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• C*nc•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$utt In an improvement In Proslale Cancer detecdon for very litlle effort and cost. This wlll be valuablo both to patientB and operators of the MRI lacilltlas. Wo have for some years support8d Ihe hugely successfvl Stamped8 Tri81 with grants to vadous profss8ors wc*king on the 1￿Ye8r-DId project. It was pleasing 10 8ee yet 8nolh8r publication, Ihls lirne in The Lancal, omgnating frorn work c8rrt$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 TnetBry ornounls In •s• fhiandal Jtatemenla al• r￿Jnded to the newe31 po￿￿. Thesa fiDanci81 $￿teMents ton9albdalelhe r￿Utt8 of th• Ch9rrty and Ils vJhalW£d subsId￿￿o¥ Thw M•roln Fhance CoroortyiioTh Limiied 8ort1siy(￿ PrtyrtwA Limlled. on 8 liné by1Sn& bas15. The can￿1￿￿tEd SOFA InGludFs Ihp group's 8hJre of Ih•joinl v8niure's iesu118. UP Until Ihe winl the group acqulrod the remaknlD9 50% *h8rè Ai whl£h polnl tho proporty owned by Ihtsl(dni v*niuw wa& recla8Bbfied to |nyaBtm8nl propertles thè Income and 8xpendityro ohov In Inveslm&nl incomts and dliecl propBrty ¢o$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$¢lldat¢d finwicdal slElemeni¥. B*nceB tseTh￿en the group ¢rg4nla4lkn 8r• dle¢loÈ8d In the note8 01 the thwrll¥i tsaL•nce •heet. On 4CqL4sltl￿ ol iubsldlArfei llll ol Ihdr a¥••ts and IIAbilibei Ihal •xi&l *1 dal4 of Acqu￿11￿>￿ ure rewrthd ai their l•lr valu06 ren•dng Ihelr condi￿on It thot dale. Where 8ubsidl8d•s ale wuired lot nll cty)8ider4tion and ale Jkln 4fl. the falrvilu• ol OBSets and IlabWUe¥ •ttho dai• Aro recogni8•d 8• wolunl•ry Incoma In Ihtr ol tkn4nrJ•l •clwlle&. Ml chan0•$ 10 Iho8e OBi•i8 and l*bllllleJ 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 m*hl CaHI B￿nIfiCEnt dovbl on th• abllty ol Ihe chanlabl• groLV io ￿ntInue 88 a goino concern. The Iru$l••J hgve rnod& Ihls ll81•88m￿t lar a pedod ol al￿66t on• yegr from IM d818 ol wroval ol thu flnowal ilal•m8nla. In partKular lh• Iruotee5 have ￿￿114•re0 current economr an￿r(￿OnI￿nd h4ve taken accoLml of proA*ui•8 on rentAI and Invotsim•nt Income. Aftor making onqulrl£8 thE Irubt•ei h•vq Gon¢knd•d Ih•l IhtrrB li a r•iionHble oxportslion Ih•i rhe charlleblo group h•6 AdoquBle r48oUr￿8 ￿ conilnue 10 d•bLq as ihey fo11 du• f¢¢ IhB foregeeoble fulure. ThD ch8ri¢•ble group thorol¢re coniinueA to adopt tho goiw C£￿e*r￿ ￿4￿$ All In¢trnlno rv8￿ree% lreaccounted for chlldty h40 ￿t￿￿ontI0 the lundi. roc8lpt ie wbable Bnd the AmDuni li m•4¥ur3ble. cl Re*rpEled 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$￿, wNch llrn not deGHJnaled forwrtirulai purposes. el IrNe&trnenl Income h acrtyjnted f¢rwhen receiyabb and [￿l￿de￿ retwned w re¢ov•rible. O Rgrt Ttsceivable ia ffjcogni&Bd in the perfod to *fikh11 rela￿. 17 THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 A¢co￿ting policle• l¢•nllnu•dl ReBQL¥CeB exp8nd•d we r•¢oqnl&ed hi the penod kn whkh they&r8 In￿￿, Reoour¢qs eNpendr4J i￿ude AttrlbutablDVAT whlch C4Lnnol b* R4Aources expended llre oWotat•d kn Iho partk￿laricdYItyTr1Jhtrt tho ¢(*1 rdatos direclbflo t￿1 •¢uvlty. Whope coBl8 connct b• dlr•Etly Bttribuled lo pwbcuLqr •¢¢1￿11*8 they hJYt bean ￿k￿•t04 on a basis consljtsnlwiih use ol rw¥jr￿S. hl GovernEnce Gosl& are the ¢0819 associ&led wlh the gov•rn4nrc arringernents ol choFIty. Twe ¢oits are ￿60￿￿ted with tonglllulw818nd alawi￿ requkernenis and Indude any cos*B ABsodAt8d wilh the Elratagc monaoefflènt of I il Liabllkiès arn r•copnl8ed 4$ 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 rn*rtelv•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•nd*rd. 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 v41u*bn •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. theTrus*es 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 ar*èd 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 ¢c*ts 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 Tc*al 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¥or*J 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 brou*l 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 C*rrf8d 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 depu*l¥ 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 L*adty5 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 unden*v. ID£ fi•￿<1( Pro$lg1e Thit pa￿bI0 ovgra 10-wr pwlod In tqu•l AM￿￿11 £17.J,000 pwbnntsm. In D8c¢ffibryr2023 th48 roplJ¢q¢ by a nowgrwi, vthlch ¢¥ncolad th* £250,OW ¢ommityDonl •t 31 trAwrh3023. Tht £Mrrt ia£865.000 &%nd l• ov•1 9 5-hwrpwoo In iqualAmount8¢1 IT73,000 por•￿￿￿. ford P¥r*In*t￿,• Ch4k A gr¥N of tl.500.000 w48 aw•rded in ￿Al ended 31 Match 2Q17 ttr Oxford Unw￿11¥ 10 IUPPOn the rtBBJrrh 418n •B1CC￿& W41essorlh P$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$ub14qufrni￿l uniil pgrèndld 31 NtBrch 3D VCL Pnistsle C￿11 A groni o1£1,387.688 w45 aw*ed In ihe 31 Mwth 2Q18 t<> UCL lQQ51thiuh o ¢hwrin ProBWO C4nNr Re9earth Thls Is ￿Y￿bI* tsvor Ioyts. AfurthÈt t&).344 VdBgAwarrfedin ihè yeworthd 31 20Z1. payaNe ov¥r¥evrn >YBty. Oxfvr¢ 8l•nano#dw¢• Ch41r AgTunl of e1,500.Cth WB9 awardgd kn th• hwr•n0£d 31 2023 to Oxrford Unlywity fllrthE ol oleB$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 Ir*MfÈtrÈd 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 4ir*kYsl 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￿￿*1grIh*1lnIn¢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