2024-03-31-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 2024

Cont8nt8 P•1• No Report of th8 TrJsi6 1-6 Strategic RepNt statement of TN51008 R8spon81kn"Illles A￿jItOr￿, Repwi I[￿13 siai•mnl of Flnancl81 Actfvillea 14 8pl•nce Shè81 15 Ccfi8olld&ted Coih Flvw Slal8rn•nl 16 Not•8 lo the Accounts 17.31

THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2024 The trustees present Iheir report togelher wlh the finan￿al statements ol the cornpany lor Ih8 year ended 31 March 2024. and confinr that Ihe financial 5tatefflents comply with current statutory reqLJirements and Ihe requirements of the cornpany's Memorandum and Artides of Associabon. This report is a directors. report and has been pr8par8d in accordance with Finanaal Re￿rtIng Stsndard published In the UK and ITgland IFRS 1021 and in a¢¢ord8nce with s417 of the Companies Act 2006, antl all trustee5 are director6. Items disclosed under 5tralegi¢ r8POrt are not repe21ed here, as allowed under 8414CI111. REFERENCE AND ADMINISTRATIVE INFORMATION Foundation nam•'. The John Black Charitable Foundation Charity registratlon numbgr. 01143431 Company reglstralion numb8r'. 07734413 Registered Office and Operati￿31 addres5. 24 Old Burfington Street London, W1S 3AW Tru¥t••• The persons who 6er¥ed 85 tru5teag durlng Ihe pèdod were 8$ follows... Mr S Conway Mr D Taglight Audltord Bank•rn Moora Kingston Srntth LLP 61h Floor g Appold Stre81 L￿don. EC2A 2AP 8Brclays Bank PIC London Barcl8y8 We81th Pdvate Bank 1 Churchill Place London. E14 5HP STRUCTURE. GOVERNANce AND MANAGEMENT Th¢ company 15 Ilmlled by guaranteg and 15 govern8d by its Memorandum an¢Y Articles of Assoclallon daied 9 August 2011. The F(xJndation w8s registered wllh the Charlty Cornmi55ion on 18 August 2011. under ch8rSty number 1143431. The Will of late John Black daled 30 July 2002 states that the Trustèes of Ihe Vwill shall hdd John Black's residuary Estaie upon trust to apply the incomg thereof for the ch8ritAble pu￿08¢$. In order to achiev8 this the trus18e5 8Stablish@d this Fo￿ndatIOn. The trustoes as charity trust89s have control of the FoundalK)n, its propty and funds. The FoundatlDn Is chair8d by Davld TaglighL Excèpt otherwise prowided in Ihe Will, ev8ry issue m8y be detErmined by a simple majority of votes cast 8t 8 meeting of thp Irus18es but a ￿$olu￿On which is in wrib'ng and signed by all th8 tFV51ees is 85 valid as a resoluuon pa55ed at a meetlng. One of the tru5tees' primary responslbllilies is to enstsre that the Foundadon operates to the highest slanderds in all aspects of governance and risk ffjanagetnenl. Their airn 15 to manage the Foundation 8ffectiv8ly, while ensuring tttat proper operating procedures and int8mal controls are maintained at all tirnes. Transparency Is Central to thi5 objective and more detail be lound In the Risk Management S&Cli￿ of the Strategic RepurL

THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2024 RECRUITMENT ANO APPOINTMENT OF TRUSTEES Future trustees must be apwnted by r8solutlon of th8 trusteBs. The number of trustees shall be not less than o but shall not be subject to any maximum. It is clear that for our Found81ion, we n•8d people of both experience and Ih05e capable of giving their lirne. 11 is not a￿ayS easy to find both those ch3r8cterisliGS in people willing to lake on the cansiderable commitment ané ￿SPOnSIbl111Y ￿Quired by the Foundation. We contSnue to search for potential trustees ol the quality requiiad. INDUCTION ANO TRAINING OF TRUSTEES All ol the eKlSting tNstaè8 are famlliar wllh runnlng of Ihts Foundation gnd afft pmwded %sith delails of IN51eo training courses. New trust888 V4111 bg provided ￿th the Memorandum and Arucles of A88ociatlon and web links io ¢h8riti9s guidelin88 for trustees. Trustee8 ar8 aware that il is Ih8ir re$pon5ibility lo keep abreasl of dev81opm8nts I relalion lo the governanco ol ch8ritie5 under the Charities Act. AIMS AND 08JECTIVES OF THE FOUNDATION The Foundation was sel up 10 8UPPOrt medical resear¢h inlo Prtssla18 Cancer and Parkinson's Disease In the United Kingdom together with other chartlable c8US8$ assoc￿18￿ with the Stale oflsrael. The tnjsteos conflrrn that thay have refetred lo th8 Charity Commlssion'5 gU￿anCe on public benefit when r8viewng th8 Foundallon, alms 8nd objective8 and when selling grant making policy lor th8 year. Th8 FDundaUon conlinugd its adOp￿d policy of providing lunding to 8 variety ol inslilutions for the publlc ben8fil. Thi& includes research Into better dl&gnoso5 and, where 8ppropriale more effectlve treatments for both ProBtate Cancer and Parkin8on's Disea5•. We provld8 som& éelalls on th15 year'6 ￿search under Gr8nts and Oon8tlons below. FINANCIAL REVIEW ACTIVITIES AND peRFORMANCE The trusteos con15nued to m•noge th? 8ss8ts h&ld by th8 Found8tlon and monitor the property a88¢t$ hald on Its own 8CCOUnt and those ol 115 wholly owned subsldl8ri88. The truste85 con3idered that the valuations of th& h¥0 c¢)mmerclo1 propertl88 have remBined unchanged hfter 3 y98r$ of reduclions In values due for Ihe m081 p8rt 10 the incre8$e in inleresl rates. The valuation of its resldenli81 propety ha5 refflained unchanged. albelt il ha$ seen rental increases In line wlth the lelllng market's uplift for c8nir81 London apartments. More dot811s are In the Slrateglc Report. Onc8 agaln the trustees took advantage of the rlse in Iniere5t rale$ prov+ding the opportunlty ￿ make furth*r investm8nls In bolh gilt-edged 8nd highly-r8ted corpDrala bonds. This h8S 5ub51antlally Improved th8 r81urn on mon￿$ provlously held wlth our bankers. During the year the trustee8 wrcha5ed the outstanding 50VA In18r88t In the long188sehold profjerty at 24 Old Budirslon Street, London W1. 11$ wholty owned subsidiary The M8fGin Fingnce Corporation Llmlled h85 owned a 50% Inleresi slnce th8 Inceptsan Df the Foundation in 2D11. The Foundation operates from one floor In the building. The trusl88s hop8 that ownin9 100% 01 th16 Intwesi ￿11 allow them gThng fO￿ard, lo GreDle added value for Ih? Foundallon. PRINCIPAL FUNDING SOURCES The Found8tion conbnu88 to r&¢trive donation5 frorn its whelly owned subshYia￿8S. It a￿0 h86 an Investment portfolio rnade up tsf pr4)8rty, equltles, and fixed income. all of whlch conldbute lo the income availoblo for don81ions. Slnce 2022, the Estate orthe ￿te John Bl8d( had b88n flnall$ed and no further legBcy payments wil be re¢8iv8d. INVESTMENT POWERS, POLICY AND PERFORMANCE Under the Mernornndum and Artides of Assoriatioll. th8 trustges havo the authority to lnvesi tho lunds ol Ihe Foundation at their dIscreb￿. The trustees have continued to maintain a cautious appro8ch iowards Ihg Iliveslrnenl policy. In the y88r under review they again took advantage ol rising inler8$t rales lo incre888 Ihe Foundation's ownership of high quality

THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2024 corporate bonds and govemment-backed setJJrlties, resultiw In better retums b￿llg generated ￿7th a low rhk profile. The prop8rty investments managed in-house r8tumed another good y88r in terTn5 01 incorne. In capital t8ms th8 40 main colnmercial prop8rties hav8 been valued without Teduciitin for Ihe first time in 4 years. Thi$ has b88n due lo interest rates and capital values 51abllising. The valuatlon ol our r8dd8ntlal prop8rty remained un¢h8nged. albalt we did see SDfn8 51renglhening of rental levels. Our share portfolio of smaller companies listed on Ihe Londtsn Stock Exth&ng8 h8d a qulet y8ar in Ilne ￿*th small- cap indices. However, we r8main confident that this small portion of our overall portfolio will provide decent c3prtal relums on top of th8 5ati51actory dividend yi8kl Ihey produc8. This ha5 been th8 case since ￿e year end. RESERVES POLICY As sean on paa8 15 tho Foundatlon has substants.al res8rves. 11 keep8 thestr to gen8rate Income whlch Is donalod lo medical research lo en8bl6 it lo rne81 Its Charitab￿ purposes. The Foundotion continues to rnBke I(￿￿eT-lem1 medical research commitrn8nt3. In previous ye8r811 h85 maintained an 8ppffjpriote I&v81 Df reseN8s In the lomi of bBnk d8poslts. However, glv8n the rnarked move upwards In int&r88t rate5 il now invests Ihis Gash In ￿adlEY r8ali88ble govemment and highly-raled corpor8t8 bonds or sub&tantl81 money markel funds 50 th81 th8s8 funds can senerale better relum5 while bein9 available for Immediate utllisallon either for rn8811ng its mo¢i¢al re5e8rctt commllments or 10 lund posslble opportunllles In Ils ￿ntral London prcperty investments shuuld they 8r15e. GRANTS AND INVESTMENTS The Twsioes are plea$8d lo report 1tt8t slnce 2013 they h8ve made gr8nts and c¢Jnmi1rn8nl8 atnounllng to £37TT7. These include four prolessionol ro888rch Ch8lrs, al UCL and Oxlord Unlversily. These Chairs were Snltlalty lor 10-year terms and were gIV8n to outslanding profe8sars In Ihelr r8spectiV8 li8lds. We have donaièd £3m lo enable Oxford Unlverslty to purth05e a MRI Llna¢ machine that uses pion88dng lechnclogy lo bcale and deliver tffjatmenl in the same session lor canc8r pallents with gr88t accumcy, Prolgssor Louise Rlchardson, Vic¥ Chancellor of Oxford Univèrsity commented that "th& equjpment has the polent181 to rnake a subst8ntive differenc8 both on the trealment olc8ne$r&nd Ihe furthering Df 5iynifi¢8nl rèsearch". ThB mathine is be.ing used Ireèt notjU5t Proslale bul other concers. We made a gift 01 £2m lo UCL to purchase 8 sorely n8ed8d 3T MRI g￿nner which ￿11 bo used prlmarily for sci8niSfic r¥688Tch ènd NHS Ireatmefi15. In recognrtlon of Ihls the Kanngr has been n8mecf"The John 818ck Charftgble Found8tton 3T MRI Sc8nnee'. To date. we heve made 139 resoarGh gmnts.. 123 of these were for r8se8rch Into Prost8le Cancer 8nd Parkin50n'5 dlsease. During the pandern￿ we supported 16 grants into e5senllal CoV￿d research some of whieh onlinues to this day. This y8ar, again many of our researchers have had thair work publish•d In quamly medical journa15, this haB been 8 Prelude 10 se8ing Iheir work being trans18t$d into Ihe clinic wherft il can change prBGlic8 for Ihe 9ood of polient5. Again this yeBr w8 heve made 8everal follow-on grants and ntrcosl extensions io enablo work to r88ch It5 ccfflclusion. As In previous ygar5, JBCF ha$ worked with Pr05tale Cancer Foundglion IPCFI, th8 Van Instslut8 (VAII ond the Mith881 J Fox Foundation IMJFFI, 811 based in the USA. lo help them make grants lo UK proj8c15. HBre n the UK, we have W0￿e￿ wilh the Urologlc81 Foundalion ITUFI, The Cure Parkinson's Twsl ICPTI and the Rosetree$ Trusl IRTI. All of thèse Instllulion5 provlde the essenual peer review woth required before the Foundation m8kes any grant. A full and dei8iled Ilst of this year's grants 1$ contained In the Science Report, but ol particular ifflport3nee Is a substantial comrnitsnent along5i¢Je CP. VAI. and for Ihts first time Th8 National Institutg for He8llh gnd Care Research INIHRI to start a Multi-a￿ rnulli-stage proj2cl, lor new rese8rch into Parkinson's Ljisease. This trial fflethod echoes Ihe hugely successful Pr051ate Concer tri81 Stampede, which h85 been running ror 19 y88r8 and onfollod 12 thousand rnen, to which JBCF h85 been a willing pBrtIGIP8nl. During the year J8CF made gr8nt5. dcnabgns 8nd comrnitmen16 totalling £4.&r, delalls of which can be vl8wed in lh8 full SGience Rep¢yt. PUBLIC BENEFIT The Charities Act 2006 requires that, with effect from 1 April 2008, 811 charities have to meet th8 legal quirement their aims and objectives are lor the public benefit. The Charity Commission in i15"Charllies and Public Benefit. guidance r8quir8s that there 8ré two k8y principles to be mel in order to show that 8n organi58bon's aiTn5 and objeelive5 are for public benefit. first. ther• must be an idENtifia￿e b8nefit and secnndly th8 b8nefit Must be lo the public or 8 sectlon of the public.

THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2024 The Iru51ees conflm) th81 th8y have due reg￿￿ lo the Charilles CommlssoTh guidance on publlc benefit and Consider each year how11 best meets the public benefit objeclivÈs Set out in 58clion 17 of the Charib'8s Act 2011, including 'Public 8enefil". RunThing 3 charity IPB21" The trustaes a￿ satisfi￿j that the FoundatiDn meels the requlr8rnents and confomis to Ihe Acl's definition of 8 tharity meeting all elements of the th key prinop18S. Th8 r8se8rch gr8nts rnade and th8 activities Dullined in the Suence R8POrt below provide conslderable public benefit, including an itnprovavnent in tha sutvival and quality of lile of men with Pr08tste Caneer I Parkin50n'3 disease, or lead to Ihe developrnent of wvel therapies. Appllc8llons for research gr8nl8 in the area5 of Prostste and ParkSnson'$ are welcom8 in all forrn8ts but applic8nts are encouraged to write in or email. Proj8cts ar8 8omets.mes sourc8d by Ihe Foundab"on. sometimes by our partners 8nd schmetim85 by direct 4ppro8ch8s from sclents'51s. The charity partners Wilh other ￿nStItutIOnS $uth the Prostal8 C8n¢èr Foundation IPCFI, Th8 Urology Found8tlon ITUFI. Prosl8le CBncor UK IPCUKI, R0881t8es Tru51 IRTI, Cure P8kkin$Dn's Trust ICPTI and the V8n Andel Rase8rch Institute IVARII in order to have Ihe htghe8t quality peer review process befo￿ funding research. PCF, PCUK. CPT, VARI, and RT sorneumes make graThl$ and donation8 for r888arch projects alongside the Foundatlon. Once a grant is establish￿ grant8¢ Is requlred to proviile semi.annual or annual progress report5. The director8Aru6108s sllll find Ihat Ihls model he￿8 produce the best re5uIIs. SCIENCE REPORT Pro•t•t• Cnc•r In 2020 we bgcked Dr Veeru Kasivisvanalhan to undertllke PRIME, a trlal deslgned 10 8tudy tho b8nefits or Olherwlse of u51ng a ¢onlrast agent, Gadollnlum IGADI, when 8C8nnlng the pr05tate. 1115 exciting to report that the results of PRIME were published in P8ris al the EAU conlerence on 6th ￿rI1 2023. Th? Irlal showed that tho streamlinod MRI, Biparametric Iwilhout GAD) resutts, were Iu5188 good 8$ the MUl￿Parametrie Iwith GADI. and th15 rac8ived much publlcity. It18 hoped th&1 this trial ￿11 result in a change of practico in th8 UK and beyond. As we5186 the above. reBuMs of GLIMPSE, a part of lh8 PRIME trtal, have ￿en publlshed in Radiology. The ludy found Ihat only 6 third of scanB Were DI opkn'mal diagnoslic quality. The aulh(xs were able to make suggestions around the duration of ¢ertaln sequence5 whlch lrnprcved quality. The Impa¢1 will re$utt In an improvement In Proslale Cancer detecdon for very litlle effort and cost. This wlll be valuablo both to patientB and operators of the MRI lacilltlas. Wo have for some years support8d Ihe hugely successfvl Stamped8 Tri81 with grants to vadous profss8ors wcking on the 1￿Ye8r-DId project. It was pleasing 10 8ee yet 8nolh8r publication, Ihls lirne in The Lancal, omgnating frorn work c8rrt$d out in Gert Att8rd's IThe John ￿9¢k professor of Pro8tal8 C8nc•r al UCLI laboratory. This work showed that there w85 Signifi￿nt life expectancy lrnprovemenl when 8dding Atlraterone, to 5t8nd8rd horn￿Me ther8py while that Was 51141 working. The results showe(J thi$ Improvèment whether or not the canc•r had melasi85i5ed. The task now Ss to 98t NICE to approve the findlngs and change pra¢11r￿ in England. ScoUaTrd has a￿adY done so. Once again, taking advaniage of th8 OPPOrtunilies supplied by JBCF-n8med PTof835OTS, we made a grant lo Gert Attard's IBboratory lo en8bl8 It lo a5semb18 8nd undert3ke research into b'ssue lakFn 8t the time of tho sucee55fully published Radical Trlal. This soughl to Ovgluatg when and how often rnen v4ho had undergone radical pm$t8ieclorny, 5houkl re¢elve r8dlolher8py +l- Androgen Deprivatlon Ther8py IADTI. The learn wll explore tho foatures pr8dictive of ADT r8spoThse kmlh new Al intelligence models and unplck the blology undertying11. They will a150 be able to extract RNA material from these tis5U8 S8mtles to understand Ihe molecular 5ignalling associated with the imaging flndings. We SUPPOrted Dr Nikolllsa Nomicou 81 UCL. She Is hoping lo augment the effic8cy of sonodynamlc Iherapies. If successful. Ih15 will hopEfully bring about a new defensive m8chanism alming to tsptimise the effects of minim8lly invaswe treatm8nl against rnela6tatic and caslration-re515tant Pro818te Cancer.

THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2024 In 2018 we backed Gw Shaw 8t UCL to Investigate Neurosafe. o method of r8finlng the operations Invo￿1ng prostate¢lomy in order to reduce the unwanted after-effects. 11 was pk85ing to see this work published in Springer Natu￿. This y88r we have b8ck8d a similar proj8Ct al Imp8ri31 Colbge. Mr. Niklm'l Mayor, under the watchful 8ye of Professor Hashim Ahmed, will use Fluorescence Confocal Mkroscopy IFCMI to 8valuate a sm811 portable scann8r that will help identify the Fnargins of 88fety in prostaieclomy. FCM Is a nov81 technique that produces real-time, high.resolution digital itnages of ti8SU8. Although thes8 two grant$ have sirnilar alms. we have leamed that to change practice sometimes requires al le85t two Idals. This yearfs Challenge Award Thade via The Pr05tate Cancer Foundallon based in USA was m8d8 to 8 leam at Oxford. The primary investigator Is Dr Edward O'Neill. with the 8UPPOrt ol amongst others of Professor lan hAills, The John Black Professor of Prostal8 Canc8r al Oxford Univ8rsity. ELlward Is investsgaling 8 new rnelabdlc im8glng technique, larg81ing radionuclid8 cornbina￿0n treatment of Proslale Cancer bone melasts5e5. Any new $lgnotures he find6 could be used &s 8 m•an5 tts slrats'fy p8ti8nt8 8nd Iheir Iik81y r85ponses to tr8alTvenls. This year's Young Invesllgaior award8 were strongly contested. We ch068 firslty Peter Godolphin, a rese8rth lellow al the MRC Cllnical T￿al$ Unil based at UCL. Peter will research optim81 rrelhods for Id8n￿lYing and cornrrtunlGaling whlch treatments are best, lor men wtth met851allc homione-8ensltlve ProBlate C8ncw IMHSPCI. Secondly. w8 8UPPOrted cllnical lecturer Mark Salji from Ihe University ol GlasgDW. Mark's prtslect Is more complex than Petel8. Most m8n tr8818d with androg8n deprtvalion therapy IADTI. wlll re18pse. known 88 ¢8slr8lion-re5151anl ICRPCI. The ijevelopment ol CRPC is PDOrty undgrslood w*th Ire8tm8nts rnainly 18rgeling the Androgen R8ceplor, an 8re8 where JBCF h88 spon50r8d much research. CRPC is clinicHlly as60Ci8ted wtb slucocorticoid4nedi8t8d cardlovasculAr risk fAclors such as ob98I1y and type 2 diab?18s. A rolo for the slucocorticoid receptor (GRI 15 now emerging in CRPG. N-acelyl-aspart81e INAAI is the downslre8rn metabolite of pr0818te-9pe¢lfic membrane anllgeD IPSMAI, whlch Converts NAAG lo NAA and glulamale. Mark hypolhes1$8S 8 ￿￿traI role for NA4 in promoting CRPC, 08 o local acetate course for lipid4ep8nd¢nl Survival m¢thanisms. driven by GR 8¢livalion. In 2021 we supported a Dr Mark Lln¢h project, named COBRA, whlch was golng lo InVest￿ate suryically removBd proslates, wher8 oper8tiuns h8d been hBld up due lo Covid re8lriction5. When Covid ovèrran, th8 project b8c8rne problematic and Ih8re was a conslderab18 und8rspend. Wtr hav8 b&8n dalighled lo pul these funds lo use in another of Mark Llnch'8 pfDjects whlth we Ihink mlghl h8V con8Idergble benefit, and il 811 g08s according lo plan fomi the basis for larger fundino, possibly a Challenga Aw8rd, next y88r. The proie¢l c8118d INTRICATE, aiffls lo u6e T<ells, some ol whl¢h are being Gollecled through blobdnks a150 funded by us, lo form a valuable source ol Infom18tlon, concemlng Immune ￿9￿aLUreS to predict cancer diagnosis and Iralectory of Proslgte Cwcer. L881 year we gave further support to the REIMAGINE tri31 run out of UCL by Prof8ssor Malk Emberton. During this ye8r. some results were published showing among other ihing5, that using MRI scan5 as 8 screenlng t#8t. along$id8 PSA dgnsity, allows the d8tection of uncers that would hav8 b88n m16sad by th$ blood le$1 81on•. rkln We have agaln supported Prolessor Roger Ba￿er al Camtr)ridge Universlly. It has been underslood for m8ny years that one of th8 main causes of P8trKln50n's dlse8se Is the k)58 of dopamine cern5. One of the strategies Roger is lesling Is 1ran8planllng new doparnine nerve c2lls back into ihe brain. The Ihlnking goes'restore dopamine, restore function." By sarnpling bbod and spinal fiuid5 01 patients undergoing dopamine CBII Iranspl8ntalion using 51st8￿-the4rt18b0r8t0ry tecttnique5. h8 hopès to delemiiThe whBlher such transplants trigger an Immune response that ml9hl lead to graft rqeclbon. He also hopes that thls project will det8rmlne the type of respon88 and how best to slop it. We have made & subslanisal Ihree-y88r grant to a ne￿￿Y set up lriDI prrJ¢ess, using the 8am8 highly su¢ces8ftsl Strategy as The Slampede Tdal has employed In Prosta18 Cancer. That trtal has been running foi 19 years and Is acknovAedged worldwvide. In simp18 lerrn5, It 1$ multl-8mi rnultl-stag8 IMAMS). Several drug largels are r8s8arched from the same start date. wlth in this cas8 cohorts Df 4QO people. as the trial results becorne known arms ar8 dropped, augmented or new drugs introduced. This ha5 the benefit ol nol waiting f{￿ three or four years for each resull and then reihinking. Professor Mahesh (Max) Parmar who was re¥onsible for Stampede, has helpetj Cure Parknnson's Trust I CPTI set Ihi5 up. Professor Tom Foltynie, another JBCF-backed re$earther, 18 also heavily involv8d as one of the tearn leadèrs. The Initial targ8ts have begn chosen Ir¢yn the International Linked Ckni¢al Tria15 progr3mme. which was responsible for promoting Ambroxol which wg backed from 2015 and 15 now in a Ph85e 111 cliry¢81 trial. We strongly believe In MAMS a5 a 5ensibl8, ecorK)mic way foNard for

THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2024 tiials. W8 have been joined in thls substantial k)ng-term 8ndeavour by NIHR. Van Andel, CPT and the Edmnd J. Safra FOundau￿ and Michael J Fox Foundatlon who sponsored the eady WO￿ of pulling the lrial together. We 5UPPOrt8d Professor Mgdo8s Peetsrs al Newc8sle Universlly. Standard medication lor Parkinson's wuire5 multipla do8e5 per day and r￿n r8$ult In significant side èffe¢ts. When th8 di88as8 prograsses p8￿.8[b experi8nc8.off period5. when m8dication is not working. In Ihis project, patients wll use s w8arabl& sensor to monitor medlcalion18vels oplimise the Ireatrnent and minimSse"of periods" There15 cU￿entlY no device lo chleve thB. RELATED PARTIES The Foundation owns 100% of the shara cap4tal of The Maraln FlrT&nca Corporation Llmknd 8nd 80ryisbrook Prop8rtie8 Limlted. David Tagllght, 8 Irutha of th8 Foundallon 15 8 dlrectcrf of The MArgin Fin8nce Corporation Lirnitgd. He wa5 a150 tha 8X8cut￿ of the Estst8 of the late John Black. Stephen Conway 18 a dir8clor of 8orrisbrook Prop8￿"ÈS Limitsd. AUDITORS Moore Kiryst￿l Smith LLP were appointed auditorn in accordaneè with $8¢lion 485 01 the CompanleB Act 2006. 8nd 8 resolulon proposing th@ir ro-appointrnenl wlll be pul at a g8n8r81 maeting. Thll report was approved by the 808rd of Trus￿8￿ on .l.I.&A. P<¥￿.61¢..2024 and sbJn8d on tti behalf by Davld T•gl¢ght

THE JOHN BLACK CHARITABLE FOUNDATION STRATEGIC REPORT For the year ended 31 March 2024 The aims of the Foundation during the year continued to be the management ol its own funds and Investments and the making of donations to chantsble bodies in accordance with its charitable aims and objectives. Th8 principal acts'vlties of Ils Mtholly owned subsidiarie5 conlinuad to be that ol property investment. development, managemènt, the making ol loans and other investments for th8 financial benefit of the Foundation. to generate income to enable the Foundallon lo carry out Ils objects. The increase in interest rates in 2023 and 2024 prowded the Iru5tees with an opportunity lo adopt a mor8 activè treasury rnanag8menl strategy, and an imPTov8d weld on the Foundation's cash. The truslèès have focused on fixed-income invoslmènts ranglng from gilt-edged lo invastmenl.gr8dè corporate bonds. Durbng the year the trustees continued lo monitor tho group's property interests. All propgrties remained lully lel. Am8deus HouBe, 18 an office bullding close to Heathrow Alrport. owned by the Foundalbon, and is let to the Flrst S8crelary of Stale for Housing and Communities and Local Government for a furth8r 12 years. The Injstees laft the value un¢hanged at £12m. The mixed-use freehold sit8 on Orury Lane London WC2, owned by the Fovndation's tholly owned subsldiary The Margln Finance Corporauon Limited. extends over Ihree-qtJ8rters ol an acrè and has been owned gince the inception ol the charity. All tenants remain In place and are Iradlng nornially with the rental incomg remaining unchanged at £1.4m. Having written tlown the value since 2019 frorn £27m lo £22m, the trustee directors believe that £22m remains a correct valu8lion in Current markets. The likelihood of a reductlon in Inter881 rBt8s makes both Amadeus House and Drury L8ng attractive al these valu81ions. Borrisbrook Properties Ltd, the Foundation's other wholly owned subsidlary, owns thg freehoLd of block of go apartments in Kensington Hlgh Street, London W14. The Foundation owns dirèctly 13 flats which are let out on ossur8d shorthold lenancles. Th18 attractive asset held it5 value durfng the year. As al 31 March 2024 Ihe nel assets of the Foundallon Stood al £77,303.25012023'. £77,857,722). This was after making grants and donats'ons of £4,938,21512023'. £4,088.5871. The resulls of the Foundalion and ils subsidiaries for the year are sel out In the Consolldated Slatemenl of Financial Aclivilie5 on pagg 14 of the fln8ncial statements. The trustees belleve that the Found8tlDn ha5 gufficlent reserves lo be able lo continu& successfully In the future and make increasing contributions towards ils staled aims and objectives as sel out In the Trustees, Report. RISK MANAGEMENT The trustees regularly examine the major strategic business and operational rfsks which the Foundation laces and confirm that system5 have been established to ensurè thal necessary steps are taken to minirnis8 su¢h risks. The trustees ol the Foundation sil on the board of its subsidiaries. Both the Foundallon and the subsidlarles ho5d regular meelings to review perfomance. operating procedures, internal contro15, operalional risks and uncertainties. In temis of its Investment the Foundation and its 5ubsidi8ries face two areas of fundamental risk. The first is a major banking collapse whereby a hlghly rated bank might not repay the group's deposit5. For this reason the trustees have spread the deposits among several major financial institutions. The second tundamenlal risk is a serious collapse in ihe centr81 London Property market which would impact cornm8rGial and residenb"81 pmpety capital and letting values. Given the location and diversity of the

THE JOHN BLACK CHARITABLE FOUNDATION STRATEGIC REPORT For the year ended 31 March 2024 group's properties and the fact that the group15 asset rich with no debt, the trustses thlnk the risk of serious damage lo th8 Foundation posib'on is minimal. PLANS FOR FUTURE PERIODS Th8 Foundation continues to make research gmn18 In the areas ol Prostste Cancer and pa￿lnsOn'S disease. In the year under rewew we made a further 16 grants bringing the total number of prolect5 In the fv40 diseases lo 139. More detail can be found in the Report of the Trustses. We alm lo maintaln and wher8 posslble Increase our incom8 to be able to provld8 further grants lo 8￿stIng projects and fund new onès. This year we have seen an increase in our annual incoma, given our purchasing of fixed-bncome securili&s as interest ral8s rose. We continue to support Ihe highest qualty research lor carefulty p8er-revlewed projects, tho aims ar? better diagnosis. stratification, treatment and therapy in the areas of ProstBtè Cancer and Parkinson's dlyease. The Irustaas strive to seek projects al major Inslilulions lo expand our stoled aims and objectives, frèquenuy in collaboration wilh olher ch8rllable bodS8s 8nd inslltutlons. A full analysis of Ihe Foundation's Current and future plans is given under the Publlc Benefit 58clion In the Rep￿ of the Trustees. Davld Tagllght Tru¥t•• Date.. Ig, ii, SOSI

THE JOHN BLACK CHARITABLE FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES For the yaar ended 31 March 2023 The tru8189514tho are also directors of The John BL￿￿ Charitabb Foundation I(￿ the sxJFwses of compally bwl erB respDnsible fc prep8nng Ihe T￿BE8e$. AnnJ81 RBport and th8 finan￿31 statem￿1￿ in 8ccoidance wth 8pplica￿OI8￿ and Uniied KirvJdorn A¢¢fMJniing Standards (unit￿ Kingdom GenBraly Acc8ptsd A￿nIng Pr&Ucel, Includlng Financ4al Rpportlng stsndard putr￿shed in tha UK and Irek3nd, FRS 102. Company law requires the trustees to pr4)8r8 finandBI ilatement8 fcy agch finandal yewwhith givea Iruo and f811 view of Iha stste of affalrs olthe Gh8rltable wup Bnd of Ihe inwing re&(￿r¢•8 8nd 8pplicstton of rB8Durce8, i￿lUdIng Iha Income ahd expenditur•. of th8 chthiable gr￿p forlhat perfod. In weparing Ihese financial Jtstemon¢s, the trustegs are required to.. IEci 8Ull8blo accounlrvJ poll¢le6 and ¥p￿Y them CDnsiglenly'. obs￿e the method8 and principles in the Ch&rfU•s SORP., moke judgemtrnts 8Dd eatsrnales ihal are reasonable prud8nl', Btats whathar applicgblo UK ACCOUn￿ng StAndard& havo be•n follwd, iublecl to any m•lerfal d•partur8s dl8¢b5ed and axplaln•Y In th& finanoal s181ern8nl¥.' and pr8pwo the finanGifjl &tslemenis on the golng concem unlw tt l• Inapprcprwjb tv pra&um8 thatthe Ghadty WAII conbnuo In tsJ&in888. Tho trustées &r8 re8ponBible for kee￿￿9 8d8quale Jccounlhg r•ccrfd8 Ih81 d1llclu5e￿lh re88onabb BBcuf8Cy at 8ny th• Iinand81 posi1￿ of lh8 charimblo ¢l￿panY and enable thèrn lo ensure thai th# Iinancial 5IateMn￿ comply whh th Comwies Aci 2006. Th•y are Blao respon￿ble t￿ 88fèguardlng ssset8 of tho ch8dl4bh Gompany énd the woup and hence Iw loklng raasonable stepB INlhe wevenlltri and dBl8Gtign ol traud 8nd ther Irwlarfll88. In Ba fargs Ihg truslavs ara 8w•r•'. Ih•rn h no rd8vanl 4udll InloFrTra￿0n ot ¥thlch tho rh8rbiabl8 comp8nlB audlior18 ￿awar•., •nd the Iiu8teo8 havo ￿keTh ill 818P8 that Iheyoughl lo hav8 l¥ken io rnaka themselves •wJre of r•Kryvanl audit lnrurnau(￿ establlsh thai the oudilor IE Dware of Ih•l InfryrnBIIon. The truste•¥ •r• reS￿si￿810r ih? mlllniananc8 gnd Inlogrlty ol the corpor•lo •nd finanti￿ Infom8lb)n Ineluded on tho chariiable cornp8ny's webslle. L8oi8lalen In the Unllod Klnpdom goverthg the pr8paiallon End d11&en￿n?￿O￿ of fimncial 6tawmenlB May dlffer from legiBk4llon irt Olherlun8dlcNon8. 8bon•d on b•h•ll of th• B￿r￿ of Tru¥l• Davld T•gllght Truit D•t•: IP, IZ.203

