Asthma Allergy & Inflammation Research Trust Ltd
Financial Statements
Year Ended 31 August 2023
Charity registration number. 1129698
Company registration number: 06767479

Contents
Page
Charity Reference and Administrative Detsils
Trustees, Annual Report (including Directors, R￿jort)
Independent Examinerfs Report
Slalement of Finanual Activit￿$ (including Income and Expendrture Accountl
Balan￿ Sheet
10
11
Notes lo the Financial Statements
12-25

Asthma Allergy & Inflammation Research Trnst Ltd
Year Ended 31 August 2023
Charity Reference and Administrative Details
Charity registration number
112%98
Company registration number
67479
Trustees
Professor D Davies
MrLASDunn
Piofessor S T Holg*e
Professor J Lucas
Professor G Roberts
Dr J Slaler-Jefferie5
Dr M Synek
Registered office
PAailpoint 810. Level F
Southampton General Hospital
Tremona Road.
Southampton
S016 6YD
Independent Examiner
T C Benlall FCA
Tim Benlall LLP
Toyd Cottage
Rockboume
Fordingbridge
SP6 3PF
Solicrtors
Paris Smf(h LLP
Number 1 London Road
Southampton
S015 7AE
Investment manager5
RBC Brewin Dolphin
12 Smithfield Street
London
EC1A 9LA

Asthma Allergy & Inflammation Research Trust Ltd
Trustees, Annual Report {induding Directors. Report)
Year Ended 31 August 2023
The TTUStees present their reExJrt arml the finar￿1 Stat￿￿￿ of the charity for the year eridèl 31 August
2023. The TnJstee5 have adopted the provtstons of the Statement of R￿OrnMended Pwtice ISORPI
°Accounting and Rep)rting by Charik5' in prepanng the annual report and fit%naal statements of the
charity.
Chairfs report
The AAIR Charty is proud to raise funds for the wortL1-renowned asthma. allergy and ￿Spiratory research
department at Universty Hospital Southampton FacuKy of Med￿lne. The Faculty has experts who have
made nBny important breakthroughs. from understanding n*thanisms of d￿ease to pK)neering new
treatments and infiuencing gu*delines.
Thankfulty. the CQVID pandemic eased during 21Y22-2023 and we saw a graflual rehjm to normal lrfe in the
UK. However, long COVFD ￿nti￿LIeS lo be tKx)rly t1nde￿lO￿J, affecting people's li¥es through persistent
fatigue or brain fog, as well as taknng them out of the workforce. FurthemK>re, while the winter months at the
@nd of 2022 saw fewer hospital adrnissions for COVID-19 than during the 'iirst two major outbreaks of the
pandemic, there was a much sleeper rise in admissions for antt other respiratory viruses. bringing extra
PTessure on our NHS. Beyond COVID. Ihe Heallh Eltects of Climate Change in the UK 2023 Report
highlighted that air pollution is one of the greatest enwTonmental nsks to public health in the UK and the
effects of climate change on outdoor air pollub.on was highlvJhted as a maior Con￿rn. Importanuy, some
people are rn0￿ sU￿ptib￿e to the health effects of air pollution induding those wrth preexisting respiratory
and cardiovascular di*ases. y￿jr￿3 people, pwnant women. older wple and iow4nwme communities.
Given the burden of lung diwse, rt is unsurprising that the UK Govemmenvs 2021 Life Sciences Wision,
which fr￿SeS on heltxng the NHS lo solve of the biggest healthcare tKoblems of our generation,
identified reduang nthKIty and nyjtslty from resFxratw disease as one of the seven healthcare missKsn
priorrties.
During 2022-2023. So(rthampton's respiTatory dortors. nurses and researchers have continued to work
towarts better understanding and approaches for treatrnent of respiratory and alkrgi¢ diseases. The AAIR
Challty is committèd to help aCh￿ve these goals espeaally through ]everaging our fijnding by pump-pnme
studies for larger grant applications and supwrting the next gener*J"on of respiratory research scientists.
For ex2mple, AAIR fvnded a feasibilty study In asthmatic children which was used lo develop a protocol for
a ftjll randomised study which is now ftjnded by the NatK>nal Insbtule for Health and Research INIHRI. The
Prescriplton Alerts for Reltever inhalers in Children {PARCI project will determirte whether targeted.
enhanced asthma reviews in high-risk children can prevent severe asthma attacks and are cosleffectrve.
AAIR-ftJnded researchers have also devebped a (￿MpleX nyxlel of lung afveoli (the air saGS of the lung
where the blood exchanges oxygen and cartK)n dioxide during the process of breathingi which is now being
Used lo analyse the effect of air pollut¥)n on alveoli. This typè of work is imwrtanl because not only can air
pollutants damage the alveoli. bul ukrafine particulates Inanopartsc￿s that are less than 100nm diamelerl in
the air pollub.on can cros5 wa the afveoli into the Girculation lo (ause further damage lo the heart and other
organs. Other AAR-funded projects have focussed on genetic mulations affects.ng motile rilia Ifinger4ike
projections that beat and tTr)ve micr(>bes and debris such as air pollution partides up and out of the
airways). These mulations cause primary ctliary dy5kinesLg IPCDI, an airway disease char2Cterised by
mucus build up wh￿h ￿adS to inflammation and infection in the lungs. mutah.ons that affect non-mob.le
cilia (known as primary cilia) can cause a bro￿1 spectrum of developrnental syndromes affechng sever31
organs. AAIR-funded research has identthed a novel mtrtalion in a 9elle which causes &primary ciliopathy
affecting skeletal development combs.ned with defective mob'le cilia and PCD. This has expanded the
genetic profile of PCD and developed the rrvjlecular understsnding of motile and primary c¢lia. Researchers
have also developed and charactetised an immortalised rTK)del of airway eprthelium with PCD caused by
mulalions In the DNAH5 gene. A LifeArc programme grant will hamess this SUC￿$$ by developing further
PCD-gene models for high throL*ghput screening of novel therapeutics_
On beha￿ of all the Trustees, I would like to thank our generous donors and benefactors whose ¢ontr"nued
support is essential for funding research into asthma and other lung diseases. During 2022-2023. this
support has enabled the AAIR ChaTity to award alnN)st £65,QOO to fund a wide range of new projects,
provide siudentship supporL butsaries for the Msc Allergy Course and equipnEnl grants to support studies
of asthma. allergy and other lury diseases. For rr#ye information, please see our website."
htt Jlvth¥.aaircha
.or
Professor D Dav￿. Chair

