Asthma Allergy & Inflammation Research Trust Ltd
Financial Statements
Year Ended 31 August 2020
Charity registration number. 1129898
Company registration number. 06767479

Contents
Page
Charity Referen￿ and Administrative Details
Trustees. Annual Rep￿￿ (including Dire(knrs' Repcyt)
Independent Examinerfs Rewrt
Statement of Finanryal Activities (including Inc£*ffE and EXpe￿ilUre Account)
Balance Sheet
10
Notes to the Finanual Statements
12-25

Asthma Allergy & Inflammation Research Trust Ltd
Year Ended 31 August 2020
Charity Reference and Administrthe Details
Charlty reglstration number
1129698
Company registratlon number
(fJ767479
Trustees
Mr F E Ander50n
Professor D Dav
MrLASDunn
Professor S T Holgate
Professor P H Howarth (resigned 25 September 2019)
Professor J Lucas
Professor G Roberts
Dr J Slater-Jefferies
Dr M Synek
Re9iStered ofllce
Mailkx)int 810, Level F
Southampton General Hosprtal
Tren￿na Road.
Southampton
S016 6YD
Independgnt Examiner
T C Bentall FCA
Tm Bentall LLP
Ar￿dia House
Maritsme Walk
Ctean Village
Southampton
S014 3TL
Solicitors
Paris Smith LLP
Number 1 London Road
Southampton
S015 7AE
Investment managers
Brewin Dolphin
12 SmithfEld Street
London
EC1A9LA

Asthma All•ryy & Inllanmation Reseaych Tntst Ltd
Year Ended 31 August 2020
The Trustees prewt their retty)ft. and the finar£fjl slalawts of the chty ft)F th2 year ended 31 AJgust
2W20. The Trustees have thpÉea ts provim of the Slatement of Recomrrtnded Pr2ckn (SORP)
-Accounling and RepoTty ty Chwilies (FRS Iir2)- ￿ preForry the ann￿1 report and financkl st*ements
ofthe ctsrty.
Chai*s report
The AAJR CharFty 18 to Tunds for the worf&McAvned asthma. allefgy and respiratory research
department ?t the Unive(sty of Southairpton FacJJty of M￿lL￿ne. The Faculty has experts who have m*Je
ny importanL breakthrough& from of disea* ￿ F￿neerIng treatments
and influencing gu￿e￿ne$. During this year, the COVltk19 Pandem￿ has brought unprecedented
al￿nge$ for ￿ and has tMghlwJhted the of reseafGh into respkratory diseases.
Thus. the end of 2019 saw the 8￿en￿ of a global health crss whtch has Vifiuen￿d the iwes and
welbt)eing af peopk WDrfdwide. The severE a(xte respttory syndn)me uJronavinJs 2 {SIR￿0V-2) that
ause6 COVIt>19 was f,tst Ayentified sn Ctcernber 2019 ir, WJh￿. Chna and a glot¢l pandemi-
announced ty World Health OryanwlÈon Ni March 2020. In the UK this ted to a national lockdown with
the Prime MinrAer ordering people to stay at horre Trom March 231a unless their WOTk was esseD.tial. Like
ny groups around the world, SouthamptrJn's respiratory doctots. nurses an(1 researchers all continued to
wort earing for COVItL19 paltents aTh￿or maknro subslanlial wth.blrttr￿S to global inrttatives ￿ kelp find
nthv tsEatnEnts, VXCiTies, tets. wotectsve equiwnent arKi methanistic undetstsndiro of SAR&CoV-2 and
its ability to 13use COVIt>19. Wrthln this Bctrvity. the MIR Charty has pkyed a vtial role in providing Trpid
Supr￿t to pUmFWi￿ prDJects for COVIEYreJated research. For exarwe, it pumpprirned a project that
fc¢used on the host facttys lh* f*ilitate &qR&CoV.2 irrfectiw in twticu* ACE2 whi¢h ha5 been shown
to facilitate the enty of SARSCoV-2 into ce51s. There had been pmiou5 reports ttst produGtion of ACE2 in
c*fts can be >witched on by ari￿1 txoteins known as 'Interfe￿.. raising concerns ai¥)ut the safety and
effitxcy of interferon theRtAes for COV1[￿19. The wc¥k identified a rtDvd variant of ACE2, (8lJed short
ACE2, that la£*s FTX]St of the SARS-CoV-2 bin(fmg sites: rnakirbJ it unliKety TO fac61ttate VJTUS enty.
Importantty. the rewrchers shthved that only stK)rtACEI t•Ut not the SAR&CoW2 bindirtJi fomi of ACE2. is
inducible by itrterferons. helping InCr￿e 1X)nfide￿ tn the safety of interferon as a GOV1[￿19 treatm
The publF5hed ￿ was cgvered in marty news feats and atso leli to exiemal fEmding from UK Research
and Inr￿vatiOn to investigate the fijnctson of shor. ACE2. In artdItK￿ ￿ this projert Ihe Chatty has funded
several other Proj￿1$ It￿￿dIng one •"ng the eff* of astritrA treatsrErts on anb"bc#Yy responses of
peop￿ with seve1* asthma to the SARS£oV2 This 15 iirportant L*cause paltents wth severe
asthrrta have IEPOrted ￿nS￿lerable worsening of health and are anxK>us atiout social
inter8ct.ons for fear of infection with SARSCoV-2. VaccJ"nation programme5 are being rap¥Jty ￿led out tAJt
as yet it is not krjown what patterts" &¥p*t￿l￿all1£u￿es afè towards vaccination and rf v￿rneS will
Ir￿L￿ gocxl imnpjne responses in thrs patie]rt gryrp. hope that the AAIR-fvndwl PffDiect WIN wide
vital informabon to help ￿tients with severe asth￿ ergage ￿r￿enty in the v&cinatFon prD3tsFnme.
On behalf of all the TnLSte4 l &e to thank our gener¢￿$ donor5 and benefacto￿ whttse &￿tinLIed
support essenliat for supporting new re*arch vrto cov1￿19. asthma and other ￿lseaSeS. During 201
20, this support has enabled the AAER Charity to award grants of a(most £1AO.000 lo fund a wide range of
new proje¢iS. provide sttjdentship SUPFryi ￿l$a￿S kjt the MSC AIW Couw and equipment glsnts to
SUPFQrt studies of asthnH alkrgrf aiKJ olhw lung disease& For infonnation ptease see our websrte."
ali--1ar'.i-- orci
Chair

