Asthma Allergy & Inflammation Research Trust Ltd Financial Statements Year Ended 31 August 2021 Charity regislration number. 1129698 Company reglstratlon number. 06767479 Contents Page Ghanty Referen￿ and Ad￿￿nistra￿we Details Trustees. Annual Report {includin9 Dir￿. Report) Independent Examine¢s Report Statement of Financial Activities (including InCOff￿ and Expenditure ALX¥)unt} Balance Sheet 10 11 Notes to the Financial Statements 12-25 Asthma Alleryy & Infiammation Research Tr￿t Ltd Year Endod 31 August 2021 Charfty Reference and Administrative Details Chartty reglytsation number 1129698 Company registration number C￿767479 Mr F E Anderson Professor D Dav MrLASDunn Professor S T Holgate Professor J Lucas Professor G Roberts Dr J Slater-Jeffeiies Dr M Synek Registered offlce Mailwint 810, Level F SoLthampton General Hospital TreTr￿na Road. SoLrthampton S016 6YD Independent Examiner T C Bentsll FCA Tim Bentall LLP Arcadia Housè MantirTt Walk Ocean Village Southampton S014 3TL Solicitors Paris Smith LLP Number 1 London Road Southampton S015 7AE Investment managern BreMn Dolphin 12 Smithfield Street London EC1AgLA Asthma Allergy & Infiammation Research Trust Ltd TTUgtees' Annual Report (including Directors, Report) Year Ended 31 August 2021 The Trustees p￿sent their rewrt and the financial ststements of the charty for the year ended 31 August 2021. The Tnjstees have adopted the provL%MJns of the Statement of Recommended Practre (SORP) -Accounting and Reporting by Charilies (FRS 1021" in Fwaring the annual report and financial staternents ofthe chty. ChaiVs report The AAIR Charity is proud to raise fijnds for the wodd-renuwned asthma. altergy and respiratory research department at Univer5ty Hos￿1 Southampton Faculty of med￿lne The Faculty has experts who have made many important breakthroughs. from understanding mechanisms of disease to pioneering new treatments and irffluenang guidelines. During this year, the COMD-19 pandemic has Continued to have a global impact, affe¢lÈng all of our lives and we offer our sincere condolences to everyone who has bsl loved ones to COVID-19. Thankfulty. devekjpment ofeffective COVltk19 vattines ar￿ their rolkout in the UK from December 2020 has helped limit COWD severity. hospitalwtion$ and deaths. Howevef. around the same time as the vaccine rotlouL we saw emergen￿ in the UK of the Apha variant of SARS£oV-2 (the corortavirus that causes COWD-191 wh￿h Th esbmated to be 4HO% nv)re transmissible than the wild- tyFe SARS£oV-2 with a consequent sU￿e n COWD-19 infectKJns. As we continue to see emergence of new SARS£oV-2 variants and to grasp the impact of long COVID on the INe5 of people, the pandemic has reinforced the imp)rtarte of research into rWmrai￿ dis&qses. During 2020-2021, Southampton's respiratory dcctors. nurses and researchers have conb.nued to Wofk, caring for COVID-19 pakn.ents andlor rna￿.￿g substantiai contribulKmS to global inibatives to help test new Ireatsnents and vaG¢ines, arKJ to understand h(M SARS£oV-2 causes mikl disease in some people while Othe￿ are much more severety affected. Wthin this activty. the MIR Charity has played a vital role in providing rapid supp)rt to pumFFpnme projects for COVftkretat&J research. For example, while vaccination opens a °light at the end of the tunnel" by p￿teCtIng against COVlEk19. we still need to understand what are the expectationslatttbJdes of severe asthma pabents towards Va￿InatIon. will there will be siJ&effects and do vaccines induce goc%l immune tespK)nses? The first questions are being addressed by SHARP. a European Clinical Research Collatjoration *vere asthma in whth Southampton researchers are fijlly engaged. To complement this. the Charity has funded 2 pibt pn)Ject ty)at will heip understand if the body's immune response to the COVIt>19 vac£ine is drfferent in [*0￿e wrth severe asthma and rf this is affected by the drfferent treatrrEnts used to ffonage their synwx In addition lo supporbng COVID-reiated projects. the Charity has also provktsj essenttal support for studies into other aspects of lung diseases. For example. in patients wfth Idiopath￿ pulmonary fibrosis IIPF}, a condition in which the lurvJs LE(X)ff￿ scarred and breathing becomes InCre￿nglY dtfftutt, rgjuced exercise capacity is a key symptom. ex￿tse training is rttornmended