the 2022 con8011daled aGcounls. The 2022 resulls hawe been In 2023 figwe6. 28

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023 14 lrt¥••tmwnt prop¢rU Oroup 2023 Group 2022 charlty 2D23 Chjrlty 2022 Brought foNard Add￿On8 N81105888 Ilwh f4rv4hJe adj￿1￿¥￿$ 39.283,217 39,263,217 15,263.217 15.263,217 14.%M.4291 12204.4291 Canied fDfw8rd 3S,058,7e8 39.263.217 The investm￿1 kYoperOe3 are ind￿d In Ihe balance Sheet open mathel Val￿ Ihlstorlclll Cost of £27.393.0751. The Inveslment prcp11es wEre rp¥8lued by th8 dlreLors 95 pt 81 March 2D23. The dlraclorn 8re dèred qualthed to ¥ahJ8 the kNestrnenl p￿￿e8 hekj bythe charly ￿e to th81rcon51deTrlAe experierKe In thè sector. 131 Flngn¢lol ltt•tyum•rt¥ 2023 2022 Corryng amwnl Offinan￿¥1 asxts at.. F8kvalue ihrouoh the SOFA 28,934,60S 13,706.788 29

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023 141 Shorttenn d8bi•r• Th• 9roup 2023 Th• ehavlty 2023 The group Thp eh•rfty 2022 2022 Trwje debtors Other debtors Amount due from Sthsldiarfes Amount due from S(l)sldS8rfe8' Loan bal4nL¥ (see note 191 324,284 9.344.773 2,512 1,521.623 240,402 131.965 8,177.7T6 4.085 897.802 253,474 22,317.762 24,082,299 22.048.762 23.204.123 9.e69,057 ,309.740 Thè £22,317,76212022'. £22.048,7621 duo from subsidiwi88 It￿uded in the thadty b￿R￿Ge $hB81 Is du8 in 0sYr one year. 161 ¢￿d￿oN-m0ts￿ta du•wlthln I Th• group 202J Thé thAFIty 202J Tho gmup Th• chavlty 2022 2022 Trade c¥edilor5 T8Xatlon and soc14 security Olherued5tors GrRnt commthonts (see nole 181 1,809 61.579 407,348 621,280 1.092,016 17.151 e3.208 443.926 313.656 837.043 28.322 621.280 849.602 23.941 313.656 337.$97 181 ¢Y•dllor8- •mouThts du• iftar l ygjr Th• groiip 2023 T￿ chwlty 2023 Th• group Th• charfty 2022 2022 Grarl coMmllments 15Ee not• 181 2,863,488 2.883,486 2.134,76fl 2.134.786 171 Ahntys11 ol ngt u40ts b•two•n I Ihg tharftys and groL¥) funds are unde￿gnated, ￿re$l￿(Al￿ general funds. 30

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023 Grnntcafflmkn￿￿ts Oxford Blon•no- sclen¢• h•lr Oxfvjrd Parkl#8orb' Chalr UCL Prostats Ch•lr Pro¥tsto Grant commttmant8 8131 Mwch 2021 500.000 1,U50,aOD 1,204,818 2,754.818 Awarded ITh year Pald kn y88r 112S,0001 1181,3961 1308.3961 l>ant wmTrMthents ot 31 March 2022 375.WD 1.060,000 1.Q23,422 2.H8,422 Aw8rded In year 1.EiIO,OOD 1.500.￿ Pald It) ￿ar 1125.oih 1188.658 115D.0001 1463.8561 Grw Gornmit￿ents at31 March 2023 250,000 1,050,0 834,766 ,350,000 3,484.76fj Due wtthln one yeor 125,OTrJ IBO.000 198.280 150,WO 621.280 Due 8ft8r one year 125.orAI 9rKJ,ooo 688.468 1,200.000 2.863.486 10500C 1.350,000 3,484,766 A grant of £1,2SD,OOQ w86 awardéd In lh¢ y¢ar ended 31 Marth 2016 io Oxford Un￿e[sty￿ suppNt ofv$$orsNp lo und8rtake résèFAch In the Ileld of Pr￿1818 cancer. This io pgyat4e ovu 8 10 yegrperfod equ￿ amwnt8 of E125,ODO per 8nnum. A grnnl of £1.500,000 w85 awarded In year endpd 31 Marth 2017 to OxTord Unl¥èrstytO Support R re5e8rch felow In Porklnson's dlsBase. Th1515 paYa￿e over a 10 year period in equal ornounl¥ of £150.DOO. 3 yearg of P8yTnenl havè beèn hekl bBck for yeaF8 2020, 2021, 2Q22 gnd 2023. whlch Is a result late stittiny of the pr4ecL These p8yments are s￿11 due will be pald on¢8 Snwal fund6 hav& been u52d up by Oxford UnIver8￿. A grantof £1,387,686 was awarded in ￿aTended 31 2018 lu UCL lo estaNish a Ghairin PrD5ts10 Cincer Re¥eerch. Thls IJ payable 10 yesrs. A fUrt￿r £253,344 awgrded th the year ended 31 Marth 2021, payabk o¥ertseven ye8r6. A grant of£l.5Tr).000 wa$ Bwarded In the yearended 31 Marth 202310 Oxford Unlverslty for th& crealon of pro1o88orship in blonanoscknca. Th& ￿ payable ovgr 8 10 year pedod Sn equa amourfs of £1W,ODO per annum. 31

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year endéd 31 March 2023 191 R•lthd Pty Tr•n¥aGllon8 Al th& bdancè tsheet dote the Foundallon Its owed £22,J17,76212022". £22,D48,7621 by tts whc4y wned sub5idiaryThe MargSn Flnance Corporafjon Lhrllad. Th1& amguDt18 made up oftwo P8rts.' Ir) A sum of £14,9)2,76212022.. £14.902.7621 the108n account ollhs late John Black 81 the date of death In 2010. Th15 085etw86 tran8f8rr6d from thè Estste lo the FDund8lion by the exeGLrtor. tt rèpresethts the •dvances mBde by John Blad¢ In his lifetime to purthase and refurbish the subsldlBrs ￿0 makn CLNnrn¢rcS81 operty ￿￿$1M￿nIS ￿ Dw Lane and Ohl ￿lIngtOn Slreet, currentyvakJ8d wl £22m and £2m. As the 8nlr8ty of the subsidiary's Ir￿arne1& dmaied 8ach ye4rto the Foutvjalon, IhB loan Can ontybe repald 4)on a•le ofthe prop9rty in¥e$tments. Thg k>an l& btsrest free. A fixad and floating th&roe exS&ts overlhe invastmetrt woperty and undertakir¥Js of The Mwgin Finat)ce Corpor8Uon Limrted. 111 A of £7,415,(M)012022.' £7.146,0001 ￿V￿n￿l bythe FOund￿￿on lo Its sub&dlary whlth accrues IntereBt 8t6.5% plu5 SONIA 8Th1 Ss due lor r2payrnenl 30 d8ys after rePA￿ne￿t oflhe lo&n byth8 u￿M￿le borrNer. TNS •rnounl ha$ bew leni on byThe Margln Flnance CDtpor8lon Ltd on $knllar lenns to 8n unconnected thlrd paty Secured on propèrfie$ on h 50% loan to value. Internsl It)come Is pa&4 quarteilyto the Found8lknn wlthin one monlh tsf rtrLlplbythe 8ubs#tsry. Sints the year end an èmounl Df£5.970,000 was redeerned. P￿￿￿ent lors8NC88 of kay management and d*ectDrs of the FoundatM)n were made on béhHW olThe John Black Chadtsble Foundation by ils subsldlaries. 201 Pro￿10￿ for Ilabllhlos 2023 2D22 Balance brO￿hl￿OrWArd MovÈmÈnt in year 2,552,169 1500.0001 1.939,641 612,518 Balance cathed fgw¥r(I 2,052,159 2.552,159 Promsions for liabl1t￿8 Is Ihe d2ferred tsxon 8 fvwrtyheld in The Margh) CLvporath)n Llmled. CAIL￿lated at25%. 32

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023 St•ft¢o•ts Numberofompltygp Thè avernge montNy number ofrnplDyee¥ d1￿￿0￿) durfny Ih2 yearw85.' 2033 Numbgr zozz Numb•r Offic8 gnd manèyernent Employmqnt ¢o•ts 2022 Wayes and salarfes Sorlal sacurlty coats 197.338 20,168 194.230 19.724 Tl key managemtht perso￿￿1 of the group LI considered to be the Trustee$. TDtal rprnuneration fDr key m8nag8ment perxffjnel 8¢ros¥ Ih2 gTOUP is £100.00012022'. £100.0001. One ￿r$0￿ rp¢¥l¥ed rem￿￿ra￿on Irb ex￿5 of £80,000. See Not8 6 frxdeialts. 221 As by ¥ec*"on 408 CompJnie3 Act 20C6. Ihe parent tharity's gTO¥S Incorw ond re5¢Jts havE nDI been Ir￿ude￿ in Ihe fln8ndal statements. The grDss and SU￿￿8 forthe flnandal year Is made up fv4¢)w6'. 1023 2022 P8rortChBrfVs gr08s IncDme forthe fin￿¢￿1 ￿￿r 3,333,20B 4,395.123 P￿entCha￿v9 SurphJ51lDefldtl forth8ffn8ndal ￿ar 15,701,6111 412.104 231 CaBh g•nAratsd from op•N￿On$ 2023 Net IdeffidlllsuTp￿ In lh• yBar Falr value losge8llgalns1 on investments Depredallon Invesbnenl incom Deterred tAX movemenlo Change In Debtors Change In CrÉdtrA 15,695.6441 5.544,656 2,618 13.996.624) 1500.0001 11,359.3131 982,789 15,021.290 202,634 1187.5831 3.755 13,465,755) 612.518 1,218,660 1200,8691 1.7B6,640 33