Asthma Allergy & Inflammation Research Tntst Ltd
Trustees. Annual Report (including Dlrector5' Report)
Year Ended 31 August 2023
Directors and Trustees
The directors of the charitable company a￿ its trustees for the purposes of charity law. The Iwstees who
served during the year and. unless otherwise noted. Since the year end. are as follows..
Professor D Davies
MrLASDunn
Professor S T Holgate
Professor J Lucas
Professor G Roberts
Dr J Slaler-Jefferies
Dr M Synek
Objectives and activities
Objectives
The objectives of the ¢harty are".
The ￿lief of sickness by prOmot￿n of research inlo asthma and associated allergy and airnays
diseases, and r(s diagnosis and treatment. principalty in the Universty of Southampton Faculty 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 medical ¢onsideralion the results of such
re*arch
To provide edtJcatKJn and training on the diagnosis and treatment of asthma. allergy and airways
diseases
The strategies employed to achieve the chanty's objecttves are..
To present lo pharmaceutical producets a Veh￿te whereby they can contribute lo research in to
asthma, allergy and inflammation
To facilitate the purchase of major items of equipment necessary for such research
To enable researchers within the Unwersrty of Southampton Faculty of Medicine to attend seminars
and conferences thr¢)ughout the wodd relating to asthma, allergy and inflammation
To support the Faculty of M￿1Cl￿e by financing the research fees for holders of specialist skills as
and when appropriate lo the ¢Jbjectives of the charty
To provide a veh￿Ie to hold and dispense fvnd5 al(ocated to invests"gators for Wofk in asthma, allergy
and inflammation wrthin the Facurty of Medicine
To promote and develop the woth and stLbdy of a¢￿jemIc* in asthma, al￿rgY and inflammalion
within the Facutty of Medicine
A¢tivitFes
Information about how the above strategies are appl￿d rs gNen in Achievements and Perfonnance {see
below).
Policigs
The principal pol*cies of the charty are as folbws..
Grant making
To ensure the charty's WO￿ delivers its aims and objectives. the Scientific Commrttee remews all grant
applicalK)ns and makes reCommendat￿n5 foi funding or reject¥Jn to the full Board of Trustees based on
scientffjc quality and validity, fft to the Charty cèjectives and hthv the proposed work will lead to future
external funds.