Asthma Alleryy & Inflammation Research Trust Ltd
Trusteos. Annual Report (including Directorn. Report)
Year Ended 31 August 2020
Dlrectors and Tn￿tee8
The directors of the char$tab￿ company are its trustees for the purFoses of charity law. The trustees who
served during the year and, unless otheTrYw noted. Sin￿ the year end. are as folkTws'.
Mr F E Anderson
Professor D Davies
MrLASDunn
Professor S T Holgate
Professor P H Howarth Ires￿Jned 25 September 2019)
Professor J Lucas
Professor G Roberts
Dr J Slater-Jefferie$
Dr M Synek
Objectives and activities
Objectives
The objectNes of the charty are..
The relief of sickness by promtion of research into asthma and asso¢iated allergy and airways
diseases. and its diagnosis and treatrnenL princtpalty in the UnNersity of Southampton Fgcutty of
Medicine and, by such research, to improve the quality and range of diagnosis and treatment to be
offered to patients. and to publish for general as well as medKal consideration the resutts of such
research
To provide education and training on the diagnosis and treatment of asthrro. allergy and aiws
diseases
The strategies employed to aCh￿ve the charity's obJ'eLlives are:
To present to phami&eutical prc¥Jucers a vehicle whereby they can contribLtte to research in to
asthma, allergy and inflammation
To facilttate the purchase of major items of equipment necessary for such research
To enable researchers within the Unwersty of Southampton Facuty of Medicine to attend seminars
aftd conferences throughout the worfd relating to asthma, allergy and inllammation
To support the Faculty of Medicine by financtng the research fees for hoklers of spectalist skills as
and when appropriate to the objethes ofthe chartty
To provide a vehicle to hold and dispense lunds 3110(3ted to investigaiors for work in asthma. allergy
and inflammatK)n wrthin the Facuity of Medicine
To promote and develop the work and stuty of academics in asthma, allergy and inflammats'on
wrthin the Faculty of med￿lne
Activities
Information about h(￿ the above strategies are applied is gr￿1 in AChIeve￿Ents and Perfomiance {see
below).
Policios
The prinapal poliues of the charty are as follows:
G￿nt making
To ensure the charity's work delivers rts aims and obJ"ectives. the Scienlific Committee reviews all grant
appliCat￿S and makes recommendations for fijnding or rejection to the ftt51 Board of Trustees based on
scientific qLÈality and validity, fil to the Chanty objectives and how the proFK)sed work will lead to future
extemal funds.

Asthma Alleryy & Inflammation Research Trust Ltd
Trustees, Annual Report (including Directors. Report)
Year Ended 31 August 2020
Objectlves and activitie5 (continued)
Grnnt making (continued)
The ¢harity is particularfy keen to supwt earty career researchers to help them to become n￿re established
investsgators and this is also reflected in the rxornrrEndats"ons made by the Sc*ntsfic Committee. Each
grant award is subject to proviston of an annual revw of progress, whth is assessed by a Mern￿r of the
Scienlrfic Committee, and a final report is required. It is a ￿ndrtioft of the award that the applicants
ackn¢)wledge the AAIR Charty in any publtcatkin5 or Fwtations to saentif¢ or lay audEnces.
Inv8Stment
The charity has appointed the professional inveStn￿nI thisers. Bre*ryn Dolph￿. to ff£nage ils investment
portfolio on a discretionary basis.
In October 2016, the chanty adopted an Investment Poliy that
Allows the portfolio to be invested widety
Requires diversffjcatson by asset ¢taS5 arml ￿￿nager, so that one half of the total sum invested
¢2rries a very h)w investsnent risk profile (cash or near cash investments denominated irF stertingl
and one half of the sum invested carries a rrKxYer*e invesbnent risk profile. The asset classes can
in¢lude cash. bonds. equit*s. propety. hedge fijnds. structured products, private equity,
commodities and any other asset that is deemed suttsbie and ¢$￿s not conflict with the tharity's
purF*)se
Restricts the proportion of investrment in non-stwling assets
Requires all investments to tE realisable within three ￿￿nthS
Seeks a ￿turn on non-cash bakances of inllalion plus 4% per annum over the long term, after
expen
The Investment Polw is reviewed annualty.
Reserves
Of the total assets hekl by the charity, some represent funds that are t)Jmmiited to specffic purposes, or to
grants and awards, in the fonn of Restricted Funds arKI De￿gnated Funds (referred to collectively as
'Committed Funds,), the balance being Uncommitted Funds.
As the charity is unable to predict the ￿Ve1 of incorTE. particulaty donatsons and legacies, from year lo year,
the charty's policy is to retain at least £100,LX)O of Uncommitt&J Funds. this level being reviewed anr¢ualty.
The Designated Funds So￿tY reprewt the charFty's commttted exFenditure on grants aw8rded to
researchers. The awards are usualty tiM￿[M￿ed. although an extension will be given if there are good
reasons for doing so and providing it ￿SU￿$ in the original purpose of tr*e award teing athieved. Any
unused grants are retained ty the charity and, in ¢Jue course. reffw)ved from Designated Funds.
Some of the Restricted Funds date back many years and the fvin(khoh*r may have retired or moved away
from AAIR-related re5earth. In such cases, the charity's policy is to encourage the fund-holder to release the
monies to the chartty to allow further Designated Fund ￿rdS trj other AAIR researchers. The fund-holders
aft offered the incentive of having the award named after them. It is the charity's policy not to release
unused Restricted Funts to the fvnd-hoiders for purFrf)ses other than those pemiitEed by the charity's
charitable objects.
Publi¢ benefft statement
The trustees have conS￿ered the Charity Commwmin's gURIan￿ on public benefft. including the guidance
'Public benefit running a charity IPB2)'.
The charity is commiite(f to prorfing researth that ¢ontributes to the Tel￿f of sickness caused by asthma
and associated allergy and airways diseases, and trj prOV￿e education and training on the diagnos¢s and
treatment of asthma. al￿rgY and airways diseases. In carrying out their acbvities and making their decisions.
the tfustees are mindful of the need to COM￿ with their duty to have regard to the guidance on public
benefft.

Asthma Allergy & Inflammation Research TTr￿t Ltd
Trustee•, Annual Report (including Dlrectors. Report)
Year Ended 31 August 2020
Structure, govemance arKI management
Goveming document
The chanty is a pnvate company limrted by guatarrtee and is govemed by its Memorandum and Arbcth of
Association. dated 3 December 2008. The company was incorporated on 8 Decemter 2008 and registered
as a charsty on 18 May 2009. Wrth effect from 1 September 2Crf)9. the company took over the actiVrt￿s,
assets and liabilitses of chartty number 803715, which was consti￿ted on 1 May 1990 and registered as a
charity on 2 Juty 1990.
Appointnwrt of Trustees
Trustees are recrurted from arwngst the senKJr n￿MberS of the Univeisity of Southampton Faculty of
Medicine. members of the medical professM)n, and rrErnbers of the ger¢eral public who are recommended by
the trustees and the professional organisations with whth the charity is assoaated.
Trustee Induction and tralnlng
Potential trustees are required to complete an applicatKJn fomi and declaration. Subsequently, they are
interviewed by a selection of existing trustees and guided through the workn.ngs of the sub-division of the
medical faculty krKJwn as Asthma. and Inflammation Researth wthin which the charity main
operates.
The induction PrO￿5S includes an introduction to the day to day operatK)n and administr*"on of the charty.
and being provided WFth copies of rts annual report and accx)unts, minutes of recent trustees, meetings and
references for Charity commi￿on guidance and infomwtion. Prospective trustees are also invited to attend
trustees. meetings to obseNe prcceedings bef(Ke being elected to the board of trustees.
Oryanlsadon
The board of trustees. which comprises not less than three rrembers (*ryth no maximum), oversees the
charty, with delegated authority being gNen to two Su￿)mM￿eeS.'
Final￿ Commfftee
The Finance CoMM￿ee has resFxMsibilÉty for oP￿atiOnal and financial management. An administrator
prOV￿eS suppJrt and coordinates financial informthn the Finan￿ Commrttee and the txjard of tTUStees.
During the year. the comnvitee comprised three trustees.. Professor Davies (chair), Mr Anderson and Mr
Dunn.
Scientific coMm￿ee
The sry"entI￿ Committee scrulinises all Scienti￿ gRnt and scholarship appltslions, providing
recommendations to the trustees on those suitable for ftsnding.
During the year. the cDmmittee comprwj the foH(Ming trustees". Professor Lucas, Professor DaY￿S and Dr
Synek. Other5 who supported the committee during the year were Dr Emity Swindle (Associate Professor in
Phamiacologyl, Dr Mark Jones IAssoci*e F¥ofessor in Respiraty m9ji￿ne) and Dr Tilman San¢he2-
Elsner (Associate Professor in Biomedicine).
Rlsk management
The trustees evaluate and monitor risk at their m*tings arml alw through the woth of their sub-committees.
The principal risks are as follows..
Safe-keeping and management of ffK)ney
The financial risk. including the approach to risk inherent in the charity's investment portfolio. is
evaluated and monrtored by the FIna￿e Committee. wh￿h meets three times each year and reports
to the next meeting of tTUStees. One [r￿nber of the Finan(z Committee monitors the financial F¥)Sition
at least rrn)nthty. liaising with the ￿lministrator and protssK)nal l)(*)kkeeper as requi
Appropriate scrutiny of grant applicatons
The Scientsfic Committee assesses all appl*2tions. ensuring that they provKJe appropriate use of the
chartty's ￿sOUrceS arKI fulfil the charrty's owbves. and reports to the trustees at their next meeting

Asthma Allergy & Infiammation Research Trust Ltd
Truste8s' Annual Report (including Dlrectors. Report)
Year Ended 31 August 2020
Achievements and perforniance
Work has continued this year in refining the charity's worknng practices and record keeping as well as
introdLtcing others where necessary. Attendant WFth the day to day running reqLsirenEnts. the trustees have
een particulaty careful not to neglect any of the chanty's generous donors and volunteers. who have
continued to SUPF(trrt ts worK and thank them all lor their supporL
Legacles have again proved to be a substsntial part of the chanty's donated income and for that the trustees
are grateful to the estate5 and relatives of those legators who have been so generous in their thoughts and
actions. In most of these ￿SeS the charlty has had no prevH)us contsct wth the legators and its thanks to
the families of the deceased can onty be channdkd through a solicrtor, it 15 the trustees, eamesl hope that
they reach the intended recipients.
The charty's income is such that it is able to o)ntinue its assislar￿ in financing researth in the University of
Southampton Facuty of Medicine, CK the allied Wdlcome Trust Clinul Research Facility and Bloff￿dical
Research Centre.
Most importantty the trustees have been able to conts'nue to supp)rt the alktmportant provision of grants for
pumppriming researth projects Irecomrrended maximum £10,000 per award), equipment grants loften
leveraging against funds from elsewhere} and PhD research Studentships.
During the financial year, charty ￿1ved £25,588 (2019.. £53.5901 in donations and legacies, and
incurred expendÈture totalling £141.594 (2019.. £97.8771 in Pursuan￿ of its objectives. Awards were made to
researchers in the Universty of Southampton Facuty of Medicine, or the allied Wellcome Trust Clinical
Research F&ilty and Biomedul Research Centre. to support new pumFwriming project grants. provide
studentship support andlor equipment grants to delNer the obje¢tiYes of the charity.
The preseN8tion of the integnty of the rest￿ frjnds hwJh ￿ the d￿nty'S prionty list These
restricted funds a￿ held for the exdusNe use of researchets and, in the main, are directty fijnded by
corwrate donations and extemal research grants. The restricted funds are regularty reviewed by the
trustees.
Financial review
The chanty achieved an overall deficit for the year (after net gains on investrnents of £53,722 12019:
£24,708)) of £55,070 {2019 defictt £10.W2). The principal source of funds during the year was lega¢ies,
tr)tslling £21.12512019= £42.429).
During the year. the charity continued to desrgnate fund5. wwarding grants of £139.837 (2019.. £253,064).
At the end of the year. unrestricled fvnds totalled £571.786 {2019.' £628.1401. Totsl charity fvnds, induding
restricted reserves of £48,585 {2019: £47.301), arr￿nted to £620,371 12019.. £675,441)
The trustees have been giving fijrther consideration to those indmdual restricted funds that have rernained
unused for several years, in an attempt to ensure that the fvnds are used for the PUTposes intended, or
othe￿ise released to the chanty for alter￿tiVe appropriate purtrtjses.
Details of the chanty's policy for hokling reserves a￿ included in 'obj"￿tiveS and activities, (see page 51.

ASthn￿ Allergy & Inflam￿ Res6aT¢h Tn*t Ltd
Tn￿tees. Annual Report linduding Dlrectors. Repor4
Year Ended 31 August 2020
Trustees. r8spDnsibli itie5
The trustees (who are al￿ ifrettOTS of AsthrrB & InfAmrrotion Research Tnist Ltd for trte
purposes of compary law) are reswnsibte for ppparry the TnJstees' Annual Report and Ihe
fiftancial st*en*nis in acccff(kn *ith aPpr￿ab￿ W arKI United Kingdom Accounting Stsndards
(United ￿ngdOrn Generally ALrept•J knntsng Prac￿}.
Company law requwes the trustees to prepare financtal slatÈmerrt5 for each fman¢èl year. wh
gNe a and fèir viw ofthe state ofafrairs ￿lhe chaTttabte cwipany and ofthe ir￿0mlng
resourcss and appliCat￿n of rescwrces: induding thè in¢>Jrre and expenditure, of the chartial)le
¢0M￿nY forthat perh)J. In weparing these f•MncTral Ihe trustees are required lo".
obselve the methc*Js and pr* in the Ch*￿eS SORP 2019 (FRS 102)"
make JUd￿￿￿nts and estsr¥tts that are re2sonabEe arHI pnJdent
Prepare the finanaa ST*ments on the going ox)n¢em basis unless It is
The trustees aTe reswnsibjefor keeping a￿￿￿ate a￿rybng re￿rdS that disclose with re*onable
aGcJJracy at any tsme the financ¢al p￿tion of the chaystable company and enabje them to ensuTe Ihat
the firsancial stat￿Ents wrfh the Act 2W. They are abo reSpOn￿ble for
safeguarding the assets ofthe thaT[tab￿ conwany and fDrtaksng reasonable steps forthe
prevenlton and deteciiDn of fraud ancl other trregulaTities.
The trustees are re$F¥￿sIble frjr tr]e maWtIenaT￿ and integrity of the wrporate and financta5
inforrnabon %rtuuded on the chwitable ¢))mpany's wectsile. LegisJaiion in the Ktngdom
goveming tr.e prewation atyj di&$emir￿ oFfinaTh?ai s*m￿ts may ifiifertrom legistatyjn in
otherjurisdici￿n$.
On LEh8Efofthe tK)afd 0fts￿:
b￿￿
ProfessA)r D Davies. Trustee
Dat8. 2 D •4% 2oLI

Asthma Allergy & Infiammation Research Tntst Ltd
Independent Examinerfs Report
Year Ended 31 August 2020
Ind¢pend¥nt Exam¥nerfs Report to the Trustee5 of Asthma Allgryy & Inflammation Research
Trust Ltd
I report to the Gharrty tnjstees on my examination of the accounts of the company for the year ended
31 August 2020 which are set OLrt on pages 10 to 25.
Responsibilities and basis of report
As the eharity IrL¢slees of the company (and atso tts director5 for the purposes of company law) you
are respM)nsible for the p￿paratiOn of the accounts in accordance with the requirements of the
Companies Act 20061.the 20(E Acri.
Havirbg satisfied myseifthal the accx)unts of the company ar8 not required to be audited under Part
16 of the 20[￿ Act and are eligible for independent examination. I report in respect of my
examinalK)n of your charity's accounts as carrsed out undeT section 145 of the Charitie5 Act 2011
I'lhe 207 1 Acl'l. In carrying otjt my examinatton I have follrmed the Directions gwen by the Charity
ComMiss￿n under section 145{5)(b) of the 2011 Act
Independent examinerfs statèment
I have completed my examination. I confim that no matters have come lo my attention in connection
with the examination gtving me cause to beI￿ve that in any malerial respect
accounting records were not kept in respect of the company a5 required by section 386 of the
2006 Act.. or
the a¢¢ounts do not accord wrth those records", or
the accounts do not compty wtth the a¢￿u￿ting requirements of section 396 ofthe 2006 Act
other than any requirement that the accounts gNe a Mie and faiT which is not a matter
considered as part of an independent examinatioft" or
the accounts have not been prepared ift accordance wilh metho(ts and principles of the
Statement of Recommended Practice for ￿0￿ntIng and reporting by charities lappli¢able lo
Charrties preparing their accounts in accordan￿ wtth the Financia Reports"ng Standard
applicable in the UK and Republ￿ of Irelaftd IFRS 10211.
I havè no concems and have (x)me acFOSS no other matters in ¢xnnectK*n with the examination to
whrh attention should be drawn in this report in order to enable a proper understanding of the
accounts to be reached.
Timothy C Bentall FCA
Tim Benlall LLP
Arcadia House
Maritime Walk
Ocean Villag&
Southampton
S014 3TL
Date..
20 11 ao21

Asthma Allargy & Inflammation Rèsoarch T￿￿t Ltd
Statement of Flnancial Activlties (including Income and Expenditure Account)
Y8ar ended 31 August 2020
2020
Total
2019
Total
furnts
Income from:
Donations and legaues
Investments
24.172
7.214
1,416
25,588
7.214
53,$90
9,017
Total income
31.386
1.416
32￿02
62.607
Expendiiure on:
Charitable activities
141,462
132
141,594
97.87T
Total expenditure
141,462
132
141,594
97.8TI
Net gains on investrnents
12
53.722
53.722
24,708
Net inc¢)me l (gXWKllturel
{56.354)
1.284
(55.070
(10,562)
Net movement in funds
15
{56.354)
1,284
(55.070
(10,562)
Reconclllatlon of fund5:
Total funds brought forward
15
628.140
47.301
675h41
686.003
Totsl funds carried forward
15
571.786
48.585
620.371
675.441
All income and expenditure derive from continuirvJ a¢bvitES.
The statement of fina￿la1 activrbes indudes all gains and losses recognised during the year.
10

Balance Sheet
AS at 31 August 2D20
2019
Investments
12
517.954
Debtors
Cash at b£nk an(J in hand
13
156
121,2110
121.653
71.701
14
19236
102A17
47235
620,371
675,441
620371
675.441
Charlty Fundg
Restn&ed ftjnds
Unrestrictad furxls
15
15
47￿1
628.140
571,786
Totsl charity funds
620371
6T5,441
Forthe yearending 31 Augu¥i 2J20. Ihe coryHny was to exemptk)n from audit under section 477 of
Tne members have nol requ(Bd the company to obtain an al￿11 of tts sktements for the year in
questiDn in actorda¥)cewith se¢lion 476 Oftt￿ Cornpani￿ Act 20£￿.
The truslee5 and direc10￿ ackn(wledge their responsibitib8s for Corn￿}￿g with the requirernants of the
Companies Act 20(E Wilh resFect to accounting T￿￿rdS and the piEp3ration of accounts.
The finanaal stakments were apwoved and aUttK￿ fi¥ issue by the BoarcS on 20 ZOZI.
Signed on behalfof the tg)ard ofbikn".
Mr L A Dunft. Tn￿lee
Da￿.
Date.
The notes on pages 12 tD 25 fi)rni part ofthe5e )knial slatem
Compatry ￿9￿atron number. Q6767479

Asthma Allergy & Infiammation Re￿rch Trust Ltd
Notes to the Financial Statsments
Year ended 31 August 2020
Summary of Slgnllkant accounting pollcles
la) General Information and bas18 of preparation
8thma Allergy & Inflammation Research Trust Ltd is a private company limrted by guarantee
registered in England and Wales. In the event of the chartty being wound up, the liabilty in respect
of Ihe guarantee is limited to £10 per rrember of the ¢haiity. The address of the registered office is
given in the charity information on page 2 of these finan￿al stateThEnts. The nature of the chanty's
operaltons and pnnopal actNfa'es a￿ descn.bed in the Tn￿tee$, Annual ReporL
The charity conslitutes a publ￿ benefft entity as defined by FRS 102. The financial statements have
been prepared in accordarsce with Aeeounb"ng and Reporting by Charibes.. Ststement of
Recommended Practrce applicable to charibes preparing their accounts in accordance wrth the
Financial ReEK)rtt"ng Stsndard applicable in the UK and Republic of Ireland Issued in October 2019, the
Financral Reporting Standard applicabte in the Uniled lfjngdom and Republ￿ of Ireland IFRS 102}, the
Charits'es Act 2011. the Companies 20[￿ aThl UK Generalty A￿pted Accx)unting Practice.
The financFal slatements a￿ prepared on a going ctycem basis under the historical cost convention,
modifled to include certain ttem5 at fair value. The finanoal statements are presented in sterfing which
is the functional currency of the chanty.
The signtficant accounts'ng pot￿leS applied in the preparation of these financial statements are set out
below. These policies have consistenty aptA￿d to all years presented unless othe￿iSe stated.
(bl Funds
Unrestricted funds S￿ avaitable for use at the di%rebon of the trustees in fvrtherance of the general
objectives ofthe charity and which have not been designated for other purposes.
De$tgnated fijnds comprise unrestritxed funds that have Lwn set aside by the trustees for parb"cular
pury)oses. The aim use of e￿ destrjnated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordan￿ with specific restricticms imtM)sed by
donors or which have teen raised by the charty for paftiojlar purposes. The cost of raising and
administering such fvnds are charged against the specffic fvnd. The wm and use of each restricted
fvnd is set out in the notes to the financial statetr*nts.
(c) Income recognlllon
All incoming res¢)urces are included in the Statement of FirAncial Athitses ISoFA} when the charity is
legalty entrtled to the incorr* after any perfom)ance conditions have been met. the amount can be
measured reliably and Ft is Probab￿ that the Inco￿ will be received.
Donab'ons". rf there are conditkyts attach￿1 to the donation and it requires a level of perf0M￿n* before
entidement can be obtsined, income is deferred until those condib.ons are fulty meL or the fulfilment of
those condthns is within the o)ntrol of the charity arKI it i% wobable that they will be fvffilled.
Donated facilittes and donated professK¢nal seNices are recognised in income at their frair value when
their econom￿ benefft is probab￿, they can be measured reliabty and the charity has control over the
tem. Fair value is detennined on the basis of the value of the grfl to the charity, for examp￿ the
amount the charity would be willing to pay in the open worket for suth facilities and services. A
corresF¥)nding anv)unt is recognised in expenditure
No amount is induded in the financial st*ements for general volunteer tirrt.
12

Asthma Allergy & Infiammation Research Tr￿t Ltd
Notss to the Financial Statements
Year ended 31 August 2020
(¢1 Income re¢ognition (cq>ntinuod)
For lega￿es, entitlement is trE earlier ofthe date on whth either. the charity aware that probate has
been gr3nted, the estate has t*en finalised and the chanty has been r￿tified of an impending
distn"bution, or when a distribUt￿)n is r￿￿ed from the estate. Receipt of a *acy, in whole or in part,
is only considered probable when the ar￿Unt can be measured reliabty and the charity has been
notified of the executorfs intention to make a distribution. Vthen legacies have been notified to the
charity, or the charity is aware of the grants'ng of probate. and the ¢rrteria for income recognition have
not been met. the legacy is treated as a contingent asset and disektsed in the notes to the financial
state￿nts.
Investment inco￿* is eamed through holding assets for investsrEnt purposes. such as shares, and
includes dwKlends and interest. Incorr￿ is included when the amount can be measured reliabty and
the charity's right to receNe payrr*nt is established.
{dl Expendlthre rn¢ognition
All expendihjre is accounted for on an accruals basis 8T￿ has been Classrf￿ under headings that
aggregate all costs related to the calegory. Expenditure is recojnised where there is a legal or
ftstructwe obligab.on to make payments to third parties, rt is probable that the settlement will be
required and the amount of the oblvJation can be measured reliabty. It is categorised under the
following activity headings..
Expenditu￿ on (thantable activit￿. indudes the costs of making grant awards in fjjrtherance of
the charity's key obie¢bves and their asS¢Xia￿ supwrt costs,. and
other expendrfure.. represents those Ilen￿ not being 'expenditure on charitable &tivities' or the
cost of raisirig fvnds.
Irrecoverable VAT i% charged as an expense against the &tivty for which the expenditure arose.
Grants payable to third parties are within the charitable obJ"ectives. uncondltional grants are
offered. they are acctued as scx)n as the recipient is nob.fied of the grant, as this gtves rise to a
reasonable expectation that the reapient will [￿Ne the grants. Where grants are conditional relatsng
to perfomiance. the grant is onty accrued when any unfulfilled conditK¢ns are outside of the control of
the ¢harity. Conditional grants are treated as designated fvnds. details of whth are shown in note 15.
(e) Support ¢osts allocation
Support costs are Ih¢Jse that assL8t the work of the charity but do not direcrfy represent charitable
actiVit￿s,. they indude office costs, governance costs and administrative costs that are incurred
directty in suppK)rt of expenditure on the objects of the charity. Kthere support costs cannot be directly
attributed to particular headings they are allrKated to the cost of raising fvnds and expenditure on
chantable actNib"es on a basis con￿stent wth use of the resources. The basis on which support costs
have been altocated are set out in note 5.
If) Inve8knents
Listed investments are reccgnised initialty at cos( whth is normalty the transaction price including
transaction costs. Subsequenty. they are nEasured at fair value wrth changes recognised in 'net gains
I Ilossesl on investrnents, in the SOF
Current asset 1nvestw￿nts are short te￿ highty IiquKI investrnents and a￿ held at fair value. These
include Cash on depwt and cash equrwalents ¥￿th a rn￿￿ty of less than one year.
Ig) Debtors
Debtors receivable wthin one year are recogniged * the settlement amount due. Prepayments a
valLted at the amount prepaid.
13

Asthma Allergy & Inflammation Research Trust Ltd
Notss to tho Flnanclal Statements
Year ended 31 August 2020
Ih) C￿h at bank and In hand
Cash at bank and in hand includes cash and short terrn. highty liquid, invesknents with a maturity of
three months or less from the date of xquisrtion or the opening ofthe depjsit, or simikr, acwunt.
li) Creditors and pn)visions
Credttors and provisions are reco3nised when the charity has an obligation at the balance sheet date
as a result of a past evenL rt is probable that an oufficNI of economic Lwefits will be required in
seldement and the amunt can be reliably estimated. Credttors and provisions are nomially
recognised at their settlement amunL
ti) Financial instruments
The charity onty has financial assets and 1kgbilfo.es of a kind that qualrfy as basic financial instruments.
Basic financial instruments ￿ inthlty reccpjnised at transaction value artd subsequenty measured *
their settlement value.
{kl Tax
The charity is an exempt charity within the rI￿aDing of schedule 3 of the Charities Act 2011 and is
considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and the￿f0￿ tt
meets the definition of a charIlab￿ company for UK ¢orporakn tax purpNJses.
11) Goin9 concern
The financial ststemellts have been prepared on a going cOn￿M basis as the trustees believe that no
material uncertainkn.es e￿$1. The trustees have c#)nsidered the ￿Ve1 of fijnds hekl and the expected
level of income and expendrture for 12 months from authorising these financtal ststenEnts. The
budgeted income and expendrture is sufficiert with the level of reseNes for the ¢harity to be able to
eonts.nue as a going concern.
(m) Jtsdgements and key sources of estimatlon uncertainty
Apart from those invofving estimates, no key judgerrents have been made in apptying the at)o¥e
accountr'ng policies, which have a s￿nIT￿nt effecl on a￿K)Unts recognised in the financkal staterrents.
No key assumptions have been mje con￿mIng the tsjture, and other key sources of ests"matson
un￿rtainty, at the reporting date that have a s￿nifiCant risk of causing a material adjustrnent to the
carrying amounts of assets and lia￿lIbe$ within the next financÉal year.
In¢omo from donatlons and leg•cl8s
2020
2019
Grfts
Legacies
Donated services
4.113
21.125
350
10,511
42,429
650
25,S88
53,590
Income from donations and legacies was £25.58812019: £53,590) of v#hich £1,41612019.' £985) was
attributab￿ to restrthj and £24.17212019: £52.6051 to Unrestric￿ fuThJs.
14

Asthma Alleryy & Inflammation Research Trust Ltd
Notss to the Financial Statements
Year ended 31 August 2020
Incomo from inveskngnts
2020
2019
Interest on deposits
IncorrE from listed investh)ents
81
7.133
7.214
124
8.893
9,017
All incTh* from investrrwts in both years was attritMJtable to unrestricted fvnds.
Anatysls of expenditure on charitable activil*s
Expenditute in 2020
Grant funding
of acti¥￿eS
Support
costs
Total
Research and equipment grants
payable for the year
110.085
33,857
143.942
Unused grants retur￿1
(2.348)
(2,348)
107.737
33.857
141,594
Of the total expendtture of £143,942, £132 was aitributable to ￿$tr￿ed ftjnds and
£143,810 to unrestricted funds. Details of suprmxt costs are given in note 5.
Expenditu￿ in 2019
Grant funding
of actNitses
SupFQrt
costs
Total
Research and equipment grants
payable for the year
79.910
17.967
97,877
79.910
17,967
97,877
All the above costs were attn.bUtab￿ to un￿tithd funds. Details of support costs are
gwen in note 5.
15

Asthma Allergy & Inflammati¢)n Research T￿￿t Ltd
Notes to the Financial Statements
Year ended 31 August 2020
Allocatlon of support costs
AJI support costs are attriLMrtatle to the charity's research and equip￿ent grant fvnding acbvibes.
Support costs 2020
Total
Goveman¢e (note 61
Finance
Informats"on t￿no1(￿jY
Office costs
Publicty and advertising
Investrment manageffent fees (note 7)
Professional fees
Travel
Other
2.580
382
7.211
14.358
1.555
6,108
1,092
108
Total
33,857
Support cth 2019
Total
G0Veman￿ (note 6)
Finance
Information technok
Office costs
Publicity and advertising
Investment management tees {Th)te n
Professional fees
2.472
124
6.693
999
6,077
600
198
Total
17.967
Governance costs
21720
2019
Independent examinerfs remunwation
2.580
2.472
1580
2472
16

Asthma Allergy & Infiammation Research Trust Ltd
Notes to the Financial Statements
Year ended 31 August 2020
Investment management
2020
2019
Investn*nt manage¢s fees and charye5
6,108
6,OT7
6.077
I the above costs in both yeats were attributab￿ to unrestri¢ted funds.
Aftatysls of grnnts
Grants awards are made by d•'gnabng fvrKls for drawing dtrwn by the recipienL subject to the
ongoing approval of trustees, normalty on a staged basis. AffK)unts drawn down are included in
expendrture on CharIts￿e activths (note 41.. mvements on the designated funds are shown in note
15. Grant awards made during the year were as folluws:
Grants 2020
Grants to
w¥JN#Juals
Total
Researth and equiprrtnt grants awarded
139.837
139.837
Re￿M of unused grants awarded Èn prior year5
(2.348)
(2,348)
137.489
137,489
Grants 2019
Grants to
indiv¥Juals
Total
Research arKI equipment gfants awarded
253,W
253.(
253.064
253.C64
Indepgndent examlneVs r•munerallon
The independent examinerf5 ￿mUneratIon aFrthnts to an independent examination fee of £1.290
(2019 - £1,236) and other servKes of £1.29) (2019- £1.236).
17

Asthma Allergy & Inflammation R•S￿r¢h Trust Ltd
Notes to the Financial Statements
Year ended 31 August 2020
10 Stsff costs and gmpbyoe ben•fits
There were no empk)yees or staff costs in the current or FXICK year.
11 Trustees. and key management pern￿ne1 romuneration and expenses
The trustees neither re￿iVed nor waived any remUneral￿n during the year (2019.. £nil).
The charity is managed by rt5 trustees and has no other key ff¢nagement personnel.
The reimbursement of trustees, expenses was as folk)ws:
2020
2019
Number of
Number
Trt￿tees of Trustees
2020
2019
Travel
Administrative expenses
24
132
The administratNe expenses in 2020 relate to reimbursement of the ujst of brass plaques incurred by
a trustee on behalf of the charrty.
No payments were made directy to third parties in erther year.
18

Asthma Allergy & Inflammation Research Trust Ltd
Notes to the Financial Slatements
Year and￿ 31 August 2020
12 Fixod asset invfjslmonts
Listed
investrnents
Cost or valuation
At 1 September 2019
Additions
Disposals
Revaluats"on
At 31 August 2020
628,2¢
141.652
1305,6261
53,722
517,954
Cafrying anKJunt
At 31 August 2020
517.954
At 31 August 2019
628.2C
Fixed asset invesbments are measured initialty at cost and subsequenty at fair value ltheir market
value) at the reporttng date.
lnveStrr￿nts at fair value (￿)priSe..
2020
2019
Equities
8onds
Global investments
Absolute retsjm
Commodities
Propety
Other
154.485
122.736
159.753
38.004
30,509
5,284
7,183
129,185
263,686
134.033
71.501
16.148
5.899
7,754
517,954
628,2C6
The fair value of listed investrnents is prowded by Brewin Dolphin and. ordinarity, is deternined by
referen￿ to the mKldle market prKe at the cksse of business on the balance sheet date.
13 Debtors
2020
2019
Prepayments and accrued income
156
156
19

Asthma Allergy & Inflammation Research Trust Ltd
Notes to the Financial Statements
Year ended 31 August 2020
14 Creditorn: amounts falling due within one year
2020
2019
Trade ¢reditor5
A¢¢ruals and deferred incow
10,966
8,270
21,194
3,272
19,236
24,466
A¢cwals and deferred income of £24.466 in 2019 have been red3ssffied as atthie.
15 Fund reconclllatk
Unrestricted funds
Moven7ents foryearended 31 August 2020
Bala￿e at Nel movement
1.9.2019
in funds
Balance at
31.8.2020
Un￿strICted
Designated funds:
al Research and equIp￿ent grants
b) PhD studentships
147.118
61,220
208.338
29 884
292 124
628,140
{&%.354)
571,786
Movements foryearended 31 August 2019
Balan￿ at
1.9.2018
Net movement
in fvnds
Balance at
31.8.2019
Designated fvnds:
al Research and equIpn￿t grants
b) PhD sbjdentships
61,081
86.037
87117
147,118
115 122
262 240
639,687
(11,5471
628,140

Asthma Allergy & Inflammalion Research Trust Ltd
Notes to the Financial Statements
Year ended 31 August 2020
Note 15 {contlnued)
unrestric￿ funds: anatysls of movements
Movements foryearended 31 August 2020
InD)me
Ex￿ndI￿re
Transfers
Gains I
be￿een {lossesl
funds
Net movement
for the year
31.386
(33.857)
{137,4891
53,722
{86,238)
Designated..
al Research aThJ
equipment grants
bl PhD studentships
(78.617}
137,489
61,220
131.3361
(31,336)
33.734
{143.810)
53,722
(56,354}
Movements foryear ended 31 August 2019
Income
ExperKliture
Transfers
between
funds
Gains I
(lo￿$)
Net movement
for the year
Unrestrieted
Designated:
al Research and
eqLriprn￿nt grants
bl PhD $tL￿elltshipS
61.622
117.967)
(253,064)
24,708
1184,701}
{67.910)
153.947
86.037
{12.CNJO)
99,117
87.117
61.622
(97.877)
24.708
{11,547}
21

Asthma Allergy & Inflarnmation Research Tn￿t Ltd
Notes to the Financial Ststements
Year ended 31 August 2020
Nots 15 (continued
Ro8tri¢ted funds
Balan
Net
nK)vement
in fvnds
Balar￿e
Net
rr¥)vement
in funds
Balan
at
31.8.2020
31.8.2018
31.8.2019
Ardem-Jones
European Asthma
Friedmann
Gadola
Haitchi
Hea
Holgate Prize Fund
Wijayanand
Waller
Walls
6,977
2.830
6,869
2,826
828
7.107
5(K¢
6,189
6.977
6.977
2.830
6,869
2,826
3,097
7.107
500
6,189
7,984
4,206
48.585
6.869
2,826
1,813
7.107
500
6,189
7.984
4.2C
47,301
1,284
4.2(
46.316
985
Restrlcted funds: analysls of movements
Movements foryearended 31 August 2020
Net
movement
for the year
Expendiiu
Haitchi
1.416
1.416
132
{132)
1.284
Movements foryear end8d 31 August 2019
Nel
m0Verr￿nt
for the year
Expendibjre
Haitchi
985
985

Asthma Allergy & Inflammation Research Tnmt Ltd
Notes to the Financial Staterr*nts
Year ended 31 August 2020
Nots 15 (contlnuedl
Fund descriptions
al Unrestrlcted funds
All unrestncted fvnds may be treated as designated.
bl Dosignated fund8
ReSe8￿h and equipment grants and PhD Studentships
The ftFnds were established to 5UPtyJrt the work and study by students and other5 in asthma. allergy
and inftammation wrthin the Univer5rty of Southampton Faculty of Med￿lne, or the allied Welknme
Trust Clinul Research Fa¢ikty aThJ BKynedical Research Centre.
cl Restrlcted funds
Restncted fvnds are for the purrx)ses descrited belw.
Ardam-Jones
To support the work of Dr Mthael Ardern-Jones in dem￿t0￿, particularfy with the Wessex
Dennatology Advisory Commritee and the European Scciety for Dem)atologitsl Research.
Eun)pean Asthma
To promote the European InitiatNe on Aslhma agreed at a European Union meeting in Bnjssels and
overseen by Professor Stephen Holgale.
Fri8dmann
To supwrt the research and teaching of Professor Peter Friedmann in dem￿t010gY and especialty
h15 training work in Eth#)pia under the auspi￿ ofthe European Academy of Dermatovenereology.
G8dola and Gadola Ultrasound In￿ative
To support the work o* Professor Stephen Gadoba in ultras(￿nd studies in rheumatobgy.
Haitchi
To supwrt the work of PrOfes￿r Haitchi in asthma research.
Healy
To supwrt the work of Professor Eugene Heaty. particuLatty with the Briti'sh kniety br Investigative
Dermatoiogy and the European Scrjety of DennatolcwJieal Research
Holgate Prize Fund
To fvnd a prsze for best rned￿al sbyty woiecl in the Msc Alergy course at UnNersty Hospital
Southampton.
Ifijayanand
To SUPFKJrt the work of Dr Viiayanand on viruses.
Waller
To support the work of Dr Derek Walkr in allerg￿ disease.
Walls
To fvnd the Interna￿nal Mast Cell and Basophil Research ￿￿etings, held in Southampton.
23

Asthma Alleryy & Inflammation Research Tn￿t Ltd
Notss to the Financial Statements
Year ènded 31 August 2020
16 Analysls of net assets bet*wn funds
As at 31 August 2020
Total
Fixed assets
252,479
236.890
28,585
517,954
Cash and current in¥estnEnts
35.0
66.2￿) 20.000
121.200
Other current assets l (liabilities)
{7,817> (10.966}
(18.7831
Total
279.662
292,124 48.585 620.371
As at31 Airyust2019
Totsl
Fixed assets
347.SY)5
235,CMJO
45.301
628.206
Cash and c#Jrrent Inve$tff￿nts
21,111
48.434 2.000
71.545
Other current assets I (liabilities)
(3,116) {21.194)
(24.3101
Total
365,900
262.240
47.301 675,441

Asthma Alleryy & Infiammatton Research Tn￿t Ltd
Nots8 to the Financial Statements
Year ended 31 August 2020
17 Related party trdnsactions
Administrative seThices
During the year, £12.912 {2019'. £4.780) was payabk to a company in wh￿h the trustee, Mr L A Dunn.
has an interest. for administrative servw provKled to the Charity by one of that company's
employees.
No ￿neffit accrues to Mr Dunn. or the company in which he has an interesL the additional costs to the
company (induding sa￿ry and Emptoyer5' National Insurance) being matched by paY￿￿ts made by
the charity. At 31 August 2020. £5,6￿(2019.. £800) was accrued in respect of the services provided
during the year.
Researth grants
Applications to the charity for fvnding indude those made, or supported, by Trustees for research into
areas, relab.ng lo the charity's obj'ectives, in whth they have specific mediol experttse. Such
applicab.ons are scnjtinised by the thanty's Scientific Committee, using the same process that is
applied lo all other requests, Wtth the exception thai if the project inVo￿e5 a rrember of that
mmittee, the relevant Trustees recuse themselves when a decIs￿n is made about their application
in order to avoid a confiK* of interest Tntstees do not benefft dir￿ from the grants awarded.
During the year. no grants were awarded for research Fxojects in wh￿h tnjstees had an interest12019.'
three grants were awarded. totslling £24.466. in whth knvo trustees had an interest}. The movements
for the year are shown bek)w.
Tnjstees Balance ￿nth1vre Balance
sumame undrawn in the year
undrawn
at 119/19
af 31W20
Davies
Roberts
Lucas
17
4.924
19,542
24.483
17
4,924
11,904
7,638
Professot Arshad resigned as a Twstee ￿ 31 December 2018 and has noL therefore, been
included in the table above.
Movements in the ye8rended 31 August 2019
Tnistees Balance
GTrnts
Expenditu
sumame undrawn 8wanJed in in the year
at 1/W18
the year
Balance
undrawn
at 311PA9
Davtes
Arshad
RO￿rtS
Lucas
6.222
2.000
6.205
17
4,924
19,542
24,4e6
4.924
19,542
8,222
6.205
18 Corrtlngent assets- legacy income
Al 31 August 2020, the charity had been notif￿ oftwo12019'. three) residuary legacies and one
pecLFniary legacy (2019: none), the values of which could not be measured reliably andlor where
payments had not been agreed by the executors. At the balan￿ sheet date, the estimated
amount receivable was £174,IMI12019.' £174.000).
25