Independent Auditors. Report to the Members of The John Black Charltable Foundation For the year ended 31 March 2024 Oplnion We h8ve audited the financi815ts1ements of The John Black Charitable Foundation for the year ended 31 March 2024 which comprise the Group Statement of Financial Activitles, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Siatemenl and notes to the linanciol statements, induding significant accounling policies. The financial reporting framework that has been applied in Ih&lr preparation is applicable law and United Kingdom AccoLtnting Standards, including Financial Reportlng Sl3ndaTd 102 The Financial Reporting Standard appllcable in the UK and Republic of Ireland IUnit8d Kingdorn Generally Accoplad Accounting Practs"cel. In our opinion the financial stslements.. glve a true and fair view ol the slate of the group'5 and th& parènl charllable company's affairs 35 8131 March 2024 and of the group's incomlng resources and applicallon of resources, including ils income and expendrtUTe, lor th8 year then end8d'. have been properly prepared in a￿rdance wllh UnSted Klngdom Generalty Accepted Accounting Practice., and have been prepared in accordance with tha r8qulr8ments ol tha Companies Act 2006. 8a•l• for oplnlon We conducted our audlt in accordance ￿th Intematlonal Standards on Audlllng IUKI IISASIUKII 8nd applicabb 18w. Our responslbillties undor those standards are further described in the Auditor's Responsibilities lor the audit of Ihe financial stalem8nts sèction ol our report. We are independent of the charitabl& company in accordance with the ethical requlremenls that are rel8v8nl lo our audit of the nanclal ststements ￿n the UK, in¢luding the FRC'S Ethical Standard, and we have fulfilled our olhgr elhical r8sponsibllit18s in accordance with these requirements. We believe that the audit Èvidence we hav¥ obtained is suffSclanl and apprOp￿al8 to provlde a ba818 for our oplnlon. Concluslonx rnlatlng to golng Concern In auditing the financ181 slalemenls, we have concluded that the Iru8le88' use of tho going concern basls of 8ccounting in the prepar8lion of Ihe financial stalernenis is approprfale. Based on the Work we heve performed, we have not Identified any matgrial uncertainties relating lo event5 or conditions that, individually or collectivety, may cast significant doubl on Ihe charitable company's ability lo continue as a going concern for a pèriod of at18ast iwelve months from when the financial statements are 8ulhoTised lor issue, Our responsibilities and the rèsponsibilities of the Iruslees wllh respecl to going concern are d8scrib8d in the relevant sections of this report. Other Inlorniatlon The other infomialion comprises Ihe inlorm8llon included in the annual report, other than the fin8ncial statements and our auditor'5 report ihereon. The Iruslees are respMsible for the other information contalned within the annual report. Our opinion on the financial statements does not cover the other inlormalion and, except lo the exl8nl otherwise explicitly slated in our report, we do not express any form of assurance conclvsion ihereon. Our responsibility is to read the other infomiatlon and, in doing $0. consider whether thg Qther infomation is materially inconsistent with the financial sialements or our knowledge oblained in Ihe course of the audit or otherwi50 appear5 to be materially Fnisstated. If w8 identlty such material inconsistencies or apparent material misstatements, we are required lo ¢Jelermine whether there is a material misstatèm8nl in the financial statements themselves. If. based on the work we have perforrned, we conclude that there is a material misstatement ol this other informats"￿. we are required to report that fact. 10

Independent Auditors, Report to the Members of The John Black Charitable Foundation For the year ended 31 March 2024 We have nothing to report this regard. Oplnlons on other matters prescribed by the Companies Act 2006 In OUT opinion. based on the work undertaken In the course of the 8udil'. the inloimalKJn given In the strategic r6port and th8 twstees, annual report the financi81 year for which the financial stat8ments are prepared Is consistent with the financial statements". and the strategic report and the trustees, annual report have been piepared in accordance with applicable legal requirements. Matt•rs on whlch wè ar• r•qulr•d to report by ex¢•ptSon In the 1Sghl of th8 knowledge and understandlng of the group and parent charltable company 8nd its envlronmenl obtsinetJ in the course of the audit, we have not Identified materi81 misstatements in the strategic report or the trustees, annual report. Wa hmve nothlng lo report in respect of the followSng matters whera th• Companies kt 2006 requires us to report lo you if, In our oplnlon.. the p8r¢nl charitable company has not kept aéèquale and sufficient a¢counling records, or returns adequate for our Budil have not been raceived from brBnches not vislled by us,. or the parent charitable company's financS818tstaments aro not In agr88fll8nl with the Bccounting record5 and returns.. or certain dlsclosures of trustees, Temunerauon specSfied by law are not made.. or we have not recelved 011 the Infomallon and 8xplanallons we roqulre lor our audll. R••pon•lblllll8* of tru8teO8 As gxplalned more fully in tha Irustees, responsibilili#s staternent, the Iruslees (who ar8 olso the directors of the ¢h8rilablè cornpany for the purposes of company lawl are re8ponsibl8 for the preparation of the fin8nclal statements and for belng 581isfled Ihal they give a true and fair view, and for such internal control as the trustoes delermlne is necessdry lo enable th8 preparatson ol flnancial sla18ments Ihal are free from m818rial misstatement, whether due to fT8ud or error. In prgporing the financial sl8temènts. the Irusleeg 8r8 responsible for assessing the group and parent chadtable company's ability lo continue as a going concem. di8c105ing. as applicable, m8tters related lo going Concern and using the going concern basis Df accounting unless the trustèes either inlet)d lo liquidate the group or parent ch8rilable Company or lo cease operations, or have no reali51ic alt8mativ8 bul lo do SD. AudltoVs r•5pons5bllltl•s for th• audlt of the flnan¢lal Staternonts Our oblectivej gre to obtaln reasonable assurance about whether the financlal slalemen15 as a whole are free from material misstalemenl, wheth8r due to fraud oi grror, and to issue an auditor's rep¢)rt that includes our opinion. Reasonable assurance is a high Sevel of assurance. but is not a guarantee that an audlt condudgd in accordance with ISAS IUKI will always detect a Tnaterlal misstatement when it exists. Mi5StalEments can arise from Iraud or e￿or and are considered materlal if. Individually or in aggregate, they could reasonably be èxpected io influenc8 the economic decisions of users tsken on the basis of these financlal st8ternents. A5 part of an audit in accordance with ISA8 IUKI w8 oxercise professional judgement and maintain professional s¢eptr'cism throughout the audll. Wo also= Identify and ass855 the risks of materi81 misstatement ol the financial stalem8nts, whether due to fraud or error, design and perforrn audf( procedures responsive lo those ¥isks, and obtain

Independent Auditors, Report to the Members of The John Black Charitable Foundation For the year ended 31 March 2024 au(lil evidence that IS 5ufflcienl and appropri8te lo provide a basis for our opinion. Tha risk of not delecling a rnalerial mlsslalement resulting from fraud is higher than lor one resuking from error, as fraud Fnay involve collusion, forgery, intentional omissions. misrepresentslions. or the ovenide of inlemal control. Obtain an understanding of Internal control relèvant to the audit in (Yder to design audit Pfocedures th81 are approprsate in the cIrcumStan￿5, bul not for the purposes of expressing an opinion on th8 effecknveness of the charitable c<)mpany's internal control. Evaluate the appropTiateness of accounting PDlkiès used and tha r8asonablenes8 of accountlng estimates and related di$cbsures made by the trustaes. Con¢lude on the appropriateness of th8 tru81ees' use of the going concern basis ol accounting and, based on the audit 8vSdence obtained, whether a material uncert8inty exists related to events or conditions Ihat may ca51 significant doubl on the charitable company's ability lo continue as 8 going concern. 11 we conclude Ihal a material uncertainty £xisls, we are r8quir8d lo draw altenllon In our audllor's report lo the related disclosures in the financlal s18ltrm8nls gr. If such disclosures are Inadequate, lo modlfy our opinion. Our conclusions are based on the audit evidence obtained up lo the date of our auditor's report. However, future events or condllions may cause ihe charitable company lo cease lo conlSnue as a golng concern. Evaluate the overall presentation, structure and conlenl of the financial slalemenls, including the disclosvres, and whether tha lin8ncial statements represent the undertying Ir8n5aclions and evonls in a manner that achl8v8s falr preBenlatlon. We communicate with those charged with govemance regarding. among other matters, Ihe planned scope and Ilmlng of the audlt 8nd slgnlflcant 8udlt flndbngs, Sncludlng any slgnlflcanl deficiencies In Internal control that we identify during our audit. Explanatlon a• to what ext•nt the audlt was consldgr•d ¢gp¥bl• of dat•ctlng Irr•gularbtSa•, Includlng fraud Irregularities, including fraud, aro Instan￿ of non-compliance with laws and r8gulaknon8. We deslgn procedures In line wlth our responsibilllies, outlined above. lo detect material misstatements respect of irregularities, includlng fraud. The 8Xt8nl lo which our procedures are Capable ol detectsng Irregularities. includlng Ir8ud 15 detalled below. The objectives ol our audit in ￿SpeCt of fraud. are., to Ident￿ and BSS888 the risks ol materlal mi5slat8menl of the financlal statèments due lo frgud." lo obtain sufficient 8ppropri81e audil evid8nca regarding the as8ess&d risks gf material misstatement due to fraud. through ¢Je$igning and implemenling appropriate responses to those assessed risks; and lo respond appropri8tely lo instances of tr8ud or 5uspect&d fraud identified during the audit. Howevèr. the prirnary responsibility for the prevention and detection of fr8ud res15 With both management and those charged with govem8nce of th8 charitable company. Our approach was as follows.. We obtained an understanding of Ihe legal and regulatory requirements Bppllcable to the haritable company and consid8red that the most significant are the Companies Act 2006, the Ch8rilies Act 2011. the Charity SORP, And UK financial reFK)rting standards as issued by the Financlal Reporbng Council We obtained an understanding of how the charitst4e company complies with these requirements by dSscussions with management and those ch8rged wth governanca. 12

Independent Auditors’ Report to the Members of The John Black Charitable Foundation For the year ended 31 March 2024

• 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.

Date: 19 December 2024

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

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

13

THE JOHN BLACK CHARITABLE FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTVITIES For the year ended 31 March 2024 2024 Tot•1 Unmtrfcted Funds 2023 Total U￿r•8t￿ClOd Fund ot• Ineorw from.. Inve$lmonis Share of profil fromjcint venit 4.194.897 23,422 3,996,624 50,443 10 Tol•l In¢om• Exp•ndltur• on.. Olrecl prop8rty co&1• Otherinvestmeni mintgerMn¢Jnd admlnlilrallve COB Date￿¥d lax movement Charfl8blq aGlivI￿•S 351,313 325.867 278,269 284.185 150D.0001 4,088.587 4.938.215 T#l•l •xp•ndltur• 4,149. 842,803 15,6B3,8701 N•t lfi¢om•l l•xp•ndiiur•l 1554,4731 15.695,6441 N•t mov•m•rt In lund• 1554,4731 15.695,6UI RKMdlibtlon ol lund• Total funds brought forwwd 77,857,722 82,553.36e Tot•1 lufid• c•rrl•d lonvrtl 77.303.250 77,857.722 All of Ihe results are dorwed from canunulno acifvrtks. Thrn w•ro no olmr reco9nl8ed gpkn$ or105888 olhw than IhDllé llbov•. 14

THE JOHN BLACK CHARITABLE FOUNDATION BALANCE SHEET As at 31 March 2024 Tho group 2024 The charfty 2024 Th• group 2013 Th• chllw 2023 Not Flx•d T8ngibl2 488èts Inveslrnonl In lolnlWUIFe Inwslmonl prop8rth# Eq￿l￿￿•￿iMentr and bond5 C4¥h Invoolm￿ 140.350 142.043 1.999.333 36.058,788 28,934,805 10 1.753,555 13,058,7B8 51,768.525 A7S 727 38,558.788 S8,544.109 4T8.764 13.0S8,788 42,445,300 31e 754 77722011 67.DSe,595 68469618 .820,842 Cur•ni •••l• Stock- prvperuu lor8&0 O•blor5 Trea8ury fixed dP￿ C•s al ￿n￿ TAid In hand 3,796.966 2.137,627 250.000 1 I￿.231 3.798.968 9.669.057 13 14 16,80],631 24,082.29 714 572 3.929 144 3.305.952 7,374,824 17,316.403 17.395.167 27,388.251 Lknblllll Creditors arnoun￿ thJ• ona y•8r Il•t ¢uvF•nt M•Ot 15 11.388.224) 1912,8761 11.092,0161 le49,￿2} ,64 TO1￿ l•ss curr•nl 83.708.611 83,459.122 62,773.367 82,559,491 cradl￿r8 ¥mounth IAlllng du •nei mole thin one ￿ar Prov￿10￿ for118ts11l•1 le 14.353.2021 14.353,2021 {2,863,4681 12,863.4861 20 2 OSZ 159 2 052 159 N•t M••t 77,303,250 79.106.920 17.857.722 79,696.OOS FuMd• UDi•qtrkied funda 78.69S.360 1 392110 79,105,92Q 79,123,282 1.265.540 79.686.1)JS N0￿Ch•T1￿)￿ raldn•d fundi Tot•1 charftylund• 77.303.25D 79,105.920 77,a57.722 79.696.005 p•rrnltted by 408 CA ZC(6, the parert ¢hadVJ ofos¥ Incarno rfj¥ullS hove notbgen included In t IlnaDcial 6wt0n1￿ts. Thfy p&ienl'5 gfOS$ IF￿0m0 w8$U,51e.g5012023.. E3,333,2081 and it ￿￿Or0ed a d•flc £590,08512023.' dencSlof ES,701.6111. 18.4. 9¢rA).s.k gproyed byTrusiè81 on .ond sigh•d on iheir behawby TntBteo Chalityn￿￿q￿. 0114J431 Comwny reglstr•ii(Jn nLMnb•r 177J4413 15

THE JOHN BLACK CHARITABLE FOUNDATION CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 March 2024 No 2024 2023 C••h It0￿ from ctNI￿ Cash gengrlll•d from Ilab8ub8d byl 3,727,985 15.021.290) C4•h n•w¥ Irprn Invntlng actlvll• Fl%8d 85set addlllonB COBI ol invevtrnont addilons Pro¢tsdi on ofinval￿&NI I1.4￿) 117.681,2221 7 021 033 124,271.67gi 110.661.SO$1 116,542.8961 Ci•h nowi fr•m lIn•￿Ing InieFeÉt Incam 1,681.468 228,036 2287173 1,544,385 288,023 2 186216 ￿COm• In¥•5￿ent In¢om• 4.194,fj97 3.906.624 N•t lth¢rq4•• In •nd ¢••h •qth•lqnts 12.739.513) 117,567.3621 C••h •nd ￿￿h •qL4v4hhti •1 th• b•glftnlng allh• b*4r C•Bh and ￿#h •qulv4hnts at th• •nl olth• y•Br 3.529 744 1.190 231 21497 108 3,929,744 16

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 Accountlng pofi¢lq al The financlal 8tsIEmenLS havo beèn preP&r￿ kn ￿L￿dance wth lh8 Fin8nfjLqI FièrAYbry Standard opplittable lfj the UK and RwbllG of Ireland IFRS 1021. The Ch8rity and 8ubsid18r￿• are 8 put￿lC bBnofil group for the purpoB8S of FRS 102 and Ihw8loro the Chanly a150 pFepared financial stalèmenls ￿ a¢¢tydgn¢e wilh the Stolemenlof RwomfflgDd8d Pra￿le• applc4tAa lo chariUg5 prfjporing iheir BCCOUDt¥ In a¢t(danc4 the Fin8n¢ial Rep¢rtry Standard appli¢ablo in the UK and Rqpubll¢ of1rala￿￿ (The FRS 102 Chèrflles SORP), ihe Comganl89 Act 2006, Ihe Chzribes Act 2011. The fmancial s￿1•MentS are prepared in ￿t￿1n9. whKh IB 1hefunr￿O￿I ￿Tr•ncyof the ccrfnpEnlo0. M>netBry ornounls In •s• fhiandal Jtatemenla al• r￿Jnded to the newe31 po￿￿. Thesa fiDanci81 $￿teMents ton9albdalelhe r￿Utt8 of th• Ch9rrty and Ils vJhalW£d subsId￿￿o¥ Thw M•roln Fhance CoroortyiioTh Limiied 8ort1siy(￿ PrtyrtwA Limlled. on 8 liné by1Sn& bas15. The can￿1￿￿tEd SOFA InGludFs Ihp group's 8hJre of Ih•joinl v8niure's iesu118. UP Until Ihe winl the group acqulrod the remaknlD9 50% h8rè Ai whl£h polnl tho proporty owned by Ihtsl(dni vniuw wa& recla8Bbfied to |nyaBtm8nl propertles thè Income and 8xpendityro ohov In Inveslm&nl incomts and dliecl propBrty ¢o$is résw¢iivety- In the PilLY pelt￿ Ihe oroup'5 Bhare ol 18lr Y￿u0 ol th l(xnl vynluw Is in lfvo 8?￿nCe Sh4¢t. Trans•¢iiDThs ond balonces bth¥¢￿ thè charblyHnd 118 5ubfld1a￿g￿ h&¥e •llmln41ed Irom lh• Gon$¢lldat¢d finwicdal slElemeni¥. BnceB tseTh￿en the group ¢rg4nla4lkn 8r• dle¢loÈ8d In the note8 01 the thwrll¥i tsaL•nce •heet. On 4CqL4sltl￿ ol iubsldlArfei llll ol Ihdr a¥••ts and IIAbilibei Ihal •xi&l 1 dal4 of Acqu￿11￿>￿ ure rewrthd ai their l•lr valu06 ren•dng Ihelr condi￿on It thot dale. Where 8ubsidl8d•s ale wuired lot nll cty)8ider4tion and ale Jkln 4fl. the falrvilu• ol OBSets and IlabWUe¥ •ttho dai• Aro recogni8•d 8• wolunl•ry Incoma In Ihtr ol tkn4nrJ•l •clwlle&. Ml chan0•$ 10 Iho8e OBi•i8 and lbllllleJ lrtludlng tre ro•ultlng $urplu$e¥ lx d•ficJ15 IhEI •da• after the group hao g￿n8d ￿1r01 cf the lu￿￿lAry&r• charged to lh• •wu￿b￿0n stale1￿￿¢ ol finand•l Th8 IruBt•&s have ••¥•M•d wh61￿r thD uva ¢11h• go￿9 CL￿C￿ b4s1¥ ￿ •ppt¢pd•i• and con¥ldered pa￿blO •V•n￿ or conditions IhBI mhl CaHI B￿nIfiCEnt dovbl on th• abllty ol Ihe chanlabl• groLV io ￿ntInue 88 a goino concern. The Iru$l••J hgve rnod& Ihls ll81•88m￿t lar a pedod ol al￿66t on• yegr from IM d818 ol wroval ol thu flnowal ilal•m8nla. In partKular lh• Iruotee5 have ￿￿114•re0 current economr an￿r(￿OnI￿nd h4ve taken accoLml of proAui•8 on rentAI and Invotsim•nt Income. Aftor making onqulrl£8 thE Irubt•ei h•vq Gon¢knd•d Ih•l IhtrrB li a r•iionHble oxportslion Ih•i rhe charlleblo group h•6 AdoquBle r48oUr￿8 ￿ conilnue 10 d•bLq as ihey fo11 du• f¢¢ IhB foregeeoble fulure. ThD ch8ri¢•ble group thorol¢re coniinueA to adopt tho goiw C£￿er￿ ￿4￿$ All In¢trnlno rv8￿ree% lreaccounted for chlldty h40 ￿t￿￿ontI0 the lundi. roc8lpt ie wbable Bnd the AmDuni li m•4¥ur3ble. cl RerpEled knd# orÈ lo ts used for bpKfic purpo￿5 a8 IDld down by Ihe 4￿or. EX￿￿1¢L￿• which thea• (t#r￿ Is Idenbfied toth? fund. ttrjotherwith a falr alkKBliw of wpport Boitj. charity ho9 w reslrfct•d fund•. dl unr0stTi￿ funds are lncornvg rv8wrceJ rer￿fved or genqralud fortht tholltable pUrw$￿, wNch llrn not deGHJnaled forwrtirulai purposes. el IrNe&trnenl Income h acrtyjnted f¢rwhen receiyabb and [￿l￿de￿ retwned w re¢ov•rible. O Rgrt Ttsceivable ia ffjcogni&Bd in the perfod to fikh11 rela￿. 17

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 A¢co￿ting policle• l¢•nllnu•dl ReBQL¥CeB exp8nd•d we r•¢oqnl&ed hi the penod kn whkh they&r8 In￿￿, Reoour¢qs eNpendr4J i￿ude AttrlbutablDVAT whlch C4Lnnol b R4Aources expended llre oWotat•d kn Iho partk￿laricdYItyTr1Jhtrt tho ¢(1 rdatos direclbflo t￿1 •¢uvlty. Whope coBl8 connct b• dlr•Etly Bttribuled lo pwbcuLqr •¢¢1￿118 they hJYt bean ￿k￿•t04 on a basis consljtsnlwiih use ol rw¥jr￿S. hl GovernEnce Gosl& are the ¢0819 associ&led wlh the gov•rn4nrc arringernents ol choFIty. Twe ¢oits are ￿60￿￿ted with tonglllulw818nd alawi￿ requkernenis and Indude any cosB ABsodAt8d wilh the Elratagc monaoefflènt of I il Liabllkiès arn r•copnl8ed 4$ ruourcm 8xwn¢•d a 18 ther• Is a Wl or C￿8￿u¢￿¥ obl19a￿On cornmhthn9 lh• chadty lo the expendltw•. Forgfant8 in the financid period. tho ￿lIaM￿nIorIho gr8nl Is rK¢gnlMd In the yeor h the CNnrnilrn8ni rd mJde llThd thovm al o long Iwm rK 4hort Iqrm ¢reJtor as Wr￿410. 11 Tinglt4• fix•d a$•éits ir• tslilld •te￿I ar valu4lk)n less dqprecillllon. O•pr•c￿￿on IJ proV￿ad al ratel cDbxbt•d 1¢ Wt• ofi Ihe coslor vllluabon I•sB 08lmai•d ￿￿dUalwaIUts ol o•eh th8￿t aver I￿ e¥perled u••ful Wf•. 40 Idknvs." Ff••hts￿ land 4nd buldn aDI Bnd rnathlnery FLI1u￿, fjthnoJ and equlpmbrt 25% re¢uclno b8￿nce 25% f￿￿on9 ba￿￿¢￿ Invo8lm2nl propertleg w• Ih ihs balAn¢o sh••i ai thelropen rnrtelv•lu• Depratiaii¢n li prov￿￿d orlyon th￿8 prop￿e￿WhICh arg where tho un•xpifqd lfjasQ tern h lesi 20 y•arg, though IhlA acco￿nI￿g pdicyli In ￿COrd￿¢• wnh th• Fkn4n¢l•l St•ndrd. 1118 • dBPartur• Irom th• rowlremenl ol Ihe eomp8nies Aci 2006 for 411 thn9ible aBBqLF ID bv d?wecialed. In tha Drxnion Iru#iees Com￿13n¢8 the biond•rd is n•cps50ryfor fin8n¢lal 8ts1grnen15 lo give a tlub And 18lr vièw. DoprecioDon oramDrti$8doh la one 41 rnany laclor• In annual v41ubn •nd thoamtsurrt ol ihill which rn￿h1 Oth•Th￿l hav• beqn thBFged c￿n01 bfy $•p8rn14lyidorlified or quanlinAd. kl Llit•d In¥egtm•nM are it414d at mark•l vAkJ•4tth• balwce ihe8tdBle. Th• Its￿ment InckJd¥ I nai gainJ and IoiBeJ on r￿al￿aNa￿l and diJpos8h throughoA th• year. Unlisted ￿V￿lfflenIS an4 Inv•sknents In lubaid￿rIeS are stJlid 81 Vatyjbhc￿ W0￿5￿n fer diminuiiw in value. D•wAls héld %ytth originBI of more Ihan thr•• month$ are shovm wilhin current a3$et inv•gtmonts. SlodL l¥ •1•1od 81 lfftrof cml Dnd esllm¥W sofJ'hO wce cost• to ¢omrAvtB and Jell. ml Fornlgn cumntytp•sl•tlon Monèiarygysels and IWlll4* d•MfJmkn8Md In foTeign ￿rr•￿se$ ¥8 trans￿hd ￿t0 alerling •1 mL89 of 8￿ch0￿ge ruling al Ihe balBncé shpBI dai•. TrdnsKbons In fDrèlgn ¢urrendM llre recorded at tht rale ￿11￿ al the date of th Iron98CtiDn All diff8iew arB Lqk•n io plofjl acwunt. 18

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 AccountlnB Pd1￿•8 l¢anllnu•dl n) Jud¥•hJ•nts And koy•¥tIm•￿¥ In ffteappknt￿ ofth• companys acGountlng polthès. theTruses are réqu1￿ Its makajufvpnl¥, eytimales and abDLrt the caFTriDg wnount ol aBsO￿ l￿bIlbe¥ Ih81 am noi readltyapwenl Irorn alher source¥. The galmates 098umptlon5 &Te bll8od on h￿￿#￿C￿l experfence and thr 14ct¢r8 ihai we CO￿•￿er8d to rcleyani A¢tu81 r$5LIIs dlV•rfrun aGlimates. Ths eslknlll¥$ 9nd Unde￿n9 JsBumplloD5 r￿40¥¥•d tw ongDing Rwl•ions to llccountlw UlknAt68 irB roeognis•d m iha period ￿ which Ihe èsllfflate 15 f8viBed ¥thorelhe affec18 onlyth81 wrbd. or In the p?[k￿ of re￿￿On gnd lutum pèrk)ds where rev1￿0￿ 8NeCts ¢urrenl lutur• ptrlodo. ol Crltl¢al Judg•m•nt• V•luatlDn of Inv•Atm•nt prop•rtl•• The v4kn4llon oflnv•strn8nl wcpertlts IS 10 chaw•4 r•w•fOrcrATh￿￿bLv Pmp￿10•. The Valu￿0￿ Of the pFopvrle8 ar• •8•eBMd bythB dlmctyo, •nd •dluilmeniu pM8•d through the SWt•rn•nl Df pl Fln•n¢lÉl In•tntm•nii C•ih Ind C•h EquI￿￿tI C•ih ¢•6h aw1¥41ents Ir￿￿de c4•h 01 b￿k ONI in hand wd Bhortwrn d￿tI • m•turiLy¢81¢ oflhree monih oF19os. O•sl¢ FSnancl•l Iniirnm•nt• The Gharbty On￿ hDkJ• bul¢ financ￿1 IM•lrumonli ae é•flnBd by FRS 102. Fln8ndal InBtiumqnt8 rqcelv4bb (Y piy4b thkn L)i• yeAr olthe repDrUng d41• Ore COrr￿d al ihektraniacV￿ prtc• and sub5ewfjnity ai amortl8Bd Gosl. 19

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 21 Inv•ibn•nt Ine•m• 2D24 Tt)tsl 2023 Totsl oss rental Inccrfna fram UK wopert Interest receivable o￿ld￿ndS reco1va￿9 from UK Ist•d inveslman 2.287,173 1,681,488 326.038 4.194.fj97 2,186.216 1.544.38S 266,023 3,996.624 Thè ch&rfty no r•oirfctsd In¥eJlmenl IncDM• ￿ the yearn arèd 31 Marth 2024 tt31 March 2023. T￿•1 r•wurcM w>•nd•d 2024 2023 Cirncl prop8rty CO8L8 Legal protsssionil D•pr•¢1811oD Loo8 on diJw8al of flxad •i•ot¥ 145,187 128,266 2,816 187,023 2.251 Slbff coit• reclorn, r8munqr4llcn from BU￿101¥ry und8rtlkingi Swal s?Gurfty cost Ethm￿ Inveslmenl manag•m•nl ¢cts otrice wnning coll• Bad debts MlscelLryne¢u• GDV￿OnC• ¢￿t6 liat l(M).770 100,000 19.643 2.002 51,233 97.338 100.fpX) 20.1e8 1,e68 21.614 7S 32$ $67 284 785 Delermd ia* mDYem•nl 500 000 4,938.215 4,088,597 Tol•l Rqwur¢•• Exp•nd•d •• p•reonqoMdAt•d FIr￿n%1¥1 5tat•rn•nts 5 fj15 395 4 149 041 AudSicn' wuneratlon - Parènt ¢￿p80Y and cai&didaUon - ol aubllldiary 28.814 23.330 52,144 27.557 22.5e8 90.145 20

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 41 Summary of grants and donatlons to Insti￿110￿$ 2024 2023 Chwita￿tr ￿an18 wdqd for Sn cUrrent￿r.. Pro8tslB c￿e•r Parkinson's dlstage ¢knrch8dl8ble purpD585 Tcal charllabla grants awarded 2,￿7,486 1.853,229 1.017,500 4.938,215 1,526,284 1,769.803 792.50D 4.088.587 T(knl eh8fMabk gr￿ts p•ld In the year 3,392.495 3.052.243 Thé In8liiuh)n• lo wthl¢h MedIc￿ r05earch gfanis and donationj h8V• m•da, 8inc8 the rhanV8 Inc4pts"oTr Incl￿e.. Oxlord Unlv•r8 Cam￿00e Universlty Unwerslty Colleg8 Londc lrnwrl81 Collago London Bristol uniV￿lty C8Fdiff Unlvernty Ptymouih Univ•r81ty ROO Marsd8n ROW Froe Houpit&l Klng's Cc41eg• Nothngh?m Ul￿va￿llY Qugen's Unlv8rslty. BoW•Bt In$iiiule of Cancer Resaarch Fr8nciy Crick In&llW Southampion Unlveriity Edlhburgh Unlvgr511y Sl Ge(>rge's Unfver511y of Futherd•l811# ofth8 r•9a•rth gr4nt¥ and don81knB ¢•n be found in the SGl•ntlfic Rewrt of the Roport ¢1 thè TruJt•es. Oibermajor llrdnls J￿rIed durfng lh8 ￿ar wew olwn to tharit8Ne CAuseB assodfiled ￿th th• Slate of Isr•pl In cordanca wfth the ol tho1818 BIDck. The80 included ¢Jon8llon8 to.. 8'nÈl B'lth Hlllel FoundBl￿n- UJS 8dli8h Emun8h Fund 8ri1I8h Friends DI Sholv8 grilish Frlends Dfihe Sarah Hqrzoq Merno Brfllsh Frlends olZAKA Community SecurityTruii Fnends of Israel Sports C•ntrB tNs8bled j￿10￿ Blnd & Dyaabled Jav18h Care Klsharon L8ng&)n Nlyhlingale Non¥orJ Ohol $sr•h UK ORT UK UK Fn8ndJ rfyord M8mo1 Tho Jewish Deaf Associabon World J*￿Sh Relief Youth ￿lYah chikj Re8CUe 21

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 NAt kncomlng R•Muru¥ fort￿ Y•ar 2023 Th18 Is st8t8d after charlw.. Dopreciaibn JAllors' r8MthBr&ti￿ IchfAfty £28.8141 Dir¢¢tors' remuneralion 2.251 5?,144 loo,￿0 2,816 50,145 100.fX)Q Th* dirtr¢tors' rernun¢rallon of £100,0(K)12022.' E100.0001 p9id to O TBglvJhl, in hil c8paclty a$ direottf ol Th& MBrgln Fln8nc8 Ctrpornlon Limsiod. Thls wus p•id in 8¢¢0rdance ￿th Ihfj wlll of tho hie J Black. No e¥pen8e8 were raiFrOursed to TFu8teaa during the ￿ar. TaX￿On chirty Is oxem￿ trom corpor•Uon ll• jll ili Inco￿￿ ts ch•rfiable 8nd ill eppl￿d forth•rlt4)b purp06eJ. The cb8dty'& Investrnont •ub8SdSarie8, The Margin Flnanca Corporatknn Llniiad and &the￿00k Propert￿1 LStrlled giftad availèble wfi¢¥ to the charty. A ba1￿ce of£2,052,15912023.. E2,052.1591 l& hdd In Th• Margln FIn￿tt• Corpornlon fordeforrod tsx r•lDtsng lo the InveslmBnl ryoporty. Tanglbh Flx•d AM•ts GfOUP Land and Bulldlng• Pl•nt •nd mxhln•ry Total Co¥t At 1 Aprtl 2023 AdLlllon8 D￿Pas& Al 31 March 2024 133,596 275,344 1,4 13,693 273 057 408,940 1.406 3,893 133 $98 An￿rtI•l¢lON Al 1 April 2023 Charye for the y•ar DI8po8815 Al 31 March 2024 266,897 2,251 266.897 2,251 2.845 266 303 268 303 N•t book v•lu• At 31 Mar¢h 2024 133,596 8,754 140.350 Ai 31 Mllrch 2023 133,5 8.447 142.043 No IlxBd asxts w8 hohl under linBnce lease. 22

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 81 Inv•Jlm•t Th• gVIMIP 2024 Thè ch4r&ty 2024 Th• 2r•up Z023 Tho ehavlty 2023 Mqrkel ¥wlu& brwghl fcwrd Addi￿0￿$ al c081 Ow)0881 procoed Nel 991nlllo8&1 m rèvaluall 28.934.605 15,683,852 17,021,033) 74e.685 42.445.300 14.542,132 15,771.6781 552.771 13,706,788 32,644,648 24.337,520 20,202.960 17.718,9B31 17.718.983) 11,390,700) 12,663,325) Mark•i value urried forwArd 38,544.10 51,768.525 28.934,605 42.445,3Th) C&Bh hdd a8 Port of inv8slFr•nl po￿01 478.764 475.727 334.847 318,754 Toial 39.022.873 52.244.252 29,269,452 42.762,064 Coil broul forward Addibon8 al cost Dlsposal$ jl coil 29,918,587 15,883,852 17.057.1141 31.e50.959 14,542.132 15.825.564) 13,405.34g 24,337.520 17,824.2821 18,272.281 20.202,960 17,824,282) Co81 carrted fo￿rd 58,745,325 40.367,527 29.918.587 31,850,969 Inv•iim•ntB h•ld (Ma￿•t lu•) Th• group 2024 Th• ch•rlty 1024 Th• BfDUP 2023 Th• ¢h•rlty 2023 Stock •x¢h•ng• ¥¥t•d In￿•1￿•￿t# ShBre$ Short-daled bcnd• Lono4ated t￿nd1 Gilt8 In￿$tr￿ents In 8ubsh119rl•s (valu￿0￿} Ca&h held •s port ofth invE6lrnwi porttollo I￿1) 9.536,332 10.690,508 8,661,452 9.849,819 9,536,332 9,346,197 7.201,983 8,168,254 5.675,306 10,242,435 3,928,392 9.088,472 5.675.306 7.677,417 3,343.162 8.105.088 17,517,759 17.644.329 478,764 475,727 334,647 316,754 39.022.873 52.244.252 29.269.452 42,762,054 All Df I￿p,S InveslmBnts *e In th• Ult 23

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 Mat•rl•l Inveitrn•nts In •ub51dlary holdlNg# Group Ch•vlty Subsldl•rl•• The Flnanco Corporation LI[r￿@d BorrisbrLK)k PropertlAs Llmltad 11.517.759 6,000.000 17,517.759 91 a￿￿lJI¥Y uThd•rt•klng* Th• ch8rty own8 ihe ol IhB tJ•ued wdinary share of The Margh) Finsnca ¢￿pOrat￿n Llmlted. company mylslered in EngLqnd (Company nufflbgr. 021590471. Thè RGlivityof th• 8ubBldl8rywas property Inve5tm8nl. de￿lOpMent. con8ultoncy, man9aem8ni and IhB mokma of loans. 31 M•rch 2024 31 M•rch 2023 Tumovei C4)&101 srleB Gr068 prol 1,432,829 71,292 1.361,637 1.366.365 122.OB61 1,344.209 AdmI￿StratiVe oxpens•s Operolina profrt 3e4.8B21 996.645 1302.778 1,041.491 Pro151 Irom itiini vanlure¥ InlereBI recolved Interest pald Fair vèlue losw¥ on Inv8simeDt propBrtig¥ Falr value IoJ8es on liBtod Invoslmenls ProfiVIkn881 on ordinary &ctivibes belor• tamuon 28.977 50,443 802,617 851,840 1599,6491 1775,1281 1249,8011 12.000,DOOI 07,345 192fj 1,044,134 1832,2801 Tax ProflVlb861 for th8 ￿ar SOD.000 1332.280 1,044.134 28,949,563 36,668.802 UablliUe 17.431,804 25,024,473 11.517.759 11,644,329 Share ¢8pII Rev8lu8lk)n resuve Profll ond JoBe eccounl 10.52D,916 996,841 11.517.759 10,520,916 11.644.329 24

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 91 Su￿ld1¥Y yndertaklng• IvJntlnu¢dl The charityovms th8 vthole of the i¥$uÉd ordn8ry share eawtal of8omsbrook prop8rt￿4, a ¢(￿panY reglstsrad in England (Company nurnber.. 019D30491. The $ubsidi8rywas acqulrad on 5 Aprm 2013. The ocliwtyof tha SUb￿dl8ry IB that of pmperty d88lws, devekjpers and property investors. 31 Mrrti 2024 31 Mareh 2023 Tumovei Cost of sales Groq8 240.077 1104.9461 135,731 221.961 1115.8531 1Q6,128 Adrnlnlslralfvo •xponx• Operallng prdl 59.864 75,867 59.8001 46.328 Inler8&1 rtcelvabkn Jnd slrnilar IncLXT8 ofit on ￿dInary Bc1￿88 b8fm Idxillon e.079 61,946 46.334 Tax Pr￿1 I￿the YB 81,948 48,334 75B.148 727.064 23.744 28,284 134,402 898,780 Shfire coplial Prthl and axounl 100 698,690 696.790 734.302 734.402 25

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 Sh•r• bn IDlnt v•ntu Old ￿Ington Str••tJolnt V•nturn Tho Margin Fin&￿￿ CLYpof8Jon LSmlled hBs a 50% 8h8r8 in Okj Burlirylon Street Jtyntveniure. The other SO% was purchased byThtr John 8la¢k char￿shIe Ftyjndation w 27 Januory 2024. From Ihls date Ihe charlty bKarne enti￿•d to 50% of Ihejoinl venture pruflts. Proflt and Du• to Th• Maroln FlnanG• Co￿01•ll0# Llmlt•d Forth• ￿al end•d 31 M•Y¢h 2024 2024 2Q25 Tumovèr Rent recelvBble 49,647 9S.733 N•1 wofftl IkiJ•l Ihe year 28,977 50,443 J• to Th• John Elthck Chark￿lI Found•tlo Forth• powlod •nd•d J1 Al¥reh 2024 Tumovor R•nl r¢cglvibl8 8,194 N•1 pr¢flV forlhe year 3,555 Balanc• Shwl4t 3114•reh 2024 F￿d a8#ets ¢urrynt asi•tg 3,500,000 2,250.000 41.721 3,512,111 2,291,771 Gr08a118bSl￿eI 15.0(Ql 141,7951 Tolo18•xt¥188J toial Ilabilitiè- h4rn ol not ajwts 3507,111 2 249,926 R•voluaUM r8BeFvo Curr8ni aGE0￿1 889,357 2.617.754 3.507 111 1,748,448 3,478 2.249 928 26

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 Carrylng •mount of Old 8urflngton 8lr••t Jolnt Ventur• 2024 21123 roughl ftsward Shale ol Uossyprofjt Dr8￿InG3 Addlbons Rovglualion olJoint V•nturo woperty 1,999.333 30,533 122.9541 1,403.453 96,746 1,958,890 50.443 110.0001 Crrf8d lo￿16 3,507,111 1,999.333 022 flnarb¢l• The company wtyi unable to obt8in aecournfjng records for lh8 ondlng 31 M6rch 2022 forold BurllDgion Slro01. An &n81y￿S was undortaken lo analys0 Iha Prof￿ and109g•s frDm th8 provlous seven y68r8 of tho lolnl venture and11 w88 decided thai the non-Indug1ty7 of Ihe ?022 rogutts vrt)uld not have a ￿￿￿1181 gifecl on th• 2022 wnsolld816d 8c¢ounLs. The 2022 msulls hov8 been included in the 2023 llgurei. knvtttm•Dt propMd• Oroup 2D24 Croup 2023 Ch•rlty 2034 Ch4rfty 2023 Broughl forwArd Additi Reda$8lflcollon frorn l&ni v•nlur• Fair Value adluglmonts of addhJO￿ and reclBsiific81ion Nel10888s thrcugh laii ¥alu• wdjusknenl8 Cèlded lowrd 35.056.7B8 1.403.453 1.W.333 97.214 39,263,217 13,056.768 15,262,217 4.204,429 35.058,788 12.204.429 13.058,188 38,558,788 13,058,788 The Inv•8lmenl proyrbe8 Are 1ncluded In tho balance uheel al open marht value IhlsioncAI co&1 of Ih brought for4YArd proptsrtlt8 is £27.393,0751. Tho Inv68im￿l properUeB ￿re revalu￿ by Iho dlreGlor5 a• al 31 March 2024. The directors are ¢onsidered quaiinad ￿ value the InYe61ment propethe8 held by tho cbarity due lo th8 Con￿¢￿rable ex￿rie￿￿e in the sector. Th• gddltion rep￿¥•￿1$ Ihe purchasa of 50% ofihei(xni venture (Not• 101. Folk)vAng this purcha8• tho gry holdg 1(N)% of the joint vanture, vthich an Inve51m8ni propety, valuod at £3,500,000. and olh•r balance shegl iiwns. In group financial 8￿teMents, the £3.500.000 is therefore shoym as an Inv¢slmgnl property, tho £7,111 alloc8ied aGross other balance shoot heJding¥, The h15trfftcvI COBI of th6 property li £2.610.643. Flnanclal Intstrumgnts 2024 2D23 CBrryng amount ol fin8ndal 888et¥ al". Fair valua through SOFA 38.544.109 28 934 605 27

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 131 Sh¢rttqrni d•btorn Th• group 2024 Th• charfty 2Q24 Th¢ group Th• chirlty 2023 2023 Tr8de d8btcn Other d8btor8 ArrK)unl du• Ir(rfn subs4d18f￿￿ ￿m￿ni due from Subsidiarl89.' Loan baL8nc• 1888 nota 181 220,412 1,917,215 2.150 1,670,640 25,279 324,2B4 9.344.773 2.512 1,521.623 240.402 14.902,762 22.317,762 2.137.827 18.600,B31 9,869,057 24.062,299 The £14.9ts2,76212023." £22,317.7621 du& fr¢rn RubBldiAn88 Ir￿￿0￿ h the charity b8lanci Sh￿1 io Lk>e In 0￿1 one ￿r. 141 Cuwr•nt Inw•tm•nl• Th• group 2024 Th• ch•rlty 2024 Th• group The ch•rtty 2023 2023 Tr•nwry Ik¥ed rerm depul¥ 250,000 151 Cr•dhorJ •amwJnt• du• whhln l y••r Th• group 2024 Th• ch4rfty 2trd4 Th• k¥ovp Th• ehnrlty 2023 2023 Trade credllors T8X8ts0n and soGiel s•curfty Olher credito Qr•nl commitments (see note 181 4.513 108,974 697,453 677,284 1,388,224 1,875 34,154 199.563 677.284 912.875 1,809 B1,579 407,348 621,28Q 1.092.016 28,322 621.280 649.602 101 CM￿l0r1. amoufii• aft•r 1 yHr Th• group 2024 Th• ch•rNy 2024 rh• gTOYP Tlt• t￿rIty 202J 2023 Grant commilrnonll (see note 181 4.353,202 4.353.202 2.863.486 2,863,486 17) An•ty•l vf I￿1115￿ets b•￿••n fund All Ihe Ladty5 arKI the group's funds we und88b3r)&ted. unrestr￿¢ g*￿tal fijnds. 28

ThE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the yoar ended 31 March 2024 1SrJntc¢xnml￿•nl• OAIDrd VCL Prostoi• P¥kinxOn'• Pro•tBt• ¢holr Chll Ch￿r Oxford Bknnwo- l•nc• Chalr IIIINN P¥kln¥gn'A 375.ODO 1.050.000 1.023.42Z 2.448.422 2022 In wr 1,500.000 1.500,000 P•ld In y••r 1125.orpJi 118B.858} 1150.QMI 1463,£56} 250.0 I,OW.C•JO 834.706 1.380.wo 2423 AMFd•J In 8fj5.wo 2,48S,Q CBncdhd 12¥o.ofpJl 1250.WDI P￿d In ￿ar 1173.OWI 115D,0001 11%.2801 115D.QMI ie60.2WI 631,4M 1,200.ODO 31 M4r£h 2024 • one 173.000 150.WO 204,264 150.000 677.284 519.oc 7S9.ty)Q 434,20Z I,D5D,000 1.800,OOU 4,353.20Z 6B2.r 900.ooa 1,20Q.OUO i.¢oo.ooo 6.03D,486 Oxlord Prn•i4t• C•lr A 9r4nto1£1.250,OW wa• In th• >Yarended 31 2018to Oxfoid Lknly•tyty wolwor•Np undenv. ID£ fi•￿<1( Pro$lg1e Thit pa￿bI0 ovgra 10-wr pwlod In tqu•l AM￿￿11 £17.J,000 pwbnntsm. In D8c¢ffibryr2023 th48 roplJ¢q¢ by a nowgrwi, vthlch ¢¥ncolad th £250,OW ¢ommityDonl •t 31 trAwrh3023. Tht £Mrrt ia£865.000 &%nd l• ov•1 9 5-hwrpwoo In iqualAmount8¢1 IT73,000 por•￿￿￿. ford P¥rInt￿,• Ch4k A gr¥N of tl.500.000 w48 aw•rded in ￿Al ended 31 Match 2Q17 ttr Oxford Unw￿11¥ 10 IUPPOn the rtBBJrrh 418n •B1CC￿& W41essorlh P$lk￿80n'1 diseBse Thls IspiyiNeovera 10-￿I[pIn￿d In eojql aMounlB of eiso,000. Four pèwmeni have bqeii hqld back loryears Z029. 2021. 2022 Bnd 2023. which iy è fBsuiiollh¢ IHie s&rtln9 olihe proieci. ￿ Ihe ye4[ ended 31 March ZQ24. pa￿￿tAl$ have rosumed. with iht 41h pa￿OnI ol t150.000 pal4 In Mafch 2024. Th8&opuym4N••i¢ BxpBdad conlinuo btslng mAd• In •very$ub14qufrni￿l uniil pgrèndld 31 NtBrch 3D VCL Pnistsle C￿11 A groni o1£1,387.688 w45 awed In ihe 31 Mwth 2Q18 t<> UCL lQQ51thiuh o ¢hwrin ProBWO C4nNr Re9earth Thls Is ￿Y￿bI tsvor Ioyts. AfurthÈt t&).344 VdBgAwarrfedin ihè yeworthd 31 20Z1. payaNe ov¥r¥evrn >YBty. Oxfvr¢ 8l•nano#dw¢• Ch41r AgTunl of e1,500.Cth WB9 awardgd kn th• hwr•n0£d 31 2023 to Oxrford Unlywity fllrthE ol oleB$ofsNp ￿ t￿￿7￿￿8[10r￿. Th15 over a l&pwpenod in equBI Ot£150.000 per ￿n￿Tr. 29

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 N￿1N P•rklnxon A stBnlOt £1.8QO,000 wal owardtd 4long¥d¢ tho National IMdiUiofDr HEYJth and ¢¥ro Roseath INIHRI, CUT PMTkln8lln'sTrusL Pamn￿n, UK, and th• MithJel J Fox F￿nd￿tiOn. t￿￿1 ￿Tran￿al of all parueb £16.104.38e paythla over 1D ￿￿T￿. TFAI fvI￿ a9feed to 8LVPOrt. IDonc knd odrnlnist¢rll rnull-alm muiw-¥tsge {MANSI resoarch Inio Pthlnslln'w dhga60. Al balanca sneql d&1• th• owad £14,928.041 12023. £22.317.7621 byli8thJllyrywn•d ￿b￿dIary Tho Margln FITh•￿• corp￿?￿ Liwlted. TN• arnouni (thprt8os ￿p￿nI.. 111 A ufho1£14,9Q2.76212023'. È14,9D2,7621 b•lngthJ10on AC¢CAJnt Df tho John Qitha dai of dvalh 2010. Thli •i•ètwbA IrMfÈtrÈd ihe E•uièloth• by fjxocutor. Ihe Bd¥anc•i by Ihè lJie John Olath kn hls lileisme 10 PL￿￿￿ ¥nd retu￿¥h Ihg Jubsidiatys m•ln comm•rclal prop•rty Inveslmenls on DNry Lttnt #nd (Nd Burfin9ion SlreeL Currant￿¥41￿￿￿ at É22m Ind £3.. As the &niii8lyolth• sub51di4fl Is donJiod 10 Ftyund•lkn, loan¢in lop￿ upw piopBrty IrdV4Alm¥rtt$. loan is Iniorasi If￿. A liyed [kn•l￿g ch•rGe•xl4ti Dv•rthe h¥4¥meni property&Tbd wd•rt•kkn (Wl Th•Fawd•Kon its wbilalary. Th• Mjrgln Flnsnco CuwF4Uon Llmrtqd JgrD•d in F•bruary2022 ioprovldfra Br Imn fwiityo1£12.&M to ihlrd p4ny, i•Curnd 4gy•r41 woptheson * 50% Iv•n lo vilua. Intwesl li payabPt the undriwn parts ofthe lodllty. Th• FoundDtlon providod fundiny to111 lub•ld8ry8J and lundi ￿l•r•4￿￿10￿ byth• t￿￿0￿1. Dunn9 IhD ￿al ihe fAthblywaB t1.145,ON upon ihè pkwn•nlol• ￿n￿lly. h￿r¢s1 on th• fodlltyli pvld qullnerfy In Qnoarl ID Th• Margln Corw•llon Llmllad ¥nd on• motsih ol rK•l, lh• IniiMKI l¥ p•ld ov•rtO Iho FtyJndltson. arnLwJnt•w4r• 11p•￿1 ￿ the￿￿t￿d•d 31 MArth 2024 bwlwceoknlng ai lh• was£NII12023.' £7,41S.OCK)I. P•5Ynonl of keywv9Dm•rt dSw¢i￿O1th• Fpundllt￿n %vere rn•d• on b•hallalThe Jthn Bl4c ChArblibl• F￿ndI￿on tyili ¥thild￿￿o. Prwl•lonA for Illlbllll•i i•z4 242) 8&ancobmughl knrw•rd Mtyv•M•nl kn y•aF 2,05Z,155 2.SS2,159 1500,0001 8llLrync• cath•d foThJwd 2.052.1Sg 2.052,159 Provlgitsn foi N•blllboJl•thè tt•lérrèd tax lln • pwirtyheld ID The FinJn¢e Cc¢pOraur￿ Llfllii*d, •1 26%. 30

THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For Ihe year ended 31 March 2024 Numbafof vmploy Th monlhtynLThtswol4mWow&s (Inc￿d￿ll 4irkYsl Iha yBar￿￿'. 2024 Numb•r 2•23 Ilurnb•r Enwloyffl•nlco•i• 2024 W•goAAnd Sodalwcurty ¢ut4 2W.770 19.643 197,338 2D,1ea Tha ktyrnanigement ￿￿n•1 ol kha 9roupl• rLryhJ•r•d 10 ￿treT￿oi•ll. Mrnun•i•lon fr¥ k•y Th￿￿geM￿l perBonn•l Acr￿& Iho l•£lQO.OW12023.. £1U0.￿ol. One I•￿￿¥•d r•mweMllw kn èxc•M olL80,000. N¢t• S lor dètsll•. Su￿￿1grIh1lnIn¢l•l y••r A¥ pam%Mt•d by￿C￿On ZOOB, the yrgnt th￿ty1 giou Incorno and iwJtt• nut b Includ•d In Ihenn•npal Th•gioy5 lThEL￿ and urplw IrKI￿lSAènd•I ￿•T IB rnadeup ei l¢lluM'. IOZ4 1023 Pw•rt In¢Mb• lor ihe w•r J.516.950 3,333.2Q8 Pw•rt th•nV• 8UrF4u￿(D•l1dE1 lor th• IW,085} 25 Ci•h qeTh•r¥thd 2024 23 N•t Id•ndIywrp￿s [nIh•￿•r FA on 1554.4731 1843.8991 2.251 14,1>1,697} 16,6BS,e441 5.$44,£e6 2,816 13.996.£241 15LK),OWI Invegun¢niinGcffle DbfBrrad thx movarnerll LO￿ on disposal of J¥¥•ts CtrAnge In Oobtss ChHngB In Credlwn 7.531.430 1 785 925 11.389,3131 982,788 S.Q21.29Q 31