Asthma Allergy & Inflammation Research Trust Ltd
Trustees, Annual Report (including Director5, Report}
Year Ended 31 August 2023
Objectives and activities (continued)
Grdnl makAng {conb"nuedJ
The charity is particulaTly keen to supwrt early career researchers to help them to become rnore established
investigators and this is also refle¢led In the recommendatiOll5 made by the scientif￿ Commtttee. Each
grant award is subject to provision of an annual review of pro9￿$$, which is assessed by a member of the
Sc￿nt￿l¢ Cornmrttee, and a final re￿rt is required. It is a condf(ion of the award that the applicant5
acknowledge the AAIR Charty in any pUbl￿atIonS or presentat￿n$ lo scienlffic or lay aydiences.
Investment
The charity has aprK)inted the professional investment advisers, RBC Brewin Dolphin, to manage tts
investment portfolio on a discretsonary basis.
In October 2016. the ¢harty adopted an Investment Policy that..
Albws the porrfolio to be invested wdely
Requires diversifiGation by asset Class and man￿er. so that one half of the total sum invested
carries a very low investment risk profile Icash or near cash Investments denominated in slerlingl
and one haw of the sum invested carrEs a moderale investment risk profile. The asset classes can
include cash, bonds, equf(ies, propety. hedge funds. structured products, private equity,
commodrties and any other asset th* is deemed surtable and does not conflict Y￿h the chanty's
purp(Ise
Restricts the proportion of investrnent in non-steJ14ng assets
Requires all investments to be realisable wrthin three months
Seeks a retum on non-cash baLgnces of inffation plus 4% per annum over the long term, after
expenses
The Investment Policy is reviewed annualty.
Rese￿e$
Of the lolal assets held by the ch3nty, some represent funds that a￿ committed to specrfic purposes. or to
grants and awards. in the form of Restrsded Funds and Designated Funds (referred to collectively as
'Comrr7ttted Funds'l. the balance being Un¢ommrtted Funds.
As the charity is unable lo predict the level of income. particulaty donations and legacies, from year lo year.
the charity's poltcy 15 to retain at least £100,000 of Un¢ommrtted Funds. this level being reviewed annually.
The Designated Funds solely represent the charty's ¢ommrtked expenditure on grants awarded lo
researchers. The awards are usualty time-limited. although an exlensKJn will be given if there Sre good
reasons ft)r doing so and providing rt results in the original purpose of the award being achieved. Any
unused grants are retained by the ehanty and. Ni due course. removed from Desigr>aled Funds.
Some of the Restricted Funds date back many years and the fund-hokler may have retired or moved away
from AAIR-related research. In such cases. the Charity's rK)Iicy 15 to encourage the fund-holder to release the
monies to the charty to allow further Designated Fund awards lo other AAIR researchers. The fund-holders
are offered the Incentive crf having the award named after them. 11 is the charty's policy not lo release
unused Restricted Funds to the fund-holder5 for purposes other than those permitte(J by the charity s
chartiable objects.
Public benefit statement
The trustees have considered the Charity Commi8shJn's gU¥jan￿ on public benefft. including the guidance
'Publi¢ benefft.. running a charty IPB21'.
The chanty is commrtted lo promoting research that contn"butes to the relief of sickness ¢aused by asthma
and associated allergy and airways diseases. and lo provide education and training on the diagnosis and
treatment of asthma, allergy and airways ctiseases. In carying out their actN4ts'es and making their decisions,
the trustees are mindhjl ol the need to compty with their dEty to have Tegard to the guidance on public
benefit.