for patients wth IPF, we do not knc the optimum exerase programme or what wses reduced exercise capacty in IPF. AAIR is funding personalised study of IPF patients to assess whether the ar￿Unt of'oxmdative stress. (an imbalanc£ between damaging prs>oxidant factor5 and antioxidants) could explain why individual patients respond differenlly to structu￿1 exeruse training.u￿.rnatety, we this understanding coukl help to design exercise programrrts for pthnts that will tmximtse their ¥tivty leveb and improve qua14ty of life. AAIR is also fvnding a study aimin9 to develop and validate a Quaty of Lrfe and Parentsl Burden Questionnaire for Parents of young chikjren with Primary Ciliary ttyskineska, an inherrted dLwse that causes frequent chest. ear and sinus infections trorn birth. and eventualty permanent lung damage. AAIR also conb.nues to fvnd the Holgate PhD studentship and the"J* Howell PfEe" whtch is awarded annualty to the best Medical Student project fO￿SSed on allergic arKI wiraw diseases. On beha￿ of all the Trustees. I would like to thank our genwous donors and benef&tor5 K4IK)se continued support is essential for supwrbng new research into cov1￿19. asthffo and other diseases. During 2020- 2021. this support has enabled the AAIR Charity to award almost £38.000 to fijnd a whde range of new projects, provide studentship suppor( bUrsar￿S for the Msc AJ￿rgY Course and equip[r￿nt grants to support strjdies of asthma, allergy and other luNJ dis&qses. For rrbye p18ase see our webstte.. {htt ".Jlwww.aairchari .or Ptofe5sor D Dav￿5 Chair Asthma Allergy & Infiamn￿li0n Research Trust Ltd Trustees. Annual Report (including Directors. Report) Year Ended 31 August 2021 Directors and Trustees The directors of the charitable company are ts trustees for the PUTrxJses of chanty law. The trustees who served during the year and. unless othenvise noted, Sin￿ the year erwj. are as follows: Mr F E Anderson Professor D Davi8S MrLAS Dunn Professor S T Holgate Professor J Lucas Professor G Roberts Dr J Slater-Jefferies Dr M Synek Obje¢lives and athilies Oblect5ves The objectives ofthe charity are.. The relief of ss¢kness by prorr¥)lion of researth into asthrrra and associated allergy and airways diseases, and ils diagnosis and treatmen( prinupally in the Unwersity of Southampton Faculty of Medicine and, by such researth, to improve the quality and range of dk4gnosis and treatnEnt to be offered to patients, and to publish for general as well as nkdul consideration the results of such research To provide education and training on the diagnosis and treatment of asthma, allergy and aiNays diseases The strategies empbyed to achieve the charriy's obi￿trIeS are.. To present lo phannaceutical Fffoducers a vehicle whereby they can contribute to research in to asthma, allergy and inflamm*"on To facilitate the purchase of major items of eqUip￿￿nt necessary for such research To enable researchers within the UnNersity of Southamptgn Faculty of Medicine to attend seminar5 and conferences throughout Ihe workl relating to asthma. allergy alld inflammation To support the Facuty of Mediane by finarring the research fees for holder5 of specialist Skil￿ as and when appropriate to the obj'ectives of the charrty To provide a yeh￿[e tr) hold and dispense fvnds allocated to investsgatOTS for wotk in asthma, allergy and inflammation within the F￿tsIty of Mediane To promote and develop the wo(k and study of ￿dern￿ in asthma. allergy and infiammation within the Faculty of Medtane Activities Infomiatron about how the above Strateg￿ are appli&J is given in Achievements and Perfomiance (see below). Pollcles The prinapal pol￿￿e5 of the charity are as folk)w&' G￿nt making To ensure the chartty's work delNers 115 airl￿ arKI objecaNes, the S￿entffj￿ Committee reviews all grant applications and makes recommendath)ns funding or rejectson to the full Board of Trustees based on scienbfic quality and validity, fft to the Charty obj"￿t￿eS and how the proposed work will lead to future extemal funds. Asthma Allergy & Inflammalion Research Trust Ltd Trustees, Annual Report (including Directors, Report) Year Ended 31 August 2021 ObJ8Ctlves and activities (continued Grant making (continued) The charity is particulaty keen to support eaty ￿reer researchers to help them to bec0[r￿ more established invesb'gators and this is also refiected in the recornrrEndations made by the Scientsfic Committee. Each grant award is subject to provis*)n of an annual reV￿W of progress, whth ￿ assessed by a member of the S￿enti￿ Commrttee. and a final report is required. It 15 a ry)ndition of the award that the applicants knowledge the MIR Charity in any publicakns or presentatrons to scienffic or lay audiences. Investment The tharty has appointed the prof￿1onal investtW)t advisers, Brewin Dolphin, to manage its investrnent portfolio on a discrets"onary basis. In Octoter 2016, the charrty ajopted an Investffent Policy that Allows the portfolio to be invested wide Requires diversfficatson by asset class and manager. so that one haff of the total sum invested carries a very low investr[￿t risk profile {cash or ftear cash investments denominated in sterfingl and one half of the sum invested carries a nM)derate investment fisk profile. The asset classes can include (xsh, ￿nds, equities, propety. hedge funds. structured products. private equty, commodrties and any other as*t that is deemed suilable and d￿S not conflict with the charity's purpose Restricts the proportton of investrnent in non-steTling assets Requires all investrnents to te realÉsable wttt)in three nK)nths Seeks a retum on non4ash balances of inflab'on plus 4% per annum over the long temi. after expeflses The Investment Polry is revie¥￿d annualty. ReseThes Of the total assets he￿ by the Charity, some reK*esent fijnds that are committed to $k￿lfiC purposes. or to grants and awards, in the form of Restricted Funds and [jes￿nated Funds Ireferred to wllectively as 'Committed Funds'l, the balance being Uncommitted Funds. As the charity is unable tr) predict the level of income, particulaty donations and legacies, from year to year, the charity's policy is to retain at least £100.000 of Uncorrmitted Funds, this level ￿Ing reviewed annually. The Designated Funds solety represent the chaTty's commrtted expendibjre on grants awarded to earchers. The awards are usualty lime-limrted. although an exten&on will be gwen if there are good reasons for doing so and providing rt results in the original purpose of the award ￿ing achieved. Any unused grants are retwned by the ¢harÉty and, in due course, ￿￿Ved frorn LkswJnated Funds. Some of the Restricted Funds date b*k many years and the fundtholder may have rets.red or moved away from AAIR-related research. In such cases, the charity's Folry is to encourage the fvnd-holder lo release the monies to the chanty to allow fvrther Desiqnated Fund awards to other AAIR researchers. The fund-holders are offered the incentive of having the award named after them. It is the charity's policy not to release unused Restricted Funds io the fund-hotders for purp)ses other than those pemirtted by the charity's charitable objects. Public benefit statement The trustees have considered the Charrty Commission's guidan￿ on teneff( induding the guIdar￿e 'Public benefft". running a charity IPB2)'. The charity is commilted to prormting researth that eontrFbutes to the relEf of sickness caused by asthma and associated allergy and aiNays diseases, and to provide education and trdining on the diagnosis and treatment of asthma, allergy and ainvays diseases. In carrying out their activibes and making their decisions. the trustees are mindfvl of the need to compty with their duty to have regard to the guidance on public benefft. Asthma Allergy & Inllammation Research Trust Ltd Trustees. Annual Report {including Oirectors. Report) Year Ended 31 August 2021 Structur4 governance and management Govoming document The charity is a private company limited by guarantee and. duriry the year. was govemed by rts Art￿S of Association, dated 3 D￿mber 2008. On 29 November 2021, the company adopted new Articles. The company was incorporated on 8 D￿rnber 2(Y)8 and registered as a chanty on 18 May 2009. effect from 1 September 2009. the company Ic#)k over the activities. assets and liabilrties of charity number 803715. which was constituted on 1 May 1990 and register8J as a charity on 2 July 1990. Appointmont of Tnmtges Trustees are recnjrted from anKJngst the senior n￿rnL￿S of the Unwersity of Southampton Faculty of Medicine, members of the n￿dicat wofession. and members of the general publi¢ who are recommended by the trustees and the professKJnal organisations wilh which the charty is asscLiated. Trnstee indueth￿ and ￿1￿Ing Potential tnjstees are required to complete an appliotion fom and declaration. Subsequentty, they are interviewed by a selection of existing trustees and gutded through the workings of the sub-dNision of the medical facuty known as Asthma. Allergy and Inftammation Research within which the charty mainly operates. The induction prccess indudes an introduction to Ihe day to day operation and adn1D￿trats.0n of the charity, and being provi¢Jed with copies of its annual reFQrt and accounts. minutes of re￿nt trustees, meetFngs and references for Charity Commission guidan￿ and information. Pn)spective tnjstees are atso invited to attend trustees. meetings to observe proceedings before being elected io the Lh)ard of trustees. The board of trustees, which comprises not less than three members (with no maximum}, oversees the Charity, with delegated authonty being gNen to tsvo sut￿committees". Finance Committee The Finance Committee has respowbility for okwatK)nal and financial management An administrator provides support and c￿rdinateS financial informthn for the Finan￿ Committee and the board oftrustees. During the year. the cornmittee compnsed three trustees: Professor Davies {chair). Mr Anderson and Mr Dunn. Scientific Committee The Scientific Committee scrultnises all Went1￿ grant and scholarship applications, provkding recommendations lo Ihe trustees on those suitable for funding. During the year, the committee comprised the folk￿n9 trustees.. Professor Lucas, Professor Davies and Dr Synek. (Xhers who supported the ￿MmIttee during the year were Dr Emily Swindle IAssoci8te Professor in Pharmacologyl. Dr Mark Jones (Assocth Professor in Respiratory med￿1n8) and Dr filman Sanchez- Elsner (Associate Professor in Biomed￿1nel. Risk management The trustees evaluate and mnitor risk at Iheir meetings aThJ aLso through the work of their sub4)mmittees. The princApal risks are as folbws.. Safe-keeping and managemerrt of ff¥)ney The financial risk, including the approxh to risk inherent in the charity's invesknnent portfolio, 1$ evaluated and monitored by the Finar￿e Committee. which meets three times each year and reports to the next meeling of trustees. One member of the Finan￿ Commtttee monitors the financial posrtion at least monthty, liaising wf(h the administrator and professh)nal trKK)kkeeper as required Appropriate s¢rutiny of grant applitsb.ons The Scientfft Committee assesses all applications, ensuring that they provide appropnate use of the charity's resources and fulfil the charity's obpcbves. and reports to the trustees at their next meeting Asthma Allaryy & Inflammation Research Trust Ltd Trustees. Annual Report (including Directors, Report) Year Ended 31 August 2021 AGhievements and perforniance Work has continued this year in refining the ChaTr￿s working ￿tiCeS and re￿[￿ keeping as well as introduryng others where necessary. Attendant wrth the day to day running requirements, the tnjstees have been parb"cularty careful not to neglect any of the charity's generous donors and volunteers. who have conts.nued to support its worK and thank them all for their supporL Legacies have again proved to be a substsntial part of the charity's donated income and for that the trustees are gratefvl to the estates and relabves of those kgators who have been so generous in their thoughts and actions. In most of these cases the chanty has had no previous cont* with the legators and its thanks to the familtes of the deceased can onty be channelled through a solKiior, it is the trustees. eamest hope that they reach the intended recipients. The chanty's income is suth that it is able to continue its assistsnce in fina￿n9 research in the UnNersty of Southampton Faculty of Mediune. or the allied 14Velkon* Tntst Clinical Research Facility and NIHR Biomedical Research Centre. Most importanty the trustees have been able to continue to suppjrt the all-important provision of grants for pumFFpriming research projects (reComn￿￿ed maxtmum £10,000 per award). eqUIprr￿nt grants loften leveraging against funds from elsewhere) and PhD research Studentships. During the financial year, the charity re￿i¥￿j £29,451 (2020". £25,588) in ck)nab"ons 2nd legacies, and incurred expenditure tolalling £140,510 (2020.. £141,594) in Pursuan￿ of ts objectives. Awards were made to researchers in the UnNerth of Southampton Fac#Jlty of Med￿1fte. or the allied Wellcome Twst Clinical Research Facility and NIHR Biomedical Research Centre. to SUPKK)rt new PLFmppriming projecl grants. provide studentship support andlor equIp￿nt grants to deliver the obiecbves of the chartty. The preservation of the integrity of the restr￿ed fvnds remains h￿h on the charity's prw list These restricted funds are held for the exclustve use of researchers and, in the main. are directly funded by corporate donations and extemal research grants. The restricted funds are regulaty reviewed by the tnjstees. Financial rnvièw The Charity achieved an overall deficil for the year (after net gains on investsnents of £76,142 12020.. £53.722) of £28.340 12020. deficit £55.070). The principal Sour￿ of funds during the year wa$ legacEs, tolalling £20.02012020.' £21,125) During the year. the chwity ¢onbnued to designate funds. awarding grants of £37.692 (2020: £139,837) At the end of the year. unrestricted fvnds totsllgj £543.446 {2020: £571,786). Total charity funds, induding stncted reserves of £48,585 (2020: £48.585), a￿kn)￿nted to £5W2.031 12020.. £620,371). The trustees have b&n giving fvrther consideratson lo those irKINidual restrirt￿ ￿ndS that have remained unused for several years, in an attempt to ensure that the fvnds are used for the purposes intended, or otherwise released to the charity for a￿rnatr￿e appropTHÈ purposes. Details of the charity's policy for hokling reserves are includgj in 'Objectsves and ￿tivr[les. (see page 5}. Asthma Allergy & Inflammknon Research Trust Ltd Trustees. Annual Report (including Dirnctors, Report) Year Ended 31 August 2021 Tru8tees' rnsponsibililles The trustees (who are 81so ditectors OfASth￿ Aller￿ & Inflammation Research Trust Ltd for the purFX)ses of company lawl are responsible for preparing the Twstees, Annual Report and the financial statements in accordance with applicable law and Uniied Kingdom Accounting Slandards {Unrted kngdom Generalty Accepted Att￿ntIng prxti￿). Company law requiRs the trustees to prepare finanual statemts for each finanryal year, whith give a true and tdir ofthe stste of affair5 of the chafitabSe company and of the incorring resources and application ot resour￿, including the income and expenditure, of the chwitabje company ft)r that period. In preparing these fina￿la1 stat￿, thè trustees are required to: select suit*)le acc4)unting wI￿leS and then appty them ccrtsi%tentty'. observe the methods and Pfinciples in the Charknes SORP 2019 (FRS 11Y2}" make judgements and eskn"mates that &e reasonable and prudent Fyepare the ffinancial staternents on the going (xA￿m b￿ unt8ss rf£ is inappropriate to preSuff￿ that the rAwntabte company wtll ￿ttinUe in opwthn. The trustees are reSponsi￿e for keeF¥ng adequate accountÈng record5 that wÉth reasonab accuracy al any time the financFsI pogts.on ofthe tharitable company and enable them to ensure that the financial statements compty with the Compan* Act 2006. They are also responsib￿ for safeguarding the assets of the charitstAe company and hence for laking r&28￿É2b]e steps for the prevention and detection of frwd and other irregutarthes. The trustees are resFonsible for the maintenance and integrtty of the and financial infom)8kn"on included on the charitsbte company's websrte. Legiskqtion in the United Kingdom governing the Pfeparalion and dwemination offinancaal *teffEnts may differ from *isl8tion in other jurisdictKins. On behalf of the boaftl oftrustees: Ftyofessor D Oavies, Asthma Allergy & Inflammation Rewrch Trust Ltd Independent Examinerfs Report Year Ended 31 August 2021 Independent Examlnefs Report to the TnMtees of Asthma Alleryy & Infiamrnatlon Research Trust Ltd I report to the charity trustees on rry examination of the accourrts ofthe company for the year ended 31 August 2021 which are set wt on pages 10 to 25. Respon$ibilitsos and basis of report As the charty trustees of the company (and alKfy ts directry5 for the purFK>ses of company law) you are ￿SpOnsible fr)r the preparatton of the accounts in accordan￿ wrth the require￿Ents of the Companies Act 20061'the 2¢JA Ad}. Having &qttsfied myself that the accounts of the company are not r4uired to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charTty's accounts as carried out under sectson 145 of the Charities Act 2011 {%he 2011 Act,). In carrying out my eXaMina￿n I have foll￿ed the Directions gNen by the Chafity ComMiss￿n under section 145{51(b) of the 2011 Act Indepondent examinerfs statwne I have completed my examinab"on. I confirm that no matter5 have cowe to my attenbon in connection with the eXaMinat￿n giving me cause to belseve that in any matenal respec£. accounting reu)rds were not kept in respect of the corrwny as required by section 386 of the 2006 Att, or the accounts do not accord with those recx)rds: or the accounts do not comply with the accounting reqltirements of section 3* of the 2006 Act other than any requirement that the accawnts give a Irue and fair vieW which ts not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for a¢counb'ng and ￿ports"n9 by charits.es lapplicable lo charittes preparing their accounts in ac¢ordan¢e with the Financk31 Re￿b.n9 Standard applicable in the UK and Republic of I￿￿9nd (FRS 102)]. I have no concems and have ¢))me &ross no ¢)ther matters in connection with the examination to which attention should be drawn in this rewrt in order to enable a proper understsnding of the accounts to be Teached. Tim y C Bentsll Tim Bentall LLP Arcadia House Maritime Walk Ocean Village Southampton S014 3TL CA 11 2a£L Asthma Alleryy & Inflammation R•search Trust Ltd Statèment of Financial Athtbes (including Income and Expenditure Account) Year ended 31 August 2021 2021 Total 2020 Total Income from: Donations arkd legacies Investments 29.451 6.577 29,451 6,577 25,588 7.214 Total Income 36.028 36,028 32002 Expenditure on: Charitable activilies 140.510 140,510 140.510 140,510 141.594 141,594 Total expenditure Net gains on investments 12 76.142 76,142 53.722 Net Income I lexpendftufe) (28.3401 128,340) ISS,070) Net moveMfr￿ In funds 15 {28.340) (28.340) (55.070) Reconclllatlon of fvnds: Total funds brought foFbfdrd 15 571.7 48,585 620,371 675,441 Total ￿nd* carrfed forward 15 543.446 48.585 $92,031 620,371 l income and expendrture derive from CC￿tinuEn9 ￿l¥￿Iles. The statement of financial acbvtties inclLKJes all gains and losses rwni*J during the year. 10 Asthma Alleryy & Infl•nmation Research T￿￿t Ltsl Balaftce Sheet Ag at 31 August 2021 2021 Fixeo •ss•ls InvestETents 12 580.875 617.954 Current •swts Debtors Cash al èrwj in l)ab¥J 13 9,399 37,1￿# 453 121.20 46An Cr¢dltots: faltlry du•¥J#hln onoyear 14 3SA23 19236 11.156 101417 Total AM•ls l•ss cuThenl li0￿1 592.031 620.371 591031 620.371 Charity Funds ReSt￿te Finance Infomiation techTh)kMJy Office costs Publicty and athiertising Investment management fees {note 7) Professional fees Travel other 2.580 382 7,211 14.358 1.555 6,108 1,092 Total 33￿57 G¢)veman¢• Costs 2021 2020 Independent examinerfs re￿Ineration 2,7Ch) 2.580 16 Asthma Allergy & Inflammation Research Trust Ltd Notes to the Financial Statements Year ended 31 August 2021 Investmont managoment Costs 2021 2020 Investment marwerfs fees and tharge5 6,142 6,108 Atl the at#)ve costs in t*)th years were attrlbulable to unrestrthd funds. Anatysis of grants Gf8nts awards a￿ made by des"gnatrng furKls for drawing down by the recipient subject to the ongoing approval of trustees, normalty on a stsged basis. AtTh)unts drawn down are included in expenditufe on chafitsble actsvtbes (note 41; MOve￿￿￿ts on the designated fvnds are shown in note IS. Grant &vards made during the year were as fDIkn¥5: Grants 2021 Grants to Indiv￿UalS Totsl Research aTrJ equipment grants avarded 37,692 37,692 AdjustffÈnt to grant aw*ded in previous year (7.648) (7,648) 30,444 GTrnts 2020 Grants to indNiduals Total Researth and equipment grants award8J 139.837 139,837 Retum of unused grants awarded in prhy yea (2.348) (2.348) 137.489 137,489 Inde￿ndent examlnerfs remuneratlon The independent exanwnerfs remuneration anN)unts to an independent examination fee of £1,350 (2020- £1,290) and other Serv￿ of£1.350 {2020 - £1.2901. 17 Asthma Allergy & Inflarnmation Research Tn*t Ltd Notes to the Financial Statements Year ended 31 August 2021 10 Staff costs and Bmployee benefits There were Tr) employees or staff costs in the ujrrent or wior year. 11 Truslees. and key management Porsonnd r•mungrn1ion and expenses The trustees neither received nor waived any retr￿neralK)￿ during the year {2020'. £Nil). The charity is Tr￿r￿ed by its trustees and has no other key management personnel. The reimbursement of trustees, expenses Wds as follows". 2021 Number of Trustees 2020 Number of Twstees 2021 2020 Travel 108 AdministratNe expenses 24 132 The administrative expenses in 2020 relaie to reimburserwit of the cost of brass plaques incurred by a trustee on behalf of Ihe chafity. No payments were maje directy to third pa￿eS in ¥ther year. 18 Asthma Allargy & Inflammalion Research Trust Ltd Notss to the Flnanclal Statements Year ended 31 August 2021 12 Fixgd assot investments List&J investments Cosl or valuation At 1 September 2020 Addthon$ DisF)osals Revaluation At 31 August 2021 517,954 154.674 (167.8951 76,142 580.875 Carrying amount At 31 August 2021 580.875 At 31 August 2020 517.954 Fixed asset ir¢vestments are measured initially at txist and subsequently at frdir value {their market value) at the reporting date. Investrnents at fair value comprise.. 2021 2020 Equities Bonds Global investments Absolute return Commodities Propety Other 150,212 130.614 227.671 47.467 16,397 154,485 122.736 159.753 38.004 30,509 5,284 7,183 8,514 The fair value of listed investments is pn)vided ty Brewin Dolphin and, ordinarity, is determined by reference to the mKldle market prKe at the close of t￿SInesS on the balance sheet date. 13 Debtors 2021 2020 Prepayments and acuued incorr Other debtors 1.655 7,744 9,399 453 19 Asthma Allergy & Inflammation Research Trust Ltd Notes to the Financial Slatements Year 8ndad 31 August 2021 14 Credilorn: amounts falling du? within ono yoar 2021 2020 Trade credrtors A¢uuals and deferred incory 16,074 19.349 10,966 8,270 3S823 19.236 15 Fund r8concili•lion Unrestricted funds Movem8nts fOr￿Par ended 31 August 2021 Balance at 1.9.2020 Net movement in frjnds Balance at 31.8.2021 Un￿striCted 279 W2 35 166 Designated fvnds: al Research grants bl Equipment grants cl PhD ￿dentshIpS 198,338 10,000 {50,859) 16,557) 147,479 3,443 57,358 208,280 292 124 571,786 (28.3401 £10,000 of the opening balan￿ of £208.338 for Research and equlpn￿nt grants has been reallocated to EqUIpn￿ftt grants. Movem8nts foryearend8d 31 August 2020 Balance at 1.9.2019 Net ￿￿)Vernent in fvrKIs Balarlce at 31.8.2020 unrestn.cted 365 Designated fvnds: a} Research and equipment gr b} PhD sludentships 147.118 61.220 208,338 262 240 292 124 628.140 {56.354) 571,786 20 Asthma Allergy & Inflammation Rosaarch Trust Ltd Notes to the Financial Statements Year ended 31 August 2021 Notg 15 (continued) Unrestricted funds: anatysis of movements Movemgnts foryearended 31 August 2021 Income Expendthre Transfers betsveen funds Gains I Ilossesl Net movement for the year Unrestricted 36.028 126,718) (29.948) 76,142 55,504 Designated.. al Research grants bl Equipment grants bl PhD studentships {88.551) 16.5571 (18.684) 37.692 (50.8591 16.5571 (26.4281 {7.744) 36.028 (140.510> 76.142 (28.340) overnents foryearended 31 August 2020 Income Expendthre Transfers be￿￿en funds Gains I Ilossesl Net movement for the year Unrestricted 31.386 (33,85n (137.489) 53.722 (86.2381 Designated= al Research grants bl Equiprrent grants c) PhD 5tudentships (76.269) 137,489 61.220 (31.336) (31.3361 31.386 {141.462) 53.722 (56.354 21 Asthma Allergy & Inflammation Research Trust Ltd Notes to the Financial Statements Year ended 31 August 2021 Note 15 (continued) R8strfct•d funts Balar￿e Net rrnvemerrt in funds Balance at 31.8.2020 Net movement in fijnds Balance at 31.8.2021 31.8_2019 Ardem-Jones European Asthma Friedmann Gadola Haitchi Hea Ho￿ale Prize Fund Vijayanand Waller Walls 6.977 2,830 6,869 2.826 1.813 7.107 6.977 2,830 6,869 2.826 3.097 7.107 500 6.189 6.977 2,830 6,869 2.826 3.097 7,107 500 6,189 7.984 4,206 1.284 6,189 7,984 4.206 4.206 1,284 Rgstricted funds: anatysis of movements Movements foryearended 31 August 2021 There were no ￿￿ernents in erther incowe ￿ experKlibJre during Ihe year. Movements ftKyearended 31 August 2020 Net rwvement for the year Expenditure Haitchi 1,416 1.416 132 {1321 1,284 Asthma Allergy & Infiammalion Research Trust Ltd Notss to the Financial Statements Year ended 31 August 2021 Not• 151continugd) Fund descriptio al Unrostrictod funds All unrestricted funts may be treated as designated. b} Deslgnated funds Research and equipment grants and PhD studentships The fvnds We￿ estsblished to support the work ar￿ study by students and others in aslhma, allergy and inflammation wrthin the Univetsty of Southampton Faculty of Medicine, or the allied Wellcome Trust Clinical Research Fa¢ilty arKI NIHR Research Centre. c) Restr￿ funds Restricted funds are for the purposes described tr*trw.' Ardeffl-Jones To SUPF)Ort the w(Yk of Dr Mich* Ardern￿or￿s in demwtology. partI￿larty wth the Wessex DermatolcNJy Advisory Committee and ￿ EUro￿n Dermatolo9ical Research. Europ8an Asthma To promote the European Initsative on AsthwA 4reed at a European Union meeting in Brussels and overseen by Professor Stephen HO￿ale. Fii8dm8nn To SUPF¥)rt the research and teaching of Professor Peter Friedmann in dermatology and especially his training work in EthKspia under the auspus ofthe European Academy of Demiatovenereology. G8dola and G8dola Ult￿SO￿nd Initiative To support the work of Professor Stephen Gadola in u1tr8sound studies in theumatology. Haitchi To SUPFth the work of Professor Hattchi in asthma researth. Healy To support the wort of Professor Eugene Heaty. parbojlaty wth the Brytish kniety for Invesbgative Dermatobgy and the European So• of DerM￿0g￿l Research. Holgate Prize Fund To fund a prize for the best ￿Ed￿al sw project in the Msc Allergy ¢ouTre at Unrversty Hospital Southampton. ijayanand To support the work of Dr Viiayanand on viNses. Waller To SLtpport the wcrt of Dr Dwek Waller in allergic disease. Walls To fund the Intemalional Mast Ce15 arKI Baso&thil Research meetings, held in SoutharTW. Asthma Allergy & Infiarnmation ReSea￿h Trust Ltd Notes to the Flnanclal Statements Year ended 31 August 2021 As at 31 August 2021 Total Fixed assets 327.290 225,Ch)0 28.585 580,875 Cash and Cufrent investnmts 12.334 4.846 20.0(M) 37.180 Other current assets l {lIa￿.11￿es) {4.4581 (21,W} {26,024) Total 335.166 208.280 48.585 592,031 As at 31 ￿gust 2020 Total Fixed assets 252.479 236,890 28,585 517.954 Cash and current inveSt￿nts 35.0(X) 66,200 20,OIM) 121,200 Other current assets I (liabilities) (7.817) {10.966) (18,7831 Total 279.6K2 292.124 48.585 620.371 24 Asthma Allergy & Inffammallon Research Trust Ltd Notss to the Financial Statements Year ended 31 August 2021 17 Relat¢d party transactions AdmInis￿tive servtces During the year, £13,652 (202tr. £12.912) was payable to a compary in which the trustee, Mr L A Dunn, has an interesc for administrative services provided to the charity by one of that company's employees. No benefft accrues to Mr Dunn, or the company in which he has an interest, the 2ddttional costs to the rnpany (including saL3ry and Empk)yefS' National Insurance) being matched by payments made by the chanty. At 31 August 2021, £3,413 (2020: £5,690) was accrued in respect of the seNices provided during the year. Research grants Applications to the charity for funding include those rnade. or supported. by Trustees for research into areas, relating to the chanty's objectives. in wh￿h they have SFecthc medul expertise. Such appltcations are scnjts'nised by the charity's ￿lenti￿ Comrnrttee. using the same process that is applied to all other requests. with the eX￿pIt￿l tha( rf the project invofves a member ofthat committee, the relevant Trustees recuse themsdves when a decisK)n is made about their application in order to avoid a of interest Tn&ees do not benefft dir￿ty from the grants awarded. During the year, no grants were *Rrded for research woigxs in whth trustees had an interest12020'. none). The movements for the year are shcwn bel￿. Tmstee& Balance sumame und￿wn at IAW20 Expenditure in the year 8818nce Und￿￿￿ at 31/8r21 Davies RotErts Lucas 17 4.924 11.904 16.845 17 4.924 10,602 1.302 1,302 Movements in the yearended 31 August 2020 rrustee's B81ance Expenditure in surnarne undrawn at the ￿ar ILW19 8alance undrawn at 31/P￿0 Davies 17 17 Roberts 4.924 4,924 Lu 19,542 24.483 11,904 7,638 18 ContingODt assets- lega¢y Income At 31 August 2021, the chanty had been notsfied of three12020. two) resKluary Wacies land, at 31 August 2020, one pecuniary *acyl. the values of whtch coukj not be measur￿1 reliably andlor where payments had not been agreed by the execulots. At the balance sheet date, the esknmated amount r￿e1vable was £160.500 (2020.. £174.000). 25