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 2025 Contents Paqvt ND RoPDrt of the Trustees Slralegic Report 8-9 Slatemanl ol TFustae$' R￿pOnsibIlItIeS 10 AudltoY$ RepoFI 11-14 staiement of FlnanclBI Acllvilie4 15 B818nce Sheet 16 Con501idal¢d Cash Flow Stalernent 17 NoiB$ lo Ihg A¢counls 1&32 THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2025 The Iru61*•S presenitheir rfjport iogotholwth theThillnr4* Stailmen￿oI Ib• wThpany foi the year yndBd 31 2025. Qwfi￿ rh81 IhE finanGI81 sLgiwen15 Con1￿yw711 wrrenl sta￿lary1?￿1remellts Ihe rÈqulrqrnwl¥ olthe ompAN/£ Memorandum and ArtIEk5 ol Asgoc4uon. TNS 1% a dir9v.￿s. ropart arid Tha$ b¢on prep8rod In •ccorOHipcewlh Reportsw sthndaid puWi&hod In lh¢ UK aThJ Ird#nd IFRS 1021 ano ID a¢coid¥W 8417 the Comp8nie5 knt ?Q06. and Iru51eo$ orè ailectfrfs. Itcm5 th6dgsEd undoT the sira￿￿¢￿￿rtare noir•peai8Q h¢re. ￿ al￿Wert und41 $414CII 11. REFERENCE AIID ADMINISTRATWE INFORMATK)N FOundau￿ nirnq". The Johrt Bthck Found•l Charltyra￿*tr1llC￿ number.. 01143431 CornpAnyriglstralbD nwnber.. 07734413 Regijtsrnd Officq ut uperaNonal Bddres$'. 24 Old Btsillngiw sireei London. W1S 3AW T￿paTIOns who J•N•o •1 trust••* dulng pqdod W•TP loHowJ:. IAI S Corwiy IAr D Ttyllghl AudltDr4 B•nknr• Aoc(• Kln9iion Srniih LLP 9 Slwoi Bar¢￿y5 8qnk Londuri Bwctryys W•allh Prlv•i• eank EGZA 2AP Londan. E14 5HP 3TWitCTURE, OOVERNANCE AND MANAQENFPJT Th• ¢ompanylG Ilmile¢ bygu•ianlqv 4nd 1$ gDvern¥d oy Memoran￿rn ¢1 Ass0siiLknD dEiBd 9 Augu•l 2011. The FoundAlon rEglsier•d ￿￿1h Ihu cn 18 Augu¥1 2011, und•r ch￿lYnuMber 1143431. The lh• laia John 61Dck dated 30 Jyty2002 sl•l•s ihat Ihq Truxi•ei ol the Wlll shBII hold John BP4ck'i Eslyle won iivsl Io¥Dply th£ InGtymè ihergof foriag ¢hIn￿ble ouTrA)ges. In oidar lo Oth￿ve this the ￿519￿* ea18blish￿ this Foundation. Th•',rJ3l•￿ ￿ Ghofily Iws1￿5 have olthe Found*uon, ill Pl￿￿rtY tMh¢•. Th• FDuna•￿tyl ib ¢h•ir•Y by Da￿d .4￿1{jh1 Exe•pt 85 ¢Ih8￿Se yovidod in IhèW11. ovtry iSSUa mJyO¢ dewIM￿ed Oy • Sifflklo ffla5tsriiyolvole3 cali al a m•&iing Qlthe Iru#bèi¥ J re$￿U￿on Is in slgnud by all,.￿ Irusièes li •J Val￿ 111 ¥ pa55od ay a mg¥tlng Onfr ol the irusloog. primary fQspDnslh￿￿l1e￿ ij 10 èniure Ibat the Found#iiots Oprntm io ihe h*hml 5wfwJard3 In èl aspec15 01 srtvèrnanu Ano dsk fft9nagern￿1. Theif 4im IF fo rn8nag• Ihfr Fowdaiion lfiecl1v*￿. Whi￿ inyjiing IK91 grfjper proce¢uros and nternal contr¢ls Dr• Mah?￿l￿¢d 01 all lime$. Transpa￿rtY Is centr41 io ihie Ob1￿L.¥8 4nd M¢ro dtylail can bj f￿nd Jn the Manag4m•ni sec￿n ofthe Slr•tfjgiC Ripurt. RECRUITMEKf AND APPONTMENT OF TRV$TEES Futurv Irusle?5 mu* bg 8ppolnled by rèyolthW of Ir￿1?59 Th• numb*r triifu51Bes shall nol l•?5 than ￿Jl Shall not be 5ubj•cl to 8ny 11 Is Elejr Ihal lorour F￿ndatiOn, we need of frxpBri•n¢• ond thos capibleol givin0 Ihelr Iiine. It Is 4Ways •a&y 10 btyth ihDSe chaf8CteristicX in peopb ¥¥th￿9 ta iAke rAI considerBb￿ CQrnffliirn•ni r￿ponS1t￿l*Y￿qllire1 bythe Foundlliion. Wa conlinuÈ 10 5earrh lor wlenid wustoes ihc quality reoLirlld. THE JOHN BLACK CHARITABLE FOUNOATION REPORT OF THE TRUSTEES For the year ended 31 March 2025 INDUCTION A14D TRAINING OF TRUSTEES All olihe exlsiing Irustse¥ orelarniliar wllh Ih2rumlng of thg FG￿nd110n *d ar• provided 021￿15 oITTU51e& Ira￿lI¥j COUTS8S Nqw trUsts&6wlll ba provided Vlllh Ihe memorandum and artlclss of assockgDon and web lo ¢hanli4s gui¢ebnes Ior Irusiee5. Twsiee¥ #rt &w8re Ihs., il 15 IhBir Teswnsibilily 10 k8ep abrea5LolJe¥eloorncnts ITr to IhB gover0￿ce ol chaiill45'.nd•rinÈ Chafwei Aci. MS AND 08JECTIVES OF THE FOUNOATION The Fcund*iion was set UP Io suppoll ffl•dul r85earch ilito Prn%lai¥ Canc81 ané P3rkiVSOD's Disease In thp Lliiiied gdorn Ivgoiner Vjilb othor Ghani4bl&cause% a85o&aiedWlh Slalo ol l*iB¢l Ttie tsu&leesconflfrn Ihai JleTrnd t4 tho Charity Comrni&5iDn'F Juidanel pvblic o•no.11 rev'ewng Ihe Fou￿￿1￿0￿,S akn& objecti￿￿ andwhon SBlthn9 grani Tllaklpg Policy lor I'w ye31 The FounOJ11cfi coniinuoc.ls •JorRao PQlicyolgirJvidLng funaini V¥li•ly of Wgliluiicns Ioi Ihtt pubhc benefil. nclurf￿ tE¥•4fCll Uiagnogeg and W￿re •ppruprpaie mo e(leGbve Irgatmoiii? lor ￿1h *06tai• CanEer and P*kIn￿￿'S Diieo&ts W• )rovidv 50mo dtiplsan IN$ y¢4r'5 r•N#•rth ndÈr fjt•niB bnd (knotionx FININCL4L REVIEW ACTIVITIES AND PÈRFORMANCE rhe Iili51efrSconunued ILI liiJDagè'.hq ts¥$*li oy rhe 4n¢ rnoniiot IMpiupeny ￿ld vfj irs dCCOuni IhDiQ ul ds 5ub51diJiia¥ Th*1itss1￿S ¢Dn%￿l￿ro¢ ihat Illg ¢1 the Iwo Comme￿1•1 In intere51 IAle5. Tn• val4Jbon ul rts ro￿09n&&i￿￿￿1rtV has rtrrlaihid unchin9Bd. are h Ihe Sirat•9 R4port Dn¢a Jqèpn the tru$leei ioak a4v•nl840 ol ￿￿taled Iniore81 r•ieJ pro￿dIng Ihe cppurtuniiy lu niakc lurtwr InveBlmentJ ￿ boih gill-vdgryd an4 ￿lIh1y-rlItsl ￿￿[pOTÈl• bDMS. Laii y*Jr trvsieeA th•othii•nL4no ￿ Intgtvll In Ihelong piopty 1124 OIQ Str•e1, LoD¢oh W1.1is wnoly Owfnd Svb*idi¥y Fl•WnCO CoipotaiiQn IlllOf•i: Iiftcg Ine.tsPlio oundAiiCn1 in 201 l. Tnts r.oiindaiFyn OW3l•A liorn ono Ilollrin IhB tsJildiiio IFulllilX hopo Irr51 pwn￿9 IDO% ol Ini¢r•* ￿11¥11￿¥ Iborn IoN•rf ktGre4M addod v•lu* loi the F¢uNdolon. PRINCIPAL FUNOING SOURCES rDo Founoaiion conllnu•s ￿ r4¢dvc dDnoiigns If¢m 115 owm•d Aubiidi911¥?. Ir dl59 fftvextmefjl wrtloli madè up ol prOp￿rtY, •qultyèl. Ird l￿ffle, •ll DI whleh caniilbul• to tht IDCDme a¥ailbbi¢ fordoDatson6. As r&)ort*d Lysi ye￿r lfro Esiolo ol Ihe141e Jghn 8lac4 be•n fin?11sod po furthir legacv poyrneni w41 Iky rec￿¥¥0. INVESTMENT POWERS. POLfY AND PERFORMANCE Unuei.'h• il£rnorandum and Artides ol A¥sociBlIN. lh• tru$￿+￿ hayo IM authefity lo hiv&41 the funds tsf F]undaiiDTr 41 thts￿ di¥¢r81ioD Thts Iru$1è98 have COnlipuo4 10 mAinlllin 8 ￿￿tk)ul opproacli kn¥èrd$ the ￿va￿tr￿￿n1 policy hi the yts8r th4•1 r•vlOW tr.ey 89oln IoDk •¢vJnlBge ol the Inlereit rale5 la Increase Foundat￿￿.5 Oivn¢rship 01 ligh￿U￿lrtY rorpor•frborf$ govainm+nt*8th4d 58¢udtl*y. res￿br,9 In ￿lIBr ielurn5 bdn9 q4nBfaled￿Ih J l¢w itsprooerty mv•iimenis maiiapd In-hDus9 r•iwnid antrthei 9Dod ¥e•r in Iprms of 5nccth•. The v8lUal￿D rrftha FtyJndalcn'* mAin ¢Dmrneic￿l PltyPBrtièA ramained unGhing8d arter thè r￿U¢ll0￿¥ ol 1•51 I•w dv¢ to trff¢thy olCLMd and riwnp InlerCs'.'•￿￿. The valuabon of tyJrresrfen1141 propery réma￿0& Jnc*8nged, alb￿1 djd uome slr¥nothening of r•niall¢vds. Our shar? port101￿ cl imaller como8rN85 li51ed On In* London Slwk Exthgnse had Smlher tyiel year In lin&wilh Èap Indlc¥s. Howev$r, we r&main cofjfidenl ihai IhLs Ynall purtlon of Dvr over¥U poryoliowill Pfowdo decent capital lurns on top of Ihe satlslacloty d￿lde￿a YIEW theypruduEe. THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year onded 31 March 2025 RESERVES POLIGY As saen on pag& 16 Ihe Fowdailan has sub51anliBI re58Thes. Ilkeep5 pnerate incomewhlth is donated medical ros8arch 10 gnaN8 1110 m*l ebaniablp wrposo5. The FowOBlion wniinufrs lo make ￿ng￿r￿erM medicwl rgséaTch Commitments. In prev￿￿5 yeafs Il m&ntained an apryopnY￿ le¥ei of reserves In Iho forrn DI b3nK depDs4ts How•Y•i, givEn th(t Trwked mtsvovpw2rds In Inl8rc&T rales Ilnow I￿vISIX I￿0 cBsh its ieadlly TTr418ab gov8mm&nl èondg or 5ubSiwl￿imo￿&Ymd(kJt ltsn4s Sc th4lth¢%o lunds G¥n 98nerate butter ièturD8 Whi￿ b?1 ¥vAlable fLV Immwdiale uliliSdliDn ?Ithei lor mèeting 115 rpspthrth Ewmiirnon&¥ or. 10 TUDO ptss&trAo0pporb￿1t1￿a in ks cenirJl London property￿vIlIm￿th smuld they4ri$e. GRAI4TS AND WVESTMENTS liu&ièf*S ale pl8a59d lo thii slrKo 2013 ￿Y have m•de wantA #nd commitmènts Ernoun￿n9 iotsica £42w.. ThqA# Int￿￿e Tourprolo55I￿ol reseaTch Ctyg115, at UCL Ènd Oxfore UnlVEr511y. Theae ChalTS weie IniliAIty lor to-ye ismis and wero given io lluisthndir( prolo¥$ors In ih?It rèspective fields. We havè dDnaied ejrn 10 &￿￿1)1¢ Oxford UTdvÈrtiiy lo P￿rG￿le J MRI Lmac mathinc ihal usej pionèÈrkng l¢cbnologyio dBlivBr trtatmoni in bho gam session TDr can¢or patien1$ wilh gre&l O¢¢WaCy. Prolo890f Lou4e Rlch¥idsM, Victr Chancelknr ril OAIoffj Univer611y ¢omrnen18d th81"Ihe bquipmanr h•s the potenliJl lo rnako 4 s￿bIl￿nI1W QlllwFunLe bLllh on Ihe IrellJneiil ul tancar Ihe furlheriTrq of Siqnificanire¥EWth" Tho m￿chine Is behg used 10 Iie&l nOIIusi Prwiaie bul oth¢¢ ranc•rs. m•do glll uf f2rn io UCL io wrchHi• i Jcrfely n•gdHd 3T MRI geanner 4vhich vll usad prirnAnty lorscianiific rojaarch NHS Irooimenw. In rvw9niiknn olthis th¢ ¥eAnner h•s tseBn namqd"The John 8L9¢k CharthbK• Found5Dw 3T MRI To dal• hA¥• mode Isb MAorch grants. 140 of Ih81• were foi ie*•w¢h Inio P4rklnBan's. Durlng •n¢•ml¢ VJO 5uppoIIBd Ib granis Inlo essentiHI Lovid rEse4fcb. Thrd wr Again many ol our (*Sd3rcttprts nad wblished 111 wallly m•di¢¥I￿￿rn4S. and Ihl# has been • typlude to $8&ir4 thabrwork békng Iian$l4tvdlniu Ihe cliDlc wheTe il can cbary• pra¢ii¢* lor ol po:ieni8 y￿r￿1 h•v• mvd• *•ver41 ￿t￿n￿l •rvJ nwoJl•AtÈnaluilS enitk* wtsfK io re8ch Conc￿310￿ A• kn prevKhUJ yvjia J8CF has WDTk•d Proswts CaDc•r Founiotlon IPCFI *id the Van Andel Inslrtutw IVAII b•Jed In Ihe USA 10 ihom qroncs io UK proioc'.& He￿ lfi rhe UK wè ￿Ve work•d WIIM thi LJiok)giLal Fcundglign ITUFI, Th? Culo Parkknson's TruÈi ICPTI RoseirÈg5 Trust IRTI. Nl oltthse InsiltulltylS prov￿• tha E55Cntig1 peer IOVIDW work teouiree Dolor* tho Foiindotlun TrakoiAny yrAni. A lull •nd detHI￿4 11•1011361 yèthr'$ gr￿15 iy ¢oilaiTred in Ihc Sci8nc• Report, Dul ol parfle.iJ'drirnDort4DC• i$itr¢ cllmrnenccmeni olongsidè CP, VAI. and lol lh& nrii Th0.¥￿tIcAl41 In8iiluTa lttr Htjllh xnd Caf• INIMRI Dr B Mulli-arm rp.ulli-si¢•￿￿VOl¥l. loi n•w research Inlo parkins￿.4 dis¢•w. Thi5 tridl ffioinod th• nuuoly iur.Gesslul PrtsiAt(t Siaillpwth). wfM¢* has bften runniry 10¢ 20 yews &n4 li1rDM￿ hY•iv• Ihou5aN¢ M•n, io%vh¢P. J8CF na7 a wllling pWrnthP￿t Anolhei noigwonhy yiAniw45 10 i i.-on¥ollium itycludlng NIHR toward* TRANSFORM. lh• rnuch publldsed trial ILTrbihig Out a Derter scr?ening Pmllromrn¥ lor Pro$ial8 Caneer. Dunw Ihv yvw JBCF mid&grllrth, don0￿nI commiim•nth tdAiln4 É4.Im. d•t4ilJ of VJhich b¢ ￿￿￿¥14 th• full &lonCtt R•port. THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For th& year ended 31 March 2025 PUBUC BENeFIT ChaildÈsAct 2DQ6 thai, %%4lh ¢TfeGI 1 Apth ?008, all thaiilies have ￿ m86tthe req￿rement i￿1 Inoir Élm5 ond obiociive5 lar the bonefil. Th& C*-anty Commigsion Ill its"ChArtI￿5 and Put* 8enefiV' guidaneè r&gUileS Ihai knBre ar8 koy P￿￿p￿1 to b•ffletin Offjer￿ show Ihai an NganlE4tson'É aimi ubirftiv¢8 re lor wblk b8nefil.' f1[51. theie must bE idertifwb￿￿e￿ETIt and $&Eondly the bBnafil musib& lo thè oublic ryr The InJBleE5 cunnrm thai th#yh4vo f•y&rd lo th• ChiNhes Commi1￿0￿ guh*arKe on pU￿1C tyoneflt An6 eDnsldEr ygarhw Il besl meets Ihè publlc bep.ftfd o*eclivws sel Qui In SEGtson 17 ul Ihe Charitie5 A¢1 201 1 including-Pub1ic cnefit.. *unniDo 4 chwily IPB21" The Ifuslees are saii&ficO thai tre Foundotson rn•eti the iewiiqrnénii inu coDftYm6 toth¢ kl's d*finit￿Tr of aeh•rfty moevng 41&m8ni& of Iwoka¥ princiF4è5, rhe r058arch madts ènd activ￿¢$ uuiimad ￿ the SGiDnce ReporttrBkn DTvvvJo cunxth18We Denefl. Itithding afj Impi0v8￿eTrI ￿ Int svryivdl and qU8lliy o.'Ilfe olmeD Pro514tfr Cèn¢oT IParklns¢n'sdi$o8sE. Dr ￿ld to è no¥ql IhofO9Vd. PllrAbll¢ll& lorrel￿1￿h grarns In the of Pro1￿18 •n¢ PwWIP4￿K •1¥ *•IGarn•1Th811fcrrnat8 t￿1 •ppllcanlb ar ncournge¢ Ir)Mrfte in Dr amal. Pruler￿ Irè iourtod tsy lh• Ftymdahon, welimej byow pann•ry ar￿ someUm•i by thr•¢i •pproich•i The Mrinarn OITrw wch tho Prc6iAtè C•hWFdvnd*hn PCFI. Tho IliclogyFoundiikn ITUFI. Prcs141a C¥nc41 iJK IPCUKI. RoMirg•1 TTu¥t IRTI. Cvro Park￿s￿￿'5 TNBI ICPTI ond IThB Vin hndol Res•arch In$uru IVARII In ￿d01 to bav& rh& QU￿l￿P￿arr0￿e￿¥ proGes8 boltye funLlnu research. PCF, PCVK. CPT. VARI. And RT •Qrnylim*y granis And donaiionj lorf•siJrcty Ih Found4iKIA a granl li establ￿b￿ the grllDi¢• li requlred to provioe sorM-•Mu41 gr •hnual piogrom r•porti. The direc￿111tr￿I1•I Ino r1￿01 predu¢e re•ulll THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2025 SCIENCE REPORT J8CI-. IS #roud Ihsl Ii5ooDsoI8. 3mon9 Olh4r lundiry Inilkrylfves. ke¥ ver￿-3￿9￿ lu0￿. One of Ihtr chqrlles Ih31 wp uso lorvil81 peer rewiew 4*Ork IS Ine highly respeciad R4J¢iie¢* Trusi. Thryprepdred 4 i09￿WhiCh gbowed In#1 the £4.)8m IV￿l￿g of ooih Pa￿￿￿017 s DiS4a5E IPDI and PIDslolr Cancw (PCI rtts¢¥chwé 5pon&arEe aknoside them o¥¢r T￿￿arCh￿d. Isrg•ied grant5. In 20W wè boEk•d Pfor￿ScrV98w KaSw￿vIr￿ib￿rt ￿ cairy oul lh• Trt￿. Th• trilll v4848lrnod ai pr¢*nq ih•l pr¥£taie NAI Jcjns CtYj￿ be fgad lust as well, wlthoul the rnnlrp$t hgtill Gadtyhum rhet1￿1 reportfjd rBceDily ano wal very sUCc￿%TU1, the r4sLI¢F beffj9 leDiuiEd OD ChaThnel4 In {the JournAI ol IhoAnierlcAffl K48di¢al A8XO¢i4boDI and most nDlirJn4 DWJ¥PAW6. The use ¢1 th• cL*itra&l Jyllni requir81 a doctur ￿ be pr•ier*, this co&1 £&viig. a￿g81d@ the cosivf lh• 4gtni ]￿111. wll th• NHS mDn•y. 11 alw mdans Ihal lh& Ilm• lak¢n in th c4nnei will rpdvcEd. meanin9 &cÉns bc carriod Our. Th¢ U¢L Sursthry Prime learn wun Ihe first g￿ze al Ihe EuropBan As¥ocIAUon rl UifAogy 20?3 In Milon. Foiiov41ng ihe SUGWS of IM PRIKE Inal w• wére Vèry n•FQY io sponBor PiolotsorVwN'* nexl PrastJt4 MRI Analysi¥ And Al.Digea5E l*niificoNon Èhd Guideo Manaqrymeni.. PARADItsM Wilh more Ur0￿9￿[S asking pari￿t5 ￿ undargD MRI gCWS, itte numbqr of skblfjd radlokngl8lJ avai￿￿ Iv re￿ SL S￿01 Is flllling oehind. PARADIGM WWI Inv•ilig#iÈwhDther Up-￿011• Al syTri•mi Pftsvlrte 48 g¢gd,11 noi b•ll•r. reod ouls Thia ia happoring In manyc4ncè16, bul was 4 nisi In Proslglè CaTrc?r. Veeru Will ènrol nvg hundrryd 15001 mbn an4, qs IrnpDrtandy, becauyj w• weitt io ru￿ quickly. ha •bl• to u111￿4 The imFIIcyiioni of PARAOIQM wll be 10 4ulomAie Jnd Progtate Canc•f diawo¥l• PAihww ￿1h art￿¢1￿1 In 2V19 Wli lirsl fiUDpnrt*d Prnle5$0r flus Ip.le3 D1 The Ins111vie ol Cancor Rg&aarch11fRI men￿1￿ threo orTn?rty bloDd fAlaiivèYWAh P1051Jt¢J Cancer chHnEoalthiS tsoing du•to ¥ 4•notic wylalion. T￿s yMr d ION tsp grant IQ Flux In ntry•l ￿eonE￿I¥￿￿5hed lo¢Mok4y, whKtt WTrll Adoueilro Ih•*holo 9¢norno In k)ng Y•1 again year Gert ino John 811ek Prof•iKral Pioiiat• CIn￿rA1 UCL, h•J pui I￿￿rd • roally proiest toi Qui eonsio•r•liyn. willianlly ¢N¢•ved affld èX¥iUlyil.%18mpqd# Trijl ho¥ tnmll•d 12.000 wnc4 200$#r￿ 15 leach￿￿11& èndwni. Wo hawv t¢a4bly agro•d 10 5upwrl GErt. with J Ivllowon, SL•mpode Llle 11 alffls iv try undernlllnd 4vhy m•n BRCA rnulaliOD 50rn¢lhThD•hd¥e poor oui¢omeB Wlh ¢¥ir4nidrugs. hopqlully fincNng new OIu9E Ihol mlght offir longer >urAvklotheornes ltsr this coliort of fflan.11 is hopad 10 Tollim men IhrDuoh 10 delllh. wh4re w Bulopiy tnlghl oe r.6rilq¢ vui. An auloosy on rn8n 4vho n$v• been Ihrough Ihp disBaS•. Ind h¥ve becn Lryathrt ￿th Bovqral drLJs8. IS vvry v$luab￿ lnlcrfma1￿Tr loi JclenGO JoiAg lor*llrd. 11 i¥ I￿rth ropprting tb41ioinlnq Gert 18 ¥vork WWI bw Di Emlly Gr1514hJ Di Ashwln SachOBva, both ol wnom hHv• rllc8ived JYCF Youry Inv**ioAiof Bward$ Durlng ￿ Voar Prola5SDrA118rd pubiiahed Th4hly $UCCBssfvl re$ullS olouf 2020 Ch8llnng¥ Awarrt In Ilit pre5tigK)U$ lur• MayA21m. Ihe6e wira vgrywel rtttllwed In 7¢1￿￿fic comrnunllyand w￿1 1g¥d when IrqJUw men wth horffl0ne49n￿Vve PrvJiJO Conc•1 lrnHSPCI. Aho. dunng th# ￿aT. wetrappily 8pon$cYed a nè4* 14nirK r•i•afch 14lknw ￿ walk h Gert'l ￿ts014￿ry Nl¢k Tr•h*ame wlll bB d•vdowng an Ml Iwl for woslal? d*Èue. Spgdflcaly, hè willtye Iwking io pr•dct Gancer *•tuA frcffl Uaaua. U$ifwJ this bDI. h• wants ID gen*raie a repo511W Dt mLypho￿vicèl holrnarks DI callcer tlyrf, Ind Its US# IhlA Wotk IQ d8veknp a Can￿[ lor nwmal d5SUD. will $ee vkn¢ihorthbS score Ig 10 Iinprove ¥vn8n u¥pd In coniuncliDn wilh I￿5￿n0 iurnour*xBd ol rljk. Tho1• •ppl*abWY ale lknly 10 r￿•v￿C• In fjthar C4n¢4rlwcs. LJJI yaar we 6wnsoreo Dr M4rft S¥lli liorn Glas0￿ a8 a Yourffj Invtrsllgator, Ur Edward O'Nelll from Oxlord Iv ChJllengB Aw81d. Tlie rnèl IN lh¥ fir#t',ime al Iho Pwsi8le FO￿nd￿lI￿N reiieii 1n.qan Diego and il becaffle 8ar ihere was Wl• Dverlao In iTh*lF projects. We ¥vefe hapDy ID lund an appli¢&￿0￿ thoy mlotin ianolrn. The uvork Will mncenlr•w PSMA. v4hiEh15'I￿Thd w the surface ollhe se115. Ws be rFduc•d ur Ina¢iiv*ed by Ih 9nvirDnment Two may Mave th¢ Sarne ￿¥¢15 but miqhtr bè more r￿￿1￿￿1 1v 1r8al￿ernt Ih4n theoitter Thty ¥pproach will PSMA atlwity non4nv4p￿vgIy. ¥14 In6podion and MRI, lo sbow Whic￿ rnen mithl benefil Iiom diNvwt I￿91ment plori￿9 trDm outBet. THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES Fcrlhe year ended 31 PAarch 2025 Wa supwr.ed Or Liura Mdrtlnez.Escafdo 41 CRiJK Cla5gnw. Laura's IntLireslin9 work'irfill cnafacietise Ih@ combinallm of 8Hj.MThoi￿ nqw Iwrawilcopi￿n flltW051Aie CAnEer and dÈllh8 accornpanying knoW￿erS. siudtring Imp4¢1 diu9s on pm¥We end on 1he mDUr8nviionmenl, a wciBI delornwnani oliumour prryi@SSiQn. We bad(8d PrDfqsBQT Claira Ethvards al Oxlurd. ￿ inv£5tigaie iho ￿118 respon￿ble for 8pedd olPIosfaie C8nLer 10 ono. Cl&h will ui• inrtyèiive le¢*¥￿￿9y¢ts￿t rnimics Ihè hum¥n enviionmeni Dn a mKro Ècaie. alknwing hef 10 cèserv& diff•roncos In IAdiMOu&lcanccr cell beiiavi4ur. 6y51udying Ihgse InwBcbons clpiely, she hope3 lo Ideniilyvlhy tain v.ane•r￿lr5 ai¢ mot• bK8iylO wioBd Ihah Tho John Prfw6Jor Df pro￿1￿ CAntÈr al OAtrd, lan Klllb. pul J resoArch appliEaWn, In ￿li1￿￿.1￿1￿￿ laivE¢r Dev ai camori￿ge. WB hovÈ backvd. bolh Ds d young IDv¢4liiJdliJi and haF TbCelvBd a ChèiiBngr. Aw£rd IIDM JecF. This sh(ws. a9aln. the abiliiyolJBCF lu briry I￿9￿￿er p¢upki. wv >Iuvp 5UPPOrted, ta do world leaoinll reG*grch. In Ihis C&$• Il WB5 knok,. ll9 Al latE.sipqTrdrittBye. PrEliialth C4ntercells 8sc¥po Irom iha body'g Own ¢Jol&ncè echani8M. Ihe immiinw $ysiam. They prclimindrydatu Suggésls 11 la po￿%￿10 ro ACliv4te ihg Irnmunc sys'.¢m lo 8liminJig malignant co115 We WerE happy 10 suopon this wyrk. Pro1*]￿r IAilli also wi lorw•r# anothcr r?quo1r￿￿n9 the yftÈi, Ihl¥ lim* lor Oxloro lo11#1*a wrth Qveiln'i UniVèNIV BeWw&i. A key ¢hBlhngE rnon wbose lrcalrnp.ni b45 laiknd lrnCRFei i* ¢llTilcBI n4lorog4nÈily Rotonlly, iadiunuGlprle thprapies have ¥ignili¢Jnl aiiraGtson as Ihet•guubr Cpilonk Iw Poli¥li19 ¥￿1￿ rnCRPL ￿ll￿¥fjr. th? Irearmants. gnd hopt IfNS Wllgfvv Ihfiffl enougn InTcrm3uon ￿ dc&ign a phase- tlinl¢o1 In81. Wt v48rg nappy 10 iuppon Ay >UPPOTied th Youny ￿vaSIly&'.0[s Ihi$ yoJr. rhi¥ IS thi oxcelthlll w4yoI qivlng luwre SC￿11411 Ihe ooportunity 10 PUTSU4 a oe•r ¢evluw•4 PlQl*cl, gn ID woducihg Slarj ollhp luiurq. Dr Nll Orunb•rg l• ai Imporigl Collgqe |¥ iul•Pwge of Di Flil¢hJr, h¥ve *upported In Ihe pi41 WllrlnN•Èl￿Ja1• Obosiiy wiii solln vvirtake smokiry ah largosi proventsblv rilk l•cior lor ¢Jnr.er. The PPwlllie Il Sulroundqd by Nll Inveiiillale arn￿g Ihe rOPUItrOsing Dllho mconi FDA¥pprav*d Jnlidi4bptidcoè$ityOffjgS IAQODI. Impèriii Import4rilly e51llbli6#•é J tr4nxuf •XB8s5 DI on8 hundr￿ o&leDI samp*s ¥Yhth •i•fe•dy K*a• Our Jacond gr¥ni w8ni 10 Oi Adan LIiDbery, vtho￿Ork5 it 11.¥ ICP unaar anoifvw Df our 9i¥nl reci￿*￿15. Prol*.$sor Johann de 8onD. ProBiatB rang•5 Irorn Indo￿￿1 In 4¢qf•5SiV* tormi ICRPCI, Tne LI￿r 11 thHr4Ei•rfg•o by beiraboiis In DNA ropaw gen8b ThoBe induce DNAd¥1￿￿UÈ IDaoMg ID sgno9rDncc whicn ty¢ynoios IDI￿￿nIal￿1i. Afi•n Is •llping Ihjt InveBiigoiion OIRNA slgn*iureS lfv¢Èfft ronv￿1 Ihe inl01rn41￿Th th41 iy Jiorcd Ih ONA IlTrla wot•nJ.I Could ro hic&hg tho Innimwiian By h1*niifying'.nD inflwDmaityy?I¢YrnB. ne nop95 e•rly deleGIIDn and diagno515. vi• 10115 Those blood lei15 cou￿ revolullornso Ihè ¢*• of Dal..Qlit¥ IJciTh9 *lhJl dile**. r￿.fj Awwd Ih16 y•Jfwenl loor Adam sy•r) who i¥ also b•sqd li the ICR ind worki AIong$lits Profiilor Joham de aorr4. Dpspiie Ihe ¥UVancèg ol new Ireiim8Thix. reyislance drlven by rec£pw dgpendtrl. and indcp#ndeni mer.hanisms IS In•viiabl8. advancc¢ Pro¥tS* Cancer iÈin•in3 14131 Thqieloia, IM d8¥Aiopmenl ul 11 thia can h YgliQll8d Il will stirt e¥tidry proev8 CA oèlvorinq nDvEI pro¢iYKJn fflfjdicino Ior men 5uNaflng ITQM lethal PFoii•lo banGei Ifj ZD19 4ve 3upvortod klaik L)rfhgue. prof￿￿or uf ￿0￿0d￿￿1 ifflAglry *n4 fourf*lerol IhB UCL Centre forAdvan¢ed Biomedical Ima•ng ICABII. Mork IB lo 10PertLY Ihe maln pw¢ci MINIMA, bullD Ihe moaffllime. has had o pAper ¥c¢opied by ImaoinF Newe6e,*nce. 11 IÈ nol abnormal lar our professr¥s lo make ￿￿￿kthroUg17%.1i adlA¢¢nl reBeair.h Ali$ing oulofth• pr￿n￿ry resealch &r9•1 The ¢I¥¢U4Sed ax&ores a brain Im5giry scan. which tMa¥ prD¥ide CbniUAnSvuilh Ihe ¢pwrtuniiy [4 dpiocg GNtyJlAStam¥ Inva¢iry Into hBallhybfoin tl$w¢. Byusing th19 10)I, nouro$urgQ￿ Coll￿1 elltt'ii¥ely fi￿ remove lurnovr5 (uri￿ ty*Miaiyimprovlll9 ¥U1VIv￿QU￿orne5'.N bbttMTrJ s a99¢e¥5Jve èA4 difficult-￿1*￿t braw lumour Afv41 a Pro￿ng•d •tlon ¥y wll partlas. ￿￿¢1p81t￿ *¢ much pvtlicti•d TR￿%5FOR￿ Trial h4É approvfj ¥d lund•d In oart by ug, NIHR. PCUK s•¥eral ts￿er Vival* dorKf5. TRANSFORM b& • ma,'oF oyorf b ottera scen 10 fflen over 0150 ye¥rJ. This is h(*8d its b4 49 Succosslul Jn prostaleas 51milar Srlp¥Ding piograrpmes mave oeon lor breast Bancer A IAryc JmouDI oldaLry Viill b• C4II•Gl•d and Invllstigeiod èknngwde Scan iLlaf. THE JOHN BLACK CHARITABLE FOUNDATION REPORT OF THE TRUSTEES For the year ended 31 March 2025 Fmhryrièferontyng the Klnima pr4•tsof MaTk LJthgDB, he ha84pWèd lara W•llcome TTV*ty4ntto devdop ffl8oneic rnechaniul $limuiqlKn IPAMSI. Th￿ GNld bé U6Ed akng&idp ForUSEd LJ￿￿#￿Trd kn dclvarngw pArbcl85. Mirim8. irtr> Ihfr of PO palen￿, In a fiM-iThvasive m￿ne1.11 i>hfjped Partic￿ can oeu58d ID sllmulal& the brwn and ￿ltore moknr luncbtrls tD patsenLT. In 201Swe r?rsi gupport*O ProFes501 Oavld Rutrwn5Aloin #ICarnbri¢ge. Ths ￿or￿e m4d• b lo1￿￿￿9r￿n1 10 D￿￿. PO IA A890ckied with a¢cumu14tion olthe J￿h9.5ylluCtrl￿ IAS? In bpain Sjn¢e inuta5Ed AS due ￿ S￿0t1C changè5 c•uv early oDs¥1 PO, kmenng AS levE18 ￿ è lopic81 th¢¢AP2ul￿ siraiqgy. There Is ￿derSt￿nding oll1* Co1￿15r￿rQ￿BsSè$ ib81 modulgie AS digra46iion. Ihts5 IL* l¢va￿_ TD address t￿$. Da￿￿ pBrfomed a $¢iean tuJL whFro hÉ remavod Each gene and Idenofie¢ Ihcrse which AtterAS IBve& In c•Uk. Dèvid thIIy5e this dais to Jdenbt c•luKgrpath%¥oys thAi iequlato AS iemoval ￿n ne￿ Cdli. •rnd IDZsbra￿sh rnodeis ol PD. La•1 parwo wckorned the ¥¥(￿￿anG%￿d prof•¥8ai MLlly St•vtns 10 be¢tsm£ Th• BI6Gk Chair In 81¢ Oxtord. Moltyi$ Alieadyc￿I•tsDIA￿nS wilh olhsr •xp&rtJ ￿ QLY Proswt& ¥nd P•rkinson's Oi5013e. We happy Ill support herprtieci ￿ dovow • nOn-￿¥&￿7￿e devif* lorvagul neTra *YmuLgtsDn IVN81. eleclnclll ￿vNsIB alrèidy kn clltd¢. rt could Je uJefyJl In Ire.Hiing P8rkirsSOll'$. and Olher dii••i•i. MolViworf( Un i noninva¥wè d•vir• th)U￿ ￿ • g•rM tharvJor byqnab￿r$ Inlknrn*i Modulat￿￿. W* &upport•d 4 goiiooc ID K4olVg lab. The prOS8Ct rf 10 explwÈ in e•FtyOlogfiOSlc try*i. We eArfydi&gno&s li lfflportanl In skninq dlseom progiaSSion. the loim htspe lo d•vilop a le51￿4 diKDveT n6w ￿0MlI￿Or5 foi PD. wvJld bo br¥*lhrou9hs loi dIAgno￿l •nd lrnilmeni. rfng tha yeir P¢Ore￿Or O&me si•vens w•J Iho idclpi•DI QIA Roy41 Socl*yAwwd. •Th￿h•r wmple. J* il iny VAn needjd. tsf the oulitanLWn4 qu4111y ol proloi•oFÉ thilJBCF $upw￿. ID 2016 wt iuppmod Prol*•sor M•niu KuT￿n woikthg vul ol Gr•lli Onnond Sl Childr•n's UCL, Th@1 work rompleied Ill 2021 an¢ w•¥ ptsbli&hqd. Tno project was lookiw al B •p¢GIr￿9*n¢. wiiv a ¥iow ￿ pr¢¢ue&a IDoiapy whith might ho¥ p4donls wtth Inherit•d Icfflbs ol Pithknson'i n•w b? iod•vdopa gellè IMfAOY Tor ¢hiiomn and young yoplfrwKh Protbjecll¥BS. The principal acliwlles af 115 WhD1￿ owned subsidI8des continued to be that ofproperty invesimeni, d8velopmgnl. manag8ménl. the Enaking of loans 8nd olhei inve5bnenis lor th8 financial benefit of th6 Fovndalk)n, to gonera￿ income to enable Ihe Foundaiion lo carry oul ils objects. The hrgher 5nt£r88t enwronmeni prevalent throiwhoul 2024 provided Ihe Irusiees wlh an opwrtuntty lo adopt 8 rnore aciiv• treasury manayern6nl sira*gy and conllnued hlgher rèturns on the FoundaLion's cash.The IrL6tees havè focused on flx*incom6 inveslmenls raryino from g4t4dged lo invfj51tnenl%radtr corporaie bonds. Dunng Ihe year th8 trustèes continued 10 rnonilor the group's property iniÈr9518. Al properti85 rem8ined fully let. Amadeus Houso, Is an office bulKling cio$8 ts) Healhrow Aiport, owned b/ the Foundalion, and is let lo the Firgl Secretary of Slate for Housln9 4nd Ccynmuniii88 and Loca Government for a furthor I l years. The trustees IEII the Value unchangad al £12m. The rnix6d+U5e freehttld slle tsn Drury Lane London WC2 owned by the Foundatson's wholly ￿￿&d $ub￿dIary M¥gin Financè C(Kpof81ii>n Lld. ekiends over Ihree-quartors ol an 8cre and hqs bèen owiied Slnee tho IncBplion ol Ihe th8dly. I i?n8nls remain in plac8 and are lrnding norm8lly thlh Ihe Foni81 Income remainlng un¢hang&d al £1.4rn. Having V81uo down $ince 2019 Irom £27m lo £22m. the trus￿e.¢J5roGt01? believ& IhDI £22m r•rnain¥ • ¢orro¢1 ¥alu8lion in tsjrrenl markols. The downward pressue en Ini?resl rates rnaktts both Am4deus Housè and Drtsry L8n8 attrjctivt 81 Ihese vaiu*iion5. Burisbfook Prop￿185 ild. Found41iw'8 olher wholly owiied ¥ub*diary. owns the freehold of & block of90 P8rtmèn15 In Kensington H￿￿ Str801, London W14, The group owns direcuy 13 flats which l•1 oul on i*•ur8d sh¢rthold len8ncies. Th1$ altraciiv¢ iss81 held Ils valu¥ dufing Ibe yew. As al 31 M4rch 2025 the nel o¥sel8 of ihe Foundaiw slry)d Bl £78,421,45Q12024., £77.303,2501, This w98 4ft•r maklng grants and don8t￿n$ of E4,157.491 12024. £4.938.2151. The resulls of the Fvundauon 8nd ils gub¥idiarte$ for thé y•ar are jel out in Ihe ConsolldAi•d Stsiemenl of Finandal Acliv51es vn page 15 01 the nnancial JlBiem8nl•. The trusloeB b¢lieve that the Foundation has sufflci8ni re58rv8s 10 be able lo conUnue $ucce$$fully in t￿ luture and rn8ke increJ5ing coniribulims Ic>ward8 11$ $taled alrn$ and objecliY•B a$ $81 out in tho Tru81ee8' Report. THE JOHN BLACK CHARITABLE FOUNDATION STRATEGIC REPORT For the year ended 31 March 2025 RISK IAANAGEMENT The Iru51ees r8gularfy ox¥mine the malor siraie9lc busine55 and operniion81 risks which Ihe Found81ion fa(*s and ¢onfirm that 5y51erns have been estsbliyhed lo ensure that ne¢es$ary 51epÈ are iaken 10 lo minimise such nsks. Tke tru¥ieas of ibe Foundalion sil on lh& btsa￿ of118 subsidiarie5. 8olh the Found8uon and sub5idi•rl88 hold regul¥ mtr8tlTrgs Lo rgview pertormance, operating procedur@$, Internal conirols, oper8bonal risks and unc8rtainlie5. In iems of its inv8<ncnl the Faundauon and 115 subsldlaDes face two 8reas of fundarnenlal risk. ThB first Is a major b8nkiny c￿lapSe whareby a highty rated bank mlghl not repay the group's déposi15. For this ￿aSoN tho IFuslee5 hove SPTead lh8 deposits 8Tnong s6Yeral rnajor financlal ifjslilullons. The Se￿nd ￿ndamental 1$ a s8DOU5 tollaps8 in the Central London property mathet whlch would impact cornmardal and resldenlKql property lettyno valu85. Glvan the location and dlYei8ity of ibe group'5 propertles and Ihe fact Ihal the group 15 O•Sat rich ￿lIh no dobl Ih? Irusloes think the rfsk of swous darn8ge to Foundatson p0511ion1s mlnlmal. PLANS FOR FUTURE PERIODS Thé FoundalioTh conllnues lo make r8888rch granlj In the 8re41 ol ProBt•t8 canc•r wnd Pthi050n'8 dlseaBe. In tha year under few8w we made a lurfher 17 grants bringing the lotal rnjmber of research prole¢i$ to 158. MDre detail Gan be found In th• Roport af the Twstaes. We aim io mBint8in and whare pos&ible in¢ia8se our inrome to be oble lo provlda further grAnle to exlsiing projects and fund n*w on86. Thi5 year have seen an incraaso In our 8nnual Incorn8 gfven our purch•81ng of fixBd incoma 8ecudtl8S ag Interest rat0$ rN•. Wfj ¢¢ftllnue lo support iha Nghesl quallty research for carefully péer-rewlowéd prcloc15, whwo almg are bellar di8gn0518. slraificaknan, Ire81ment and thorapy in ch8 Bieas of Pr05tale ¢ancEf 8nd Parkinson's dlsaa$e. Tty8 IruJlee$ &irlv8 lo leak r￿jeCtS ai mqlov insiitullMs to expand our 8taled aim$ 8nd obl•¢tlves, fr•qu¢nlty in 0118bpralion ￿1th other charltBblt bodie6 8nd insiiiulion6. A full analys1$ of the Foundallen's GU￿en1 and futura plans18 olven und&r Ihu Publlc Benefil S•ciion in the RepDrt of the Trustees. O•vid Tagllghl Tru8to• Date.. l>.i.Ili?.PJ S THE JOHN BLACK CHARITABLE FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES For the year ended 31 March 2025 The ltystees (who are ak80 directors af Th8 John Black Charrtable Foundation for IhE purpD588 01 c(wnpany lawl Bre responsibL• for preparing the Trustees, Annual Report and the financial straieThnts In gccordan¢e 8ppllca14e Iw and Llniled ￿Tr9dOm Atttounting Standards (Uniied Kingdom Generalty Accepted Accountlng Praetscèl, Including Fin8noal Reporting Standard publlshed In the UK and Ireland. FRS 102. C￿mpanY law lequ1￿5 Itt& trusl&s lo prapare ffn8nc181 Blaiemgn18 fLK each financial yearwhich glve a Injo and viwi of lh2 state of afair5 of the chadtsbl8 group of Ihe Incornin9 iesources and 8ppIIGallon of rpsourc85, Induding the incorne èxpenditu￿. of the ch8ri18ble group ftsr that perfod. In pr8paring these financial Slaternenls, the IrusleBS ar& required lo.. lelect 8ullable accounling pol1c￿$ and sP￿Y Ihern conslsiently., observe the methods prknciple5 In the Charities SORP.. make Ibdgemenls ond e$lim8l&S Ih&t are reasonabla and prudent,, st8t8 whether 8ppli¢oble UK Accounting Standards have been trAlowed. subject lo any malerfal departuras dL%closad and expl8in¢d In Ihe fln8ntial statements,. and prapare tha financial &ialÈm8nls on Ihe going eoneLrn basis unlos¥11 1$ inapproprt8te lo presum that the Charity wll conWnu& in busin615. The Iru$te•s are responslblo for keeping adequate att¢unling W¢Drds th81 disclose r8ason•ble accuraty gl any lima the fln8n¢ial posillon gf Ihe chafilable company and enable Ihem 10 ensure th81 Ihe IinanGi81 slai•m•n15 comply Ih Ihe Comp8rias AGI 2006. They are 8lso rèsPQnsibl• fer 50fegu8rdlng thè a$$?Is ol Ihg thafliabie cornpany and the group and hence for taking re8sonabl8 Steps lor lh8 prevenlien and del¢¢iion el fraud and other Irregularili¢$. In Jo f¥ •$ the tru81ee* are awore.. Ihefe Ss no relevani audit Infonnalion of whith the charilabta ccthpBny'8 audilorls unowBre', 8nd the Iruslee$ hav0 18k8n all steps that they thjohl to h8ve taken lo rnèke Ihemsdv88 awar• of any re￿Want atjtlll Infonnai￿n ond lo aslablish that the &udltor19 8W8w of that Information. Th? trusl••s are respon￿￿8 for tho mglni8n)n¢e and Inle9rtly cf Ihe coiporaie and fihonc181 Informallon In¢luded on lh¢ cha￿1$blO comp&ny'$ websllts. L&gisLryiion In Ihe UnilEd Kingdom 9oveming th& pr8Doration and di%sBminalion of finon¢iai sl81om#nis may dirrei from1ogi$l&llon In Oiheriurisdiclions. Slgn•d on b•h•ll ol lh• Board olTru4t••4 Oavld Tagllght Tru5te• Date: 16. 12. 2025 io Independent Auditors, Report to the Members of The John Black Charltable Foundation For the year ended 31 March 2025 Oplnlon Wp have 6￿01ted the financial $18iernenis of The John Chafilabl8 Foundaiion for the year ended 31 MarEh 2025 which cDmpr15e lh8 Group SlaieFnenl of Fin8nci81 Aclivilies, the Grtsup and Parent ChaTltable Comp8ny Balance Sheets. the Gmup C85h Fl(Iw $18lemefil and noles lo the finanual $13lements. Including significani ccounting policie5. The finartl81 repoiling Iramewurk that h8s been app11ed In Iheir Pfeparalioii 19 applicable law #nd UNled Kingdixn Accounllng Siandards, inGlu4ing Financial Reporting Slandard 102 The Flnanci81 Reportlng Standard applicable in Ihe UKanO Republi¢ ol Irek2nd (United Kingdom Gtrner811y Aceepleo AcGwnling Pr#cuc81. In our gpinion the financial stslern@nt5-. glv8 a Irue and tsir view of Ihe slab of the group s and th? parEnl charil8ble Gompany's affairs ag at 31 Marth 2025 Bnd olthe group's Incomlng resources 3nd applicallM af re3ource5, Includin91ts incomè and exp8nditur£, for th8 year then ended,. have be8n piuperly w@par￿ ID sccord8nc6 wllh Unll8d Kingdom G6ner8lly Ac¢epled AcGoJniing Practice. and h8ve been pr8pargd In #ccord8nce wlth the r8quiromenl8 ol the Companles Aci 2006. 8•818 lor oplnlon We conduclpd oui Audit in a¢¢ord8nco wllh Intemalional Si8ndords M Audlling IVKI I1￿(UK}I and #pF4Icst￿¢ law. Our respun$iblliiie5 ur.der Ihose 5Nyndard$ are lurlhtrr descfibéd In the Audilor 8 R&5ponsibililits lot ihe audll of Iho finéngal $181ement5 seciion of oui rEpoii. We are Indp.pendent ol th8 chaiiiable cornpany in aGGordance wilh the elhic81 requiremen18 Eh81 are relev¥nl lo our audit uf the financial stalemenl$ in the UK. including lh8 FRG. Ethical siandard, and we have luifiiied aur other elhic81 respoDsibililies in dGcordance with these requirements. We bellèv# Ihai the audit 8videnGe we have c410ined Is 5ufficienl and 8ppropn8ie lo pro￿de 8 basis for our op1n1￿. Conelu•lon% r•latOng to 904ng eone•rn In audlting the fln8ncid staièmsnts, wa have concluded th81 tho vuslees. us¢ ol Ehe golng conGem b8315 Or accounting In the prepar•tli)n ol the fin#neial s￿18￿8￿1618 Bpproprialtt. 8ased on Ibe work we have performed. we have not it1eniified any malerfjl uncert8inles relating l? •vonts or condllions Ihdl, Indivloually orcollectivdy, may cast signiflcanidoubion1tt8 ¢hanlable cw.pany's a￿litY10 continu •¥ a going concem for a peiiod ol al leas1 iwelvR mcnihs from whgn the financlal slaierTianls ar2 Aulhorised for ISSU•. Our r8sponsibili112& and the re¥pon8lbllili•ts of tho trustees with re5peci lo going CDnc8rn 8r8 088trib8d In thB relevant secilons orth18 report. Othar Inlormatlon Th8 other inform81ion cornprisus Ihe Infornauon Included In the snnu•l rewrt. other than finaThc*al Slalements and our auditor's ftport IhgrBDn. The irusièes are responsible fcf Ihe olbor InlDmèiion Conbl￿d wilhin the annual report. Our opinion on the finanaal staletnants does not cover Ihfy other Inlormalion and, 8xcepl lo rhe exlBnt otherwis8 •xplicilly staled in our report. we do nol express any form gf 8S5uranc8 coDcIu5ion Ihereon. Our t&8ponsibJhly 1$ 1¢ read Ihe ¢lhèr inlorrnalion and. in doing so. consider whelhèr Ihe other inforyn•iken Is maleda11y Inconsislenl wllh the llnancial slalemenls or our knowledge obl8lned in Ihe c¢ur$o ol the ovdll Qf othetwise appear5 to be maledally missialed. If we Identify such malenal Inconsislencle5 or appar8ni rnaierlal rn15$181emenis. we are reqUI￿d lo determine whether Ihere is a malerHI mi$sialemenl In the financial 51aiemenis Ihemselvps. If, based on the wuA( we have performed. we conclude that ihero 15 0 rnalena5 miJstal8ment of this oth8r infomiation. we ars requirad lo repDri that lacl. WE have nolhing to report in tr15 regard. Independent Auditors, Report to the Members of The John Black Charitable Foundation For the year ended 31 March 2025 Oplnions On other matter5 presciSbed by thè CompaTrl•s Act 2a06 In our opinion, basod on Ihp undertaken in the course of the audit.. the Inf(￿at￿n given In the slr8ieoic ￿port and truslee5' annual report ror Ihe financlal ye3rforwhth the financial slaigmonl8 are prepared Is con5iSLenl with the financial siaiernenis-. and thé slralegic fEPOrt and the Iruslges. annu81 roport have been prepared in aG¢Lwd8nce with Jpplicable leg￿ requirem6nls. M•tters whlch w• •r¢ rgqulrnd to mport by eXC•Wion In Ih811ght ol the kwwledge and vnderstsnding of the group and parent ¢hariiable company and Ils environment ainéd In Ihg cours¢ of the oudil. wa havè noi Ideniified material fflh$iatem8n18 in the straieglc repcyt or the truslae$' 8nnu81 rèport. We have nothing ￿ rewrt in ffjspgcl of the follow￿ matter5 where Ihe Componlfj$ Acl 2006 requlres us lo ￿port lo yots if, in our orlnlon.. parent charitable company has not kopl adequjie and suff￿ent accounting r8eordB. or reiums ad•ots819 for our audil hllvo not beftn reGeiv8d from branches not visiiad by us., or Iha parent charitable wmpany'x financial 61alernenl$ 3re not In agreement ￿th the a¢Go￿n11n9 re¢￿d£ and retums., or cert8in disc105ur8s of liu$iees' remuneration Specified by law are not mad8,' or w• h8ve noi received all the Inforrnallon and explanallon$ we require lorour au*Jii. R••pon61bllltl•A of tru•t••• As explained moro fully ,'n the Ifusl8es' r8gp¢nBibililio$ s1418mont. Ihe Iru&iee# (who 4r• •lso lh• dlre¢tor$ of th8 ¢h*ritab￿ ¢omoany lor Ihe purposvs afeompany lawl ar•respon$ible lorihe preparation ol ihe fln8n¢ial siatem¢nLq lor oeiny 581isfied Ihal Ihey give a Inje fair viow. and lor such Inièrnal conlrol a5 lh• Iruai¥És date￿1￿* 1$ n6¢e55ary to anable th8 prep8rg1ion ol financi81 $tstem8nis Ih81 ar¢ frBe from mal•rial mlsstatomenl, whether due ro fr4ud or error lry preparing the financi81 $laiernenis, Iru8le•s Bre r•swsible lor a55es6ing IhB group 8n¢ wreni ¢harltable compmny's abillty lo continuo as a golng concem. dlsGlogino. ag applicabl2, m8tters rola1￿ lo going con¢tm and Using ihe going concern bHsi5 of accaunling unleys the IruslEe5 eilhÈr Intend 10 liquidale Ihe group or par¥nl ch8Tii4ble cornpany or Io cè•$g oper•iiDn5, or hèva no oalislic attem81ivi bul lo do sa. AuditDr'J rewoTh4lblllti04 for th• audli of the Iln8ncilll s18lemgnts Our obleclive5 ar& lo oblaln ¢e&sonable a$suranr.e dboul whether the nnanciol slai#Fnenls 05 a whole ale free frvm material missiaiémenl. whether due 10 Iraud or trror. 81ts1 10155ue an avdllofs rfrport thai Indude¥ our ¢plnion. Reasonable assvr)n¢e i.s a hlgh ￿Ver ol a$surance. bul Is not 3 guaranteè Ihal an audll conducled in acctydanse wllh ISAS IUKI wll al¥Yays deiecl a maièrial Tr.18sialgrnent when il exists Mi581alemÈnls can aDse from fraud or error and aF8 con&ider?d material If, Indivioually or Iv 89gre9ato, Ihey CLMJld reasonawy be expected lo hfiuence Ihe 8conomlc do￿$40n$ of userB 1*8n on the basis of Ihese Iinancial stalemen￿. As pan of 8n audit in atcord8nce ￿th ISAS IUKI we exercise prDfe58ion81 judgernenl and maint￿n profeBslono1 8Cep￿.￿Srn Ihroughoul Ihe audll. WE also.. Identify and asses5 ihe risks af rnaledal mi5slalamenl of the finandal Sts18ments, whether due lo fraud or •rror. leslgn and perform audit protèdure& responsive lo thosB rf5ks. and obtain aud11 evidence th41 i¥ sufficient and aporopn818 lo provide a basis lor our opinien. The risk of not deieciing a maièria mis51alemtrnt resullin9 Irom fraud is highef than lor DDe ￿￿111n9 from errDr. a5 Iraud may involv* eolkjsiory. for9ery, inLanlional orni5sions, mlSfepresentaiicKi$, Ix Ihe ￿erride of Inlernal conirDI. Oblain an understanding of initsrnal conirDI rEle¥8r.I 10 the audl In order lo dfysign audit procedures th81 are appfopriate In Ihe circumslancgs. bui not for the purposes of 8xpres5ing an ffjinI￿ on the effecliv8ftes& ol Ihe ch8rilable companys Internal c?ntml. Evalualo tne 8ppropri8iene¥J ol acGounling odicies usod and tho re8soiidlJl¢ii¥&b ul dLLvuiIIiiiy esiimaies and related disclosures made by Ihe trustèes. 12 Independent Auditors, Report to the Members of The John Black Charitab18 Foundation For the year ended 31 March 2025 ConclutJ& on the appropnaleness of the Irustees, use tsf Ihe going conc8rn ba51$ of Jccountsng End. based on thé audit evidence obtsined, whether a material uncertainly exi518 related to p.venis or condi110n5 Ihal rnqy casi 6b3nifJcanl doubl on the chari1301e company's abillty lo conlinue ès a going concern Ir we conGlude Ihata material uncerfainty exists, we ore required lo dfaw 311entiOn In our au4iior's ieporl io the rebtéd disd05urp5 in ihe financlgl statements 01. Ilsur.h disclosures are Inadeouale. 10 modityouropinion. Cljr ¢oTrclJsions ￿ based on Ihe audit evid8ncè obiained up 10 Ihe ol our audiior 5 report. However. fuiuT2 events or condiions may ¢gu$8 the charitab18 company lo cea$è ￿ eonlinuÈ a5 a golng con¢em. Evaluate the aver811 presentainn, slwclure and content of the finoncial stsiarn8nlS, Includin9 Iha dl$closures, and whether th8 financwl slatarnen15 reprosent the underlying iT8n$acVons and 8venls In tll8nner thal achieves 18ir pregtniallon. Wo GDrnmunieal8 with Ih05e chargod with governan¢È regarding. among alhgr matters, Ihe planned SCOPE and miny of IhE oudit and 8ignincBni •udil findings, inclu(*ng any signlficanl d&fici8nu8¥ In intsmal ¢onlrol Ihal we idenvfy during our 8udil. Exphnatfjon •5 to whal •xtent the •udlt was Gonjldeved Cap*b￿ of d•t•ctlng Irr•gularitle$. Includlng Iraud Irr8gul8rllle5, Indudlng fralvj. ar? In6iance5 trf nonJve deliboraie concealrngnl by, lorexampl8. forgery or Intentional mi5represenl8iions, or IhTough CDllusion. Independent Audltors, Report to the Members of The John Black Charitable Foundation For the year ended 31 March 2025 Use of our rEPOrt This r8POrt is made SDlely lo Ihe chaiitable companls rn8mbers. a8 a b(yty. In 8t£ordance wilh Ch8plèr 3 of P8rt 16 L* the Cornpan￿ Act 2006. Our audit work has been undertaken go thet might slate io the charflabla comp8ny'$ member5 ihose mailers whiGh we are required 19 51aie 10 them In an auditor's repori 8nd for no olh$r purposE. Tts Ihe fullest exleni permitted by law, we do noi accept or assume respmsibilily to any party oiher Ihèn Ihe Charilable tompany and Ghaniable company'5 members as a body. for eur aud1¢ wo￿, lor this repurt. or fof lh¢ opiniofts we havo forrned. k¥" Dats.. 16.12.2025 Andrew Sllckl8nd (Sanbr Slaw¢(￿Y Auditor) fcf •n4 on b¢hall of MoDr• Kingsiun Smith LLP, s18tu￿ry Audltor 61h Floor Appdd Slr89t L￿￿ts EC2A 2AP 14 THE JOHN BLACK CHARITABLE FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTVITIES For the year ended 31 March 2025 2025 Total Unr•strfct¢d Fund5 2024 Total Unr•¥tdcted Funds Noto Incom• from.. Inva8lmen15 Olhar Income 4.091.907 5,633 4,218.119 Total In¢om• ExpendltuY• on.. Direcl property cost5 Oth¢r inv8glm8nl m*n8gern8nl aomln15tr8￿Vo coslB D￿SIr8d tax movern8nt Chari10b￿ ¥di¥lll 302,924 394.582 351.313 325.867 4,157,491 4.938.216 Total •xp8ndltur• 4,855. N•t gDln8 11108¥••1 on Inv••tm•nts 1.e76,658 842,803 N•t In£orn• I l•xp•ndltur*l 1554.4731 N•t mov•ffl•nt In funda 1,118.201 1SM,4731 R•conGlllatlon of fund• Total fundB brought forward 77.303.249 77,857,722 Tot41 fundA cawrl•d f¢N¥ard 78,421,450 77,303.249 All of the 8bove rewll8 ar& dBrfvod frcrn ¢ontinulrvJ aCti￿ties. ThBre were no raGggnSBed qalnB or lo&s#s other Ihan thos• slated above. 15 THE JOHN BLACK CHARITABLE FOUNDATION BALANCE SHEET As at 31 March 2025 Th• group 2D25 The charily 2025 Th• group 2024 Tha ¢h•rfty 2024 Not•8 Flxed isJol¥ T￿gibl6 aJsets InvBglmani In ltynl v8niure In￿siM8*)1 propertl88 Equity Invastm￿l9 and bond8 Cash i￿￿&1m0nt8 150,486 140,3 10 1,7fj8,352 13.22S.000 53.286.387 363.080 1,753.555 13,056.788 51,7f8.525 478.727 36.761,705 40.262,871 364.102 $58,788 38,544,109 79 539 184 68.642 819 77722011 67 056 595 CurT•nt 4s*et• Stock. proparties for ¥al• D•bioii Tr•aBUry fixed ierm dep09118 Cosh al b8nk Bnd in hAnd 3.796.966 1.883.050 2SO,000 1 143 331 3,798,966 2,137,627 250,000 1.190231 13 14 16.466.819 16.800,831 703,476 714 $72 7,073.347 17.172.(B5 7,374.824 17.315,403 Cr&dllLYS Am￿018 Withln one year N•t ¢urr•nL •s¥•ts 15 12,492.9201 11.963.$361 11,388,2Z41 1912.e761 6,986, Tot•1 18Mts l•*s curMn¢ B4.119.891 83,8SI,378 83.708,$11 83,459,122 Credltors wmwnie f*iiing du• ft•r more Ihèn on& Prow&on for li•bililieJ 16 13.818.282) 13.646.282) 14,353,202) 14.353,2021 2.052.159 2.052.159 78.421,450 80.205,0gS 77,303,250 79,105,920 FundB UryosirlclBd lund8 Genèral lunds N￿-¢ha￿tablI re￿kn)ed fvThYB 79.709,804 1.288 354 80.206.098 78.695.360 1392 110 79.105.920 Tot•1 charfiy lund• 78.421.450 80.205.096 77.303,250 79.105.920 Aè p￿￿￿tte￿ by gÈCtion 408 CA 20r6, thè p4renl charitys gr￿ Incorne and results have not been Incjuded In th8 financial 818tefflent¥. Tke p8renfs gros& Ir￿Me £3,570.59212024'. £3.516.9501 and li r8ccrted a surpluB of El,099,17712024. deficit of £590.0851. F*ove¢ by Trustees on ..!>-.: 12,202<.and s19￿rt on Ih8lr bohaW by D•¥ld Tagllght Trustqy Chartty number.. 011434J1 Cornpnhy reql*tr4tipn nurnbw. D7n4413 16 THE JOHN BLACK CHARITABLE FOUNDATION CONSOLIDATED CASH FLOW STATEMENT For th8 year ended 31 March 2025 Nut• 2026 2024 Ci¥h ftowi frum operailnq act￿1111% Co$h genarat8d Ifom IIHbwrbed by) op?ravon5 23 14,235,036) 3.727,3a5 Caih flo￿ from Invv•Yng Fixed Jbscl 8ddilir￿8 Cost DI Investheni additkins Pr(to04• on sale of inwestrnonis 112.OLh)I 121,818.3831 2192f.612 11,4061 7.021.033 96.229 110,661.6951 C•*h flo￿ from fln•nclng •¢t1¥￿•& Intwo41 Income 1.392,324 376,690 2.320,893 1,881,468 226,036 2.187.173 Invesim¢nl Incom• 4.091.907 4,194.697 N•1 In¢r•a•• In •nd cllih •qulwknTrt• 146,9001 12,739.5131 CBBh •qulw•l•nts at lh• b•glnnlng gf th• y•ir ¢•Bh ind •qulval•nt¥ •t Ihq of th• y•w 1 190231 1,143.331 3,929.744 1,190,?31 17 THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year end6d 31 March 202S A¢¢ountlng l The flnanciai 5181emén15 ha￿ been prepared in 8cc¢¥dan¢e %%ith the Flnancial Reportw Standard appHcabk In the UK gnd Républi¢ of Irelgnd IFRS 1921. The ¢h•rtly ano Sub&diar￿ ar8 a public benefit gfDUP fDr the purposesol FFIS 102 Iherefort ifve Chariiy also prtspHred Ils finarti* SlalenEnls In accordance wlh Ilie S131&meni ol Recommended Piacbce appliGBble Ig chaiilie5 preparing treir ac￿￿15 In acctrdance wlth Ihe Finaw81 Repothfjg standard applicable in the UK and Reputlic DI Iral8nd (The FRS 102 Ch8ri1ies SORPI, Iha Comwie5 Act 2006, the Challlie5 Aci 2a1 l. The financial Slaleme.nl$ a￿ piepared in sierliry. which Is thè luncbonal curTenGy Df the companies. Monetary 8moun15 in Ihos8 financial 618iemdn15 are rounded ID Tte neèresl PDuntl. Iin8n¢ial 818iomèn¢s consohd8ie Ihe resu￿ ofihè Chadty an¢ Il(&wthcAIy-ownEd subsidi•rie$ Th* Margin Financo Cowotsiion Limil8d and 6¢￿iSbrO¢k Propeflie$ Lilniied. Dn a lin* tsy Ilne bR515 Tho ¢onsolidME&d SOFA Includes the roup'$ share of Iheloini venture's rp¥u115. up unirl Iho point Ihe group <>t¢uired th6 r*maining 50tyh sh8ra ai which ooini Ihe property owned by Iheioinl voniwo w8$ rÈcla$%ifi&tt IQ lnvtsirn￿1 proDeni*s and Ihg Income ana expolldilure #hown in Inve51rnBni income and llirecl property ¢0*$ tesp4cli￿'1Y In iliB prior 08riod the group's share ol Ih@ laic valup ol Ihe lolnl v?niur8 is Shown In the caTrsolldaiad Salance Sh•ii Transaciians ano baiaii¢e5 boiw(i¥n Ilip ¢a•rily arid Ils 5ubsldlarles have bèAn ellrninal*il fiom rhe Lun501iQai&d finanoai 51al?rr￿(5. Baianctss b8i¥¥aan Ine wtsup Drgani8aUon& are di4clo8éd in thè notès of ¢hadlWs balanco sna81. lèir wdlues rèflécllng Inalr ¢ondiiion Bi th81 date, Whef? subs￿10110S 4r8 acquir•d lor nil consider41ion 8nd are 3kiD 10 91ll. the lalr ¥qluB o13S5etx and IIAbllilie5 al d31£ are recogDlsed a8 volunlèry incom• In lh8 Slalement ol after ityo group gained ¢tsnlrol ol Ihg subald￿ry 8r# t￿rge0 10 Ihe acqu141Ion SlBlomeDt & financial The'.FU51eo$ hove as9e5s8d whether the use lh8 goinq concqrn bas18 Is Jppiwi8iy •nd hav• po$8iblo events or condllion$ IDai rniohi casi $wniflcani doubl an Iho abilliy ol Ihe Gh8di4bltr group10 eontinue ai going rJJnc*ill The Iru¥ioe8 made IhLs 489•59ffj4ni for i penod ol 41 leasl on• year IroTrTr th• date ol 8poroval of Ihe financial 518lcrnents. Iii particul8r rh8 IrD$teo$ hdve con510ored lh• rJJrr8fi1 Trconomt ¢nvlronineni ènd have lak•n •c¢ounl ol ores5ures on rentBI ¥nd 1nvestmv.ni ihcomg. After makln9 enquiDes the InJsiee5 Iiave concluded thai ther 18 ¥ reasonable a¥p¢clgtion thai Ihe charll¥blJ 4Youp ha8 adoquale rnsaurces ￿ ¢Dnlinue io ¥qltle Ils dobls 05 Ihcy 1011 lor the lurÈsvabie fU￿re. The cfvarilBbE• uruup IherefrKe coniinuos 10 8dopl the goino ¢oncem bB3iS in pi•parillg114 fin•Mal $tsiemenl¥. I Iiicoming r96our￿& are accovnlTrd lor lh• chadiy onlluemeni lo Ihe funds. receipt is probatle an(1 Ihe mDunt 1$ me8iur8tdt cl R•siTrcted lund¥ 8rJ to bè used for $pedfi¢ puipow8 as lftid dtswn by tho donor. E¥pon(tilurÈ wThiGh m•eis Iho¥e ¢rI￿r* Is kjenlifièd lo the fund loyelh8r *rylh a lair 811oGalioD d 5UPPOrt ¢o&i$. The chanty has no resir￿ted lund8. dl Unreslricled lunds are incomin4 r95cUr￿ rèce￿￿￿ or generated for Ihe chorllaoie purp(￿•￿, Y4hi¢h are not dwionaled for particulof puwosps. •) Inve51rnentincome Is ac¢ounl£d for iecBivatrAt and indude5 Etaln¥d tax recoverabb. Ronl recwvable r4 rocognised kn the Period io ¥¥hich Il r*lales. 18 THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 Ac¢ountlng pollcies Icontinuedl ResowcBS 8xp8nded are reLyJgnised In the period ID vknich th￿ are Incurrgd. Re8our￿ eypended Include •ttribLtsblR VAT whlrh cannot b& racoveied. Re$(K￿ expended are allocated to Ihe pgrticuhr acll%ryty where the ¢osl relate& directly ID ihal gctsvily. Whère Q0815 cannol ￿ directly attributed ￿ P8rtscular actsvllies tttgy have b•en allocaled on a basis Gonsigtenl with u88 01 restyJc&s. hl Govem&n¢e costs ore the cost8 3J50Elated wilh the gtsyam￿e arrangernen13 oflhe chArfly. Th055 rosts ar? as$￿181¢d wlth Gon51btulional •nd 5t4tulory mquirements 8nd include any oosts 3s80cl8l•d with Ihe 51r118gic managtmenl ol th hariV$ acUvS118s. 11 Ll8bAihBll aré rncognl•ed i& ro8ourco1 expe￿01 OB SODn a8 thore h a l•gJl or eonsiructivè Obl￿8(10￿ cornml¢Un9 th8 charily lo the e¥wn4ilure. For granL4 made In Ihtr ￿nAnCIal peThth#. Ihe full amount ol Ihg orJnl 18 recaaniiod Sn year ID %¥bich Iho ¢0mmiirneni 1$ mad¢ Jnd 8howri as a lona IBFM or 8hort lgrffl uodiior is appfopiiale. 11 Tanslble fixed a$$els are liaied al cosl orvaluallc￿11S& depreclallon. D8precial¥)n 1$ prwided 81 rates c81culwi•d iowrf oll Iho cosl or valualioll le¥s eslimaled rnJidu81 ¥alu• ol Each 8s$el over11$ expeclpd UB&lul IW*, 88 lollowl. Freahold 18nd and bUi￿lIng￿l PIBnl m8thnery FI￿Ure8, flwng$ and oqulpm•nt 25% rndu¢ing b8lence 25% reducing b81gn¢¢ Inveiirnttni ploporties are included in th8 bhlinco shllql 81 Ihelr open mgrkel v8lua. Deprleiallon ly provided unly on Ihos inv¥im•ni pmperll•s wiilth #re le8sehold and wh¢r8 tha ungyplred IBa88 12rm is18sJ Ih8n 20 y•or3. Allhough this a¢caunEiny pollcy is In •cc¢rd•n¢• Wih itre FinBncial Reporting Standard. 1115 o departur& from Iht genernl r8quirem6DI ofihè CDmpanl8S Act 2(K)ts lor 841 853￿$ 10 bE d•prociol•d. In the opinion ol Ihe Ifusiq¥g ¢0￿￿7$n¢8 Wllh Ihc $lJndafd Is necessary lor Ihe financial lil￿rne￿I3 lo give a Irut and foir vi•w. D•preci8110n or amorfi8ation is only one ol m8ny laclor5 reflacied h Eho annual valugiloh the •mounl ol this whith might alhertlise have bJ¢h cMFgod canrrf)I b? sepBral6ly Idontifled ur quenllfied. kl List•d In￿lMentS are S￿le4 lll rnar*81 value al the bala￿# shevl dat4. Tha Swlemèni of flnlnclal ac￿￿￿e& Includfjs Ihè Del gain3 and losses on rev81ualionB Jnd dl8posals thr￿ghout tha ye8r Unlsled Invosm•nls and inve81ments in 5ub8idlanes ale slètDd Ai valJ•liin12$8 provislan lor diminution in v8luè. Depusits held with oiigirtli mabJFilies of moro than m￿1￿5 arn shown cu￿nI asg•t Inve8lm8nls. 11 Stock SIDck Is ¥la18d al thè loww of c￿l aNJ eilimaled 5elliny pdce lesB CO8t¥ ￿ compld* and 8811. ml Forelun curr•ncy translatig Monetary J51étg and Iiabililies denominatsd In foi8ign oJtr8noe¥ are tra￿lated hlo ¥lerling ai rates ol •xchany• rullng 81 Ihe balJnGe shael dale. Transacbon$ in foreign curren￿e5 aTe f•Eorded &1 the rate rulmg at the d818 ol the tran88CEiOTh. All diffetEnGe5 are taken ￿ profil and knss account. 19 THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 A¢¢ountln9 pollcl•& lcontlnuedl Judyqrngnts Bnd key estimates In ihe appliralion ofihÈ companls acU￿￿ting polides, tha Truslees 8re reqU￿r8d to make Ndgements, 8Sllmate5 and assumoons 8boul Ihg c8fTylny amwni of 889els and liatxlth•s Ih¥i are not ieadilyoppamnt from Olhor 5(xMces Th 8Slifflaie8 and associat￿ assum￿1￿5 are b888d on hiBloiical exp£iiEnCg And ottwfacws th81 aFe CDn*dartd to tr relevBnl. Astual resumy may dlffèr from esllrnAie8. T￿ estimaits under￿1Th￿ as8umplws ar& r•w•wed on 8n ongtyng b1•i8. Ra%¥*on$ lo acc￿nIng eslmatw ore rocc9nised in the p81iod In which the esiimale is rewsod wherfr tho ra￿SlOn affects On￿ that penc*. or In the porio(l of lh¢ revis1￿ and fuiurB wiods where the rewsion gTlecls bolh cuFr8ni and lulure perbd5. ol Crttlc•l Ju*qmont¥ V*lts•llon DI l*veJtm•nt prop•rtltss The valu3lion ol investment properti•s is 8ensillw to chan905 in Ihe market f81es for ccfflpBrl￿e properfes. The VBluith olth8 propefb88 •re Ag88esad •nnu8llybylthe dlr•ciorJ. and aLIu6trnonts we pasted through Slatern•nl of Flnallcial Aciiwlies. Ciih Ind C•*h Equlv•l•nt• C8Bh and c4$h oquIva￿￿l8 Include Moh al bank Ind In h*od And 8hort lofm depwils with a m*iwily date of Ihrne 8•81¢ Flnanclal In•trum•fit• The chkrily only hold$ b8Blc flnancl$l 1n8iiurnenl$ 88 ddn•Y ty FRS 102. Fin•ncial InBirumonl8 r•célvabl8 ofpByabl8 Ylllhn ono y•8r a( lh• report￿9 dolo ¢aFrt•d ai ￿*11 IraniaCt￿)n pFic• •nd 5ub•ewonlty al &mut￿ad Go41. 20 THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 2025 Totsl 2QZ4 Totsl Gross rental Income frorn UK properhes Inlaresi receivable Dwidend¥ r6c6N8ble (Tom UK 18tad invastrment8 Olhar Inveutments 2,254,187 1,392.324 378,690 66.705 4,091.907 2,287,173 1,681,48D 226,036 23,422 4.218,119 Th• th&flty had no ras1￿clUd InvestmÉni inoome in the ￿8rfj end￿ 31 March 2025 or 31 March 2024. 31 Totsl r•4¢urc•• •xp•nd•d 2025 1024 ert Cos1 Oirecl property cu%lS Lagal and profess+onal Oeprtrclobon Loss on dispos￿ Df fixed a¥s•ia 164.472 137,S88 1.030 234 303.924 1e7,023 2,251 848 351alg siaN costs Olr?clors' rèmuneralon from ¥ubsldlary undertaklng Soclal wcurity CDsIs Ext2tnal Inve81rn8nt rnJn8g8mont exJ$t8 Office running cost8 Bad dabls MlscdLHneou• Govwnanc6 costs IMe b•lowl 102,766 100.000 19.963 2,000 61,397 $0.680 2.982 54.774 394.582 100.770 100.QOQ 19,843 2.002 51.233 75 52.144 325.867 t$ 4,157,491 4,938,215 Tot41 Ro•ourGgi Éxp•nd•d •# p•r con¥olld#t•d Fln•nelal sl4￿m•￿ts 4 855 997 5615395 AuditoTS' rémunoration Parent (ximpany and cons01idBlan Audts of5ubwdlary compani88 3D,304 24,470 54.774 28.814 23.330 52.144 21 THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 Sumrnary of grant¥ and dtsnatlons to In4tltutlons 2025 2024 CharSlaUe grants aw8rded for in ctsrrent year.. Proslale cancer Parkinson'5 d1888se Other charilable purpose8 Total charftable grants 8warded 3,114,831 264,987 777.073 4.157.491 2,087,486 1,853.229 1.017.500 4.938,215 Total chaAlable grants pol¢J In tho year 3,814.238 3.392,495 Th¢ In$tiluttons to which medicryl research grants antl dgnollons hav• been made, since Ihj Chartty￿ Inupllon include.. Oxlord UniverBrty Cambrldoe Univer6lly Uni¥er8ily C¢llggg L￿don Imperial Collage London Brf8101 UnIver￿ty ca￿1￿ U[￿¥8r511y Plymouth Universily Royal Marsden Hospltal Roy¥l Fre8 H05pIt81 King's Coll¢g9 Nottin5ham University Qu8gn's University, 8e1185t In51iluie DI Cancer Resegr¢h Frdncis Crlck Inslilule Southampton University Edinburyh Unlversiiy Si George's Unlversity of London Further del8111 of Ihé re#&arch gran15 and donalon& 2•n be fwnd In the Seienullc Report of th• R•port of th• Truste0$. Olher maier yranis ￿arded during the year waro giv￿ lo chiiltsble couie5 853coal8d lh• Slate ol Israel In accordanG• ￿th Iho %￿Sh9$ af lh• lats John Bl8rk. Thes1 Included don•iicTrs to.. 'nai e'rilh Hillel Ftyjndallon UJS Bntlsh Ernunah Fund Bnllsh Friends of Shalva Brillsh FrJend8 of the Sarah Her20y Memo Brillsh FrtBnd5 of Commun51y Svcurity Trn31 Friends of15r8el Sports C8ntre for tht DIsa￿ad Jewi&h Bllnd & DisJbl80 Jewlsh Car8 Kisharon Langdon Nightingal• HN8a Norwood Cthel Sarah UK ORT UK UK Frlend5 of Yard Yisro The Jewish fleat A$soriatlon World Jewl$h Rellef Youth Alyah chlld fiescue 22 THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 Mot InGomlrby Resources lorthe Y￿r 2025 2024 Thls 15 5tat8d 4ftor charging.. D&pr8ryation Audltors, rem￿oration IcharSly E3D.3041 Oireclors, remunerJlio 1.630 54,774 100,000 2.251 52.144 100,000 Thg dlr8Ctor8' rernunefaibn of E100,￿0¢2024." £100.￿0) wys pBid lo D T8gllghl. In hls capaclly as director or The Margln Finance Corpcrfallon Llmiied. Th18 was paid In accvrdance wlh the will cf Iha181e J Block. Travd expenses 1018lllng £1,344 were re1m￿￿d 10 ono tIU8taa durina the year. 61 Taxatlon Th• chjrtty Is ex8mpl from corporatlon 85 811 it5 income 15 chadtable Jnd K% appHwJ for Charita￿ PL¥PVSe$. The charilvs inv8Blmenl Subsidiaries, Ths Margin Fln4nc8 CorptrNUon Limited and Borri8brook Prop8rt18U Llmiwd h8ve gifted 8vaiL4ble proflis to the chadty. A buLrynce of £2.052,15912024,. £2.052.1591 Is held in The Morgin Finance Cgrwi8Uon Umll8d for deferre¢ lax r•lalin9 tD Ihe invesirnenl property. Tonglbl• Flx•d ￿601￿ Gmup Land and Bulldlng• Plint *nd maGhlnery Tol•1 Co8t Al 1 April 2024 Additions SPOS8ls Al 31 March 2025 133.5g6 12,000 273,057 406,853 12.QQQ 5.7281 412925 5.7281 267,329 145.598 O•pr•el*tlan Al 1 Awl 2024 Charge fcr the ye•r Dlsposals Al 31 Marth 2025 26e,303 1,630 5.494 262.439 266.303 1,630 5.494 282,439 Not book valu• Al 31 March 2025 145,5g6 4,890 150.486 At 31 Morch 2024 133,596 6.754 140.350 The ch8ri(y held no tangible [￿d assets al 31 Marth 2025 w al 31 ￿rch 2024. ND flxed assets are hebj under flnanoe I￿Str. 23 THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 In¥e4tments Thè group 20Z5 Tho charlty 2025 Thè grwp 2024 The charfty 2024 hlarkot valu8 brought fonward Addllions ai rosl Dlsposal procEeds Nel gglnlllo8AI on rev8lu8tbn 38,544,109 21.933.045 121,926.6121 1.712.329 51,768,525 18,6S2.805 118.731.4561 1.596.513 28.934,605 42,445,300 15.863,852 14.542.132 17.021,Q331 15,771.6781 748.685 852,771 Mafkei v8lu8 cath•d forward 40.262,871 53,286,387 38,$44,109 51,768.525 CJ•h held as part of Inve&tmonl portr¢lio 364,102 363,080 478.764 475.727 rotal 40,626,973 53.849,467 39.022.873 52.244 252 Cout brought foTh*ard Ad¢Jilion8 at C051 Di5pos•b 81 ¢091 38,745.325 21,933.045 121,482,434) 40.367,527 18.852,805 118.307,5351 29,918,587 15.883,852 17.057,1141 31,650,959 14542,132 15.825,5641 Cosi caThi8d ft)Fward 39.1 gS.936 40,712,797 38.745.325 40.367,527 Th• qroup 2025 Inv••tment• hold Im*rk•t v•lu•l Th• ch•rlty 2025 Th• group 2024 Th• ¢harl¢y 21J24 Stock •x¢hang• Il•t•d Invq4trn•nti Shares Short-daied bon¢Js Long-daled bond$ 8.157.797 11,J62,703 11,170.574 9.571,797 8.157,797 10.037.877 ,344,783 .331,927 9.536,322 10,690,506 8,667,452 9,649.819 9,S36.332 9,346,1g7 7.201,983 8,166.254 Invesim•n15 In ￿b$EdK￿rIe$ Ivalvationl 17,414,003 Cash held as P8rt of Ihe Investment PDrtfolo Iw$tl 17,517,759 364,102 363.080 478,784 475.727 40,626,973 53.649,467 39,022.873 52,244,252 All of the 9r(XJp￿ investrnenls are localed in Ihe UK. 24 THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 PA4ted•l In¥•stm8nts In sub81dlary holdlngs Th• group 2025 Th• charfty 2025 Th• group 2024 Thg charlty 2024 Subsldlatlq* Tha fvIHrgin Finance Corwratlon Llmlted Borrisbmok PrOp0￿é% Limlled 11,414.003 6,000,000 17,414.003 11,517,759 6,ofAI.000 17,517,759 91 Sublldliry und•rtÈklng• Tho chadty own5 the whole of the Is$u6d ordinary share capital of The Pknrgln Fin8nco Corpcff8Uon Limlt8d. company registered in England (Cornpany number.. 021590471. The acU￿tY01 the sUb￿dIery was proporty inv8YtrnenL de¥eloprn8nl. consutt8ncy, rninagement and IhÉ making Df loan8. 31 M•r¢h 2025 31 March 2024 TUMDV Coal of sales Qr¢18 profil 1.377.683 49.5081 1,328,175 1.432.829 71,2921 1.3e1,537 Admlnl$lr8llve oxp8ng98 Cp•faJng yofll 382,035 948,140 1384,8921 996,645 Profit Irom lolni vanlure8 Intere$l iecdved 33,353 267.331 ie4,4511 26,977 802.617 1599.6491 1249.8011 67,345 1,044.134 Falr value1055e5 on Investment prO￿rkneS Fair value10sses on listed Investrnenls Prof VI105yI ordln8ry aclivityes before iaxallon 12,058 1,194,431 rax ProflVllos$l forth¢ year 1 194,431 1.044.124 Asse18 28,838,147 28,949,563 117.422.144 117,431,804) 11,414.003 11,517,759 Share rapllal Revaluallon resarye Profit and luss account 10,520,916 893.085 10,520.916 996.841 11,414.003 11,517,759 2S THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 91 Sub•lllory undertiklny• Icontlnu•dl Th8 charity owns the whole ol the issued Drdlnary share capital of 8LYrfsbrook Properties. a cornpany regi$lered in England Icompany numbir. 019030491. The subBidiory was acquired on 5 April 2013. The aclivlty of th8 5ub5idiary Is that of propety dealer5. devekpors and woperty InvestorB. J1 March 2025 31 March 2024 Tuinovor Cost of 9al85 Gros5 profll 277,424 127,5431 149.881 240,077 104.34ei 135,731 AdmlnlBlrallv• fjxp8ns¢¥ Opèr81iry profjt 164.6521 85.229 59.864 75,8fi7 Interest re¢eivable pnd slmllBr Income Profil on ordlnary 8clivilies before laxat￿￿ 15.741 100,970 6,079 81.946 Tax Proni for the year 100.970 81,946 Assws 828,450 TS8.146 LS8bN1l￿eI 5,024 23.744 753,426 734,402 share capltal Profil and108& ￿CcoUnt 100 753,326 753,426 734.302 734.402 26 THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 Imiutmtnts In Joint Vènture Old B￿lIn9t￿n Street Jolnt Vanture The Margin Finance Corporation Lirniled ha5 a 50% shaio in Old BurtinolDn Street Jolnl Venture. The olh81 50% was purchased by The John Blask Charitable Foundatknn on 27 January 2024, Frarn this date the cha￿ty became entitled lo 50% of thB Idnl venturb r*ofil8 and th8 vonlure vthc41y by th& gmup. Profft and Lw• DLb• to Th• Maryln FlnanGv Corporatlm Llmlt•d For th• y•ar •nd•d 31 March 2025 2025 2024 Turnover Rent recaivabla 61.731 49,647 Nal profiV1108$1 f¢r the ￿)r 33,353 26.977 Dug to The John Bl4Gk Charttsblv F¢und•tlon Foi thB perbod •nd¢d 31 MarGh 2025 Tumover R•nl rgc&vJbl• 61.731 8.194 N8¢ pmflLI Ilossl for the year 33,352 3,555 Balinc• Sh••t 202S 2024 FIx8d a53ela Current asse18 3.500,000 68,376 3,500,000 Gra88 a￿t8 3,56B,376 3.512,111 131,eTOI 15,0001 Total Js$•i$1•88 total liabiltheJ- share Df net asseti 3,530.706 3.507.111 Flevllualion r8Be Current account 889.357 2.647.349 3,536.706 889,357 2.617.754 3.5Q7,111 27 THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 Carrylng amount of Old Burfington Street Jolnt V•ntur• 2025 2024 Brought r(therd 5harg of Ilo$syprofrt Drawings Addlllons Rev8tuallan ofjoinl Voniure prop8rty 3,507.111 66.706 1,999.333 30.533 122.9541 1,403,453 96.746 Carried lowrd 3.536.TQ6 3.507.111 In¥éitrn•nt propertl•* Group 2025 Grtsup Z024 Chartty 20ZS ¢h•rlty 2Q24 F8lr vilu8 Broughl lorward Addllion R&clBsBific81ion frorn lolnl venture Fair value 8diuslmenls ofa¢dilions and rod8ssifi¢¥iio other movem8n16 Carrled lorward 38,558.788 35.058,788 1,403,453 1,999,333 13,038,788 13.068,788 166.212 36,705 38,761,705 97,214 168,212 38,558.788 13.225,000 13.058,788 The invesimefti propertie* are includ8d in the balance 8h8è1 al op8n rn•rk8t v•lu• IhiBioiical Gosl of the brought fonvard propertie5 is £27,393,075). The inveslrnenl properti&6 were r8valu8d by the directors i¥ gt 31 March 2025. Th8 dirèctors are considered quaNfp8d 10 value the Inveslmani prap8rtie¥ helll by tho Gharily due lo thelr CDnsi#erabl8 oxp8rien¢e In the $8cior, Fln•nclal Initrum•nt• 121 1025 Carrying amowi ol fnanclal a$5ets at.. 2024 Fairvalue throuf* the SOFA 40,262,871 38,S44,109 28 THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 131 Short ténn d•btor• Th• group 202S The ¢havlty 2025 Th• group The charlty 2024 2024 Ttade deblOIS Othor debtors Arnounl due Irom SubsldiJrie8 Arnounl due from Subsidiaries,. LoBn balonGtr lsee note 181 139,451 1,743,599 220.412 1,917,215 2.150 1,670.640 25.279 1,552.605 13.162 14.902.762 14.902.782 1,883.050 16.468.819 2,137.627 16,600.831 Th• E14,902,76212024.. £14.902,7621 thjo from sUb￿dI￿rIeS Includ8d IN th¢ chorNy ba18nce sh8et is dug In ¢var one year. Wilhin Olhor Debtor8 in Iho charily bel8nce sheel. £1,231,26312024.. £1,339,182) r4lale8 to Ihg long-larm elernenl ol a rènl frÈè debtor. wllh lThis amount due lo unwind in 9realer Dne year. 141 Curr•n¢ o•i•t Inv•stm•nts Th• grt*UP 2025 Th• eh•rlty Z025 The group Th• chirlty 2024 2024 Treasury fix8d tarm deposit• 250,DCrf) 250,1 151 Cr•dltorA. Amounts du• wlthln 1 ywr Th• group 2025 Th• ¢harfty 2025 Th• qroup Th• ¢h•rlty 7024 2024 Trodè cr8ditor5 Taxallon and soGW $•curlty Olher creditors Accru$16 and deferred income Grani commilrnonls158e note 181 35,925 72,OTrJ 74,263 582,976 1,727,456 2,492.620 1,788 34,829 1,873 197.990 1,727.456 1,963.536 4,513 108,974 8,089 589,364 677.284 1,388,224 1,875 34,154 783 198,800 677,284 912.876 161 Cr•dlt¢4r•. amounts du• •ft•r 1 y•ar The group 2025 Th• charfty 2025 Tha woup The 2024 Grant commRments IBee note 181 3,646.282 3.846,282 4,353,?￿2 4,353.202 171 Anal￿15 of net *s8•ts fvnds All Ihe chsrills and Ihe group's fijnds ar8 unde$ignalott, un0s1￿￿ted general fund$. 29 TME JOHN BLACK CHARrrABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the ￿al ended 31 March 2025 Othrd D4Yqi Oxfwd UCLPrDtsI*• P4MNtr4 U¢Lpr￿11 UK 25D.r 134.716 1.35D.OtyJ abs,￿D 12SD.OQUI Iny•w 1173.¢th1 6A2.llDD wcb7OZ4 90DLW ￿456 1 20)¢ S.030.495 558 750,L i.JM,r Cinciltd Pil¢ In Y5D.Q JI kliich IDaJ 4Y.102 1.191.SJ7 372,OQD 71JX 172,ts i&r Z12M 180.WO 146 OUO 14Q,U j.otyj 90If aA?.TfjB Jw.tsuo J.W.292 J71QllQ FSQ.OJ &.JFY.7J• Ayiirlol£l.IJO.MQvth J. lQlt Prosti btiry inawry•ub•tyuiN ytmr 91 2930 UcLprJ•￿ c￿011 lut￿rE202,a1￿x*1thw1d￿1O1h•veNen￿￿j1 PA1nth 2D21. Chylr THE JOHN BLACK CHAR￿ABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year endEd 31 March 2025 MHMN Alltam4l£55&NDw￿ Jw•fd•d ty)UCL. nthtthdyrllhiuHrlAI I PrpJitit•CwEvUK PItyTr4nMrUuD• It￿b￿￿•1￿d￿1ts￿￿ llwiUt14.91¥.gZJ12011 ti4.rbNIi Trdi l 4t14.*1.762,'3034 lil• J&¥ieiiEk alihl daltol de￿(11 Ill 201Q T￿3￿5511 w4i1r$Di1ory￿ IrM 2,052.169 2.C62,15• 3.iW.18# li 1.439.851 3.415.J3B >.495 Fts 4J426& 31 THE JOHN BLACK CHARITABLE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 221 Staff Ctsts Numb•totqfflploy••s Th8 8verage TnDDthly numbèr of amkloye85 lindud￿9 ￿rOCtOrS) durin9 the yow was.. 202S Numb•r 2024 Numbqr orfice and managqmani employTh•ryt ¢o•t 2025 2024 Wag8$ •nd 53lad•s Social $ecufityco%l¥ 202.766 19.983 2QO,770 19,643 The key mafjag¢m6ni pèrBwn•l of the group IB consid•f•d lo be Ihe Tw$l•qs. Tot81 r?munerNlion lork•y man4oemeni p8r50nnal oroup is t100,00012024. £IDO.O¢OI. p8r8on racdved mmunerulion In •xw5 of £60.000, Sèè Noiè 5 lordot811s. 231 8urplu• Vor the fln•n¢l41 y••r As pemilrt•d by Jecdon 408 Compan￿5 Au E006, the parent ch4rlWs LYQaO In￿￿2 and resul18 have not bean in th• finjncial B￿10rnen1S. Thg gro81 Ineom• gnd Jurplus tr th• flnJncial y•ar is m8d• 05 lollowd. 202S 1024 P818ni Churfws gros¥ Incoma for flDonciBI year 3.510.592 3,516,950 P3rynl Charttyi Swpluslltseltdll lor tho nnènciai ye 1.099,177 (S￿.085) C•ih g•n•r•t•d tr•m op•riUgo• Z025 2024 NEI Surplu￿[￿2fiCI1> in the year Fair valuB losAesllDain51 on Investments Otpreuaiion Inv?51ment incomè Lotss on disDDJal ol fixed astst Change In Debw5 Chafjge in Cred5ttrs 1554.4731 1843.8991 2,251 14,194.6971 848 7,S31,430 1.785,925 3.727 385 If.915,2461 1.630 14.091,9071 234 254.577 397 475 4.235.036 32