Asthma Allergy & Inllammation Research TTUSt Ltd
Trustees. Annual Report (including Directors. Report)
Year Ended 31 August 2023
Structure. governance and management
Govemlng document
The charity is a private company limtted by guarantee and is govemed by ts Articles of Association, dated
29 November 2021. The company was incorporated on 8 December 2008 and registered as a charity on 18
May 2009. Wf(h effect from 1 September 2009, the company took ovei the a¢livrties. assets ar*d liabiif(ie5 of
charty numbei 803715. which was con5trtuied on 1 May 1990 and tegislered as a charity on 2 July 1990.
Appointment of Trustees
Trustees are recrurted from amongst the members of the UnNersty of Southampton Fa¢uKy of
Medicine. members of the medical profession, and members of the general public who are recommended by
the Iruslees and the professional organisations wrth which the charty is associated.
Trustee induction and training
Potential trustees musl be recommended by an existing Diredor ITrusteel of the Charrty. All trustees will be
entitled to vote on the appointment of new trustees and they will be given at least seven clear days, notice of
any resolution lo be tr) a meeting to appoint a new trustee. Once their appointment is approved by the
Irvslees, the new trustee will be sent key dctumenls regarding the Charty and ￿t$ objectives. These will be
as follows..
The Ch8Tity's Articles of Ass(Kiation (containing the Chanty's policy on dealing with conflicts of
interesti.,
The Charty's latest annual reptyt and accounts..
Minutes of the most recent trustees, meeting,.
The Charity Commission's essent￿1 guidance on being a trustee.,
Any other key documents required fof the posit￿)n.
New trustees will be invrted to the next Trustees, meeting following their appointment. Their appointment will
e forma5ised * Companies House and the Chanty CommL%SiOn.
Oryanisation
The board of trustees. whsch comprises not ￿sS than three members (with no maximum}, oversees the
charty. with delegated authonty being gNen to tsvo sub-ccynmiitees..
Finance Committee
The Fin8nce Committee has responsibilty for operational and financial management. An administrator
provides support and coordin*es firtancial information for the Finan￿ Committee and the board of trustees.
During the year, the committee comprised trustees.. Prolessor Davies (chair) ond Mr Dunn.
sc￿nI￿￿ Comn7ittee
The ScienttfiG Commrttee 5crutinises all sc￿nI￿1¢ grant and scholarship appliGaliDns. providing
recommendations lo the trustees on those SLsriable ￿ funding.
During the year, the commrttee comprise¢J the folknwing trust￿S.. Professor Lucas. Professor DavEs Dr
Synek. Others who supported the committee during the year were Dr Emity Swindle IAssociale Professor i
Pharmacologyl. Dr Mark Jones (Associate Professor in Respiratory Med4cinel and Professor Tilman
Sanchez-Elsner (Professor of MO￿ular ￿ed￿lne1.
Risk management
The trustees evalLJale anij monitor risk at their meetings and also Ihfough the wort of their sub-commrttees.
The principal risks are a5 follows".
Safe-keeping and management of nN)ney
The financial risk. including the approach to risk inherent in the chanty's investment portfolio. is
evaluated and monrtored by the Finance Committee, wh*ch nonnalty meets thr* b.mes each year and
reports to the next meeting of Iruslees. One rrtember of the Finance Committee monrtors the financial
Posttion al ￿ast monthly, liaising wrth the adminislralor and professional bookkeeper as required
Appropriate scrub.ny of grant applications
The Scientrfic Committee assesses all applicatDns, ensuring that they provKle appropriate use of the
charity's resources and fLtIfiI the char¢ty'"s objectives, and reports to the ttustees, norinally al their next
meeting.

Asthma Allergy & Inflammation Research Trust Ltd
Trustees, Annual Report (including Directors. Report)
Year Ended 31 August 2023
Achievements and perfomiance
Work has continued this year in refining the charity's working practices and record keeping as well as
introducing others where necessary. Attendant wrth the day-lTrday running ￿quirements. the trustees have
been particularly careful not to neglect any of the chanty's generous donors and volunteers, who have
continued lo support rts work, arHJ thank them all foi their support.
Historically, legacies have Pfoved to be a substantial part of the ¢harity's donated income and for that the
trustees are gratefLJI lo the estates and relatives of those legalors who have been so generous In their
thoughts and actions. In most of these cases the charrty has had no previous contact with the legators and
its thanks to the families of the deceased can onty be channdled through a Sol￿rtOr.. it is the trustees,
earnest hope that they reach the intended recipEnts.
The charrty's income is such that rt is able lo continue its assistance in financing research in the Universty of
Southampton Facuhy of Meéfjcine, or the allied Wellcome Trust Clinical Research Facility and NIHR
Southampton Biomedical Research Centre.
Most importantly the trustees have been able lo continue to support the all-importanl provision of grants for
pump-priming research projects (recommended maximum £10.000 per award), equipment grants loften
leveraging against funds from e15ewherel and PhD research Studenlships.
During the financial year, the charity received £38.132 (2022.. £3,355) in donations and legacies, an(t
incurred expendrture totalling £80,41912022.' £67.7391 in pursuan￿ of rts objectives. Awards were made lo
searchers in the UniversTty of Southampton Faculty of Medicine. or the allied Well¢ome Trust Clinical
Research Facilty and NIHR Sothhampton Biomedical Researeh Centre. lo support new pump-priming
project grants lo deliver the objectives of the chanty.
The preservation of the integrity of the ￿$tricted funds remain5 high on the Charity's priority list. These
restricted ftsnds are held for the excluswe use of researchers and, in the main, are directty funded by
corporate donations and exiemal ￿searCh grants. The restricted fvnds are regularfy revwed by the
trust￿$.
Flnancial review
The charty achieved an overall deficit for Ihe year of £38.812. after net losses on investments of £5,309,
12022.. net deficit £138,387, aftei nel losses on investrnents of £79,140}. The principal source of funds during
the year was legacies lolalling £34.80412022". the piinc4)al scNJrce was investment income of £5,137).
During the year. the charity Continu￿ to designate funds. awarding grants of £69,875, which included an
adjustment lo a grant awarded in a prior year of £5.44212022.' totsl awarded £55,829).
Al the end of the year, unrestrtcted funds totalkd £380,65212022". £415.8471. Total charity funds. including
restricted reserves of £34, 18012022." £37.7971. amounted lo £414.83212022.' £453,644}.
The trustees have been giwng fvrther consideration to those individual restricted ftjnds, which have
remained unused for several years, in an attempt to ensure that the funds are used for the purposes
intended, or otherwise released to the charty for related, appropriate purposes. During the year, wrth
aulhorty from the re￿vant fundholders. £nil12022-. £10.1991 was released from restricted funds lo general
funds lo facilrtate further grar¢t awards.
Details of the charity's policy for hdding reseNes are included In 'ObiectNes and 8ctivrties' {see page 51.

Asthma Allergy & Inflammation Research Trust Ltd
Trustees. Annual Report (including DireGtOTS' Report)
Year Ended 31 August 2023
Trustees. responsibilities
The trustees (who are aL£o directovs ofA8thma Al￿rgY & Infiammatson Research Trust Ltd for the
purposes of company lawl are restK)nsible for preparing the Tru5tees' Allnual RerM)rt and the
financial statements in aC￿rdan￿ with apPl￿ble law ar￿fj Uniled King(kJm AccL)unting Standards
Iuniie(l Kingdom Generalty AC￿pted Accounts￿ P[xti￿)
Company L3w requires the trust*5 to prepare finartial statements fDr e&h fmanaal year. Under
company law. the trustees must not approve the financial ststements unless they are satisfied that
they give a true and fair view of the state of affairs of the chairtable company and of the incoming
resources and applicat￿n of resources, including the incx)we arKt expendituie, ol the charitable
company for that per￿. In prepanng these financial ststements. trust*S required to".
sdect suitsble accounting and then appty them coftsisteTrUy,"
observe the r￿lOd5 and pri￿1p￿ in the Charitss SORP 2019 {FRS 102):
makejudgements and estimates that are reasonable and pnjdent",
prepare the financial stslements on the going con￿ll ba￿S unless it is
inappropriate to presurne that the Charitab￿ corrpany will continue In Ope￿Il0n.
The trustees are reswnsibte for keeping adequate ￿$un*"n9 records that disclose wrth reasonable
accuraey at any lime the financial posrfj.on of the chatitable company and enable them to er7sure that
the financial statements 0)Mp￿ with the Companies Ad 21￿. They are also responsible for
safeguarding the assets of the charitat￿e company and heno fDr taking reasonabk steps for t
prevention and detection of fraud ar￿ other irregulariiies.
The trustees are responsibte for the rroimenance aTrJ inbjnty of ¢xJrpordte and financial
informabon included on the charitsble ¢ompany's websrte. Legislatt"on in the United Kingdom
goveming the preparat￿n and dissemination of finan￿81 stalements may dtffer from ￿l51a￿.0￿ in
otherjurisdth"oris.
On behaff of the l%)ard of trustees
Professor O Davies. Tnjstee
Date.. 16 April 2024

Asthma Alleryy & Inflammation Research Trust Ltd
Independent Examinerfs Report
Year Ended 31 August 2023
Independent Examinerfs Report to the T￿￿te9$ of Asthma Alleryy & Inflarnmatlon Research
Trust Ltd
I report lo the charity trustees on my examinat￿n of the &counls of the corT￿nY for the year ended
31 August 2023 wh￿h are set out on pages 10 10 25.
Responsibilities and basis of report
As the charity trustees of the company land also its directors for Ihe purposes of company lawl you
are responsible for the prepar*ion of the accounts in accordan￿ wrth the r￿UirementS of the
Companies Act 2C4)6 Ilhe 2006 Act'}.
Having satisfied rnyse￿ that the accourts of the company are not required to be audited under Part
16 of the 20￿ Act and are eligible for independenl examination. I rewjrt in respect of my
examination of your company's accounts as Cairied out under section 145 of the Charrties Act 2011
I'the 2011 Act'}. In carrying out my exam£n81ion I have followed the Directigns gwen by the Chaiity
Commission under section 14515llb) of the 2011 Acl_
ndependent examinerfs statement
I have completed my examination. I confimi that no matters have come to my attention in connection
with the examination giving me cause to believe that in any malerral respect..
accounting ￿cordS were not kept in respect of the company as requir￿ by seclion 386 of the
2006 Act." or
the accounts do not accord with those records.. or
the accounts do not compty with the accounting requTrrements of section 396 of the 2(X)6 Acl
other than any requirement that the accounts g£ve a 'true and fa%r view. which is not a matter
considered as part of an independent examination-, (
the a¢¢ounts have not been prepared in accordan￿ with the rneth(xJs and principles of the
ststemenl of Recommended Practice for accounting and reporting by charities lapplicable to
harrts.es preparing their accounts in 8CCordar￿e with the Financial Reporting Standard
applicable in the UK and Republic of Iretand IFRS 102}1.
I have no concerns and have come across no other matters in connection wrth the examination to
which attention should be drawn in this report in order to enable a proper understsnding of the
accounts lo be reached_
Timothy C Belllall FCA
Tim Bentall LLP
Toyd Cottage
Rockbourne
For(lingbridge
SP6 3PF
Date..

Asthma Allergy & Inflammation Research Trust Ltd
Statement of Financial Activities (including Incorne and Expenditure Account)
Year ended 31 August 2023
Unrestrided Restrided
funds
hjnds
2023
Totsl
2022
Total
Note
Income from".
Donations and legacies
Investments
38.132
8,784
38,132
8.784
3,355
5,137
Total income
46,916
46.916
8.492
Expenditure on:
Charitable activities
Total expenditure
76.802
76.802
3.617
3,617
80,419
80A19
67,739
67,739
Net gainslllossesl on investments
12
15,309)
(5,309)
{79.140)
Net incomellexpenditurel
135,1951
13.617) 138,8121
{138,3871
Transfers between funds
Nat movement in funds
135,1951
13.617} (38,812)
1138.387)
Re¢onciliation of funds:
Total funds brought forward
15
415,847
37,797 453.644
592.031
Total funds carried forward
380.652
34.180
414,832
453.644
All income and expenditure derive continuing activities.
The statement of financial actEvtties includes all gains and kisses recogni8ed during the year.
10

Asthma Allergy & InfI￿rnall0n Research Tnmt Ltd
Balance SIKet
As al 31 AuguBt 2023
2023
2022
Flxed as¥•ts
12
371.812
m.397
13
11A21
91613
10J72
Cash al bank 8ThY in hand
10&934
Crnd114xs: •nouhts falllng du•wlthin ono yoar
14
80￿14
13.613
75,247
Totsl assets 1•8s cuThent Aabilili•ts
414832
414,832
Charlty FUNIS
15
15
34180
380M2
31,797
415A47
Unrestrict8J funds
Totsl charity fu￿1&
4#4832
For the year endNI9 31 Aoust 2023. the (>)nyry Yrds entiiw lo wmpts)n from attfrt under *bon 471 of
the Companies ALY 2C(O relating to snpll crMnwte&
The Mem￿ have not requ￿ed th8 to obtaNI an awlit of i& thathl slat•ner)ts for ts year in
queslion in aC0)rdar￿ th se(aM 476 of th8 c￿￿nieS Act 2(￿.
The fingnck?I statenMts were apwoved aTvJ aumv￿j ftK isgje ty lh8 Bowd on 16 Awl 2a24.
&gned on tshalfof the lThrd ￿trUstee$.
L A Dunn. Tn
Data. 2310412024
0*23
O z()2fr
Tho notes M p3g8s 12 b 25 fonn p*tollhe8e fina￿la1 s1*e￿￿
Ccrfnpany re9istrallcn rRfftiber. C6767479

Asthma Allergy & Inflammation Research Trust Ltd
Notes to the Financlal Statements
Year ended 31 August 2023
Summary of Signifi￿nt accounting policies
lal General information and basis of p￿paratIOn
Asthma Allergy & InflammatKJn Research Trust Ltd is a private company limf(ed by guarantee
registered in England and Wale5. In the event of the Charty being wound up. the liability in respect
the guarantee is limited to £10 per me￿ber of the charrty. The address of the registered office is
given in the charity infomialion on page 2 of these financial Statements. The nature of the charity s
operations and principal a¢twrties are described in the Tru5tees' Annual Report.
The chartty constitutes a public benefft enlity as defined by FRS 102. The financial slalements have
been prepared in accordance wjth Accounting Reporting by Charities." Slalement of
Recommended Practice applicable to charities preparing their accounts in accordance wrth the
Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the
Financial Reporllng Stsndard applIcab￿ in the Unrted Kingdom and Republic of Ireland IFRS 1021. the
Charities Act 2011, the Companies Act 201￿ and UK Generally Ac￿pIed Accounting Practice.
The financial statements are p￿Pared on a 90ing concem bas55 under the historical ¢osl convention,
m¢JJrfied to include certain items at fair value. The financral statements are presented in slerfing which
is the functional Cufrency of the charity.
The signrficant accounting poli¢ie5 applied in the preparation of these financial slalements are set out
below. These policies have been Consistent￿ applied to all years presented unless otherwise ststed.
Ibl Funds
Unrestricted funds are availabk for use al the dtscretion of the trustees in furtherance of the general
obje¢twe5 of the charity and which have not been designated for other purposes.
Des*gnated funds comprise unreslrthd fun¢Js that have been set aside by the trustees for particular
purposes. The aim and use of e&h designateAJ fund is Set oul in the notes to the financial slalements.
Restricted fvnds are funds wh￿h are to be used in accordance wrth specific restrictions imposed by
donors or which have been raised by the charrty for particular purposes. The cost of raising and
administering such funds are charged against the spectfic fund. The aim and use of each reslricled
fund is sel out in the notes to the financial statements.
l¢} Income rKognltion
All incoming resources are included in the Statement of Financial A¢tNrties ISOFAI when the charity is
legally entitled lo the income after any perfomiance conditions have b￿n met. the amount can be
measured reliabty and rt is probable that the income will be received.
Donat¢ons'. rf therp are conditions attach&J to the dOnat￿n and it require5 a ￿Ve1 of perf0mlan￿ before
entitlement can be obtained. incL¥ne is deferred until Ihose condrtions are fvlly mel, or the fuffilmenl of
those ¢ondEbons ￿ within the cothrol of the chanty and rt is pfobable that they will be fulfilled.
Donated facilities and donated professional serv￿e$ ale recognised in income al their fair value when
their economic beneff( is probable, they can be measured reliabty and the charity has control over the
rtem. Fair value is detemiined on the basi5 of the value of the gfft lo the charty. for example the
amunt the charity would be willing to pay in the open market for such facl1rt￿S and Servi￿S. A
corresponding amount is recognised in expenditu￿,
No amount is includ￿￿ in the financial ststements for general volunteer time.
12

Asthma Allergy & Inflarnmation Research Trust Ltd
Notes to the Financial Statements
Year ended 31 August 2023
Icl Income recognition (continued)
For legacies, entrtlement is the earfier of the dale on which erther. the charty is aware that probate has
been granted. the estate has been finalised and the Ghaaty has been noltfied of an impending
distribution, or when a distrib{rt￿n is received from the eslale. R￿1p1 of a legacy. in whole or in part,
18 only considered probable when the amount can be measured ￿liablY and the charity has been
notified of the execulorfs inlerktion to make a distribution. When legacie5 have been notified lo the
harty, or the charsty is aware of the granting of probate. and the crrteria for income recognition have
not been met. the legacy is treated as a conts"ngent asset and disclosed in the notes to the financial
Statements.
Investment income is eamed through holding assets for investment purposes, such as shares, and
includes dividends and interest. Income is included when the amount can be measured reliably and
the ¢harily's right to receTrve payment is estsblished.
Idl Expenditure recognrtion
All expendrture is accounted for on an accruals basis and has been classified under headings that
aggregete all costs related to the category. Expenditure is recognised where there is a leg81 or
constructive obligation to make payments to th5rd partEs, it is probable that the settlement will be
required and the amount of the oblyation can be measured reliably. It is categorised under the
following activty headings".
ExpendrfutB on chaniable aC￿rt￿$." includes the costs of making grant awards in furtherance of
the charity's key objectives and their associated support costs.. atyl
Olher expenditu￿.. represents Ihose rtems not being 'expendrtuie on chantable activities, or the
cost of raising funds.
Irrecoverable VAT is charged as an expense against the ¥tivtty for which the expenditure arose.
Grants payable lo third parb.es are within the Charitab￿ obJ"ectives. W)ere uncondrtional grants are
offered, they are accrued as scx)n as the Tecipient is notified of the grant. as this gives rise lo a
reasonable expe¢lalion that the ￿1plent will receive the grants. Where grants 8re conditional relating
to perfomiance, the grant is onty accrued when any unfi1￿lled conditx)ns are outside of the control of
the charity. Condrtional grants ale treated as de5HJnated fijnds, details of wh￿h are shown in note 15.
lel Support costs allocation
Support costs a￿ those that assist the woth of the ¢hartty but do not dI￿￿Y represent charitable
activilEs,' they include office costs, governan￿ costs arxl administrative costs that are incurred
directly in support of expendrture on the objects of the chanty. The basis on wh￿h support cos15 have
been allocated is sel out in note S.
lfj Investrnants
Investments are recognised initialty at fair value. which is normally the transaction price excluding
transaction costs. Subsequenlty. they are measured at fair value wrth changes recognised in 'net gains
J Itossesl on investrnents, in the &)FA.
Igl Debtor5 and credltors r￿e1Vable I payable within one year
Debtors and creditors receivable or payable within one year are recorded at transaction pri￿.
Ihl Provisions
Prowsions are recogniwj when charrty has an obligat￿n at the balance sheet date as a resutt of a
past event, rt is probable that an ouffiow of economic beneffts will be required in settlement and the
amount can be reliabty eslimaled.
13

Asthma Alleryy & Inflammation Research Trust Ltd
Notes to the Financial Ststernents
Year ended 31 August 2023
{il Tax
The chanty is an exempt charriy wrthin the meaning of Schedu￿ 3 of the Charties Act 2011 and is
considered to pass the tests set in Paragraph 1 Schedule 6 Finance Act 2010 and therefore rt
meets the definit￿n of a charttable company for UK corwration tax purposes.
(i} Going concern
The financial statements have been prepared on a going con￿￿ basis as the trustees believe that no
material uncertainties exist. The trustees have 0)nsider￿1 the level of funds held and the expected
level of income and expendrture for 12 months from authorising these financial statements. The
budgeted income and expendrture is sufficient wf(h the level of reserves for the charity lo be able to
contsnue as a going concem.
{k) Judgements and key sources of estimation uncertainty
Apart from those invofvTrng estimates. no key iudgemenls have been made in applying the above
accounting policies, wh￿h have a s￿n[r￿ant effect on anK)unts recognised in the financial statements.
No key assumptions have been made Con￿mIng Ihe future. and other key sources of estimation
un¢ertainty, at the reporting dale that have a s￿n￿leant risk of Causing a material adjustment to the
C8rrying amounts of assets and liabiltties within the next financial year_
Income from donations and legacies
2023
2022
Grfts
Legacies
Donated services
2.928
34.804
400
2,907
48
4(NJ
38.132
3.355
Income from donations and legacies was £38.13212022". £3.3551 of which £Nil12022." £Nill was
attributable to resth.cted and £38,132 {2022." £3,355) to unfestrKted funds.
Income from investments
2023
2022
InleTesl on depostts
Income from listed investrnents
8.486
8.784
5,134
5,137
All income from investments in both year5 was attrsbutable to unrestricted funds.
14

Asthma Allergy & Inflammation Research Trust Ltd
Notes to the Financial Statements
Year ended 31 August 2023
Analysls of expenditure on charitable activitles
Expendilure in 2023
Grant fvnding
of activrties
Support
costs
Total
Research grants
PhD sludenlships
Total payab
48.637
5,401
54,038
26.381
80.419
Of the total expendilure of £80.419. £3.617 was attributable to restricted funds and
£76.802 to unrestricted funds. Details of support costs are given in note 5. All the grant
funding is regarded a5 a single activrty for the PUTrKJses of allocating support Costs.
ExpendituTr in 2022
Grant funding
of activrties
Support
costs
Total
Research grants
PhD sludentships
Total payab
44,148
5.815
49,963
27,076
77,039
Unused expenditure relum&J
19.300)
{9,3001
40.663
27.076
67.739
Of the totsl expendrture of £67,739. £589 was attributable to restricted funds and
£67.150 to unrestricted funds. Detsils of support Costs are given in note 5. All the grant
funding is regarded as a single aclTvity for the purposes of allocating support costs.
15

Asthma Allergy & Inflammation Research TTust Ltd
Notes to the Financial Statements
Year ended 31 August 2023
Allocation of support Costs
All sUPPOrt costs a￿ attributable to the chaTrty's grant fu[￿Ing actwities.
Support costs 2023
Total
Govemance Inole 6)
Finance
Infr)malion technology
Office Costs
Publicty and advert15ing
Investment management fees and charges (note n
Professional fees
Other
2.970
385
1,359
14.688
1.190
4.694
807
Total
26.381
Support costs 2022
Total
Govemance (note 61
Finance
Infomiation technology
Office costs
Publicrty and advertising
Investment management fees and charges (note 7)
Professional fees
Other
2.850
417
940
15,115
1,038
6.468
168
80
Total
27,076
Governance costs
Note
2023
2022
Independent examinerf5 remuneration
2,970
2.850
76

Asthma Allergy & Inflammation Research Trust Ltd
Notes to the Financial Statements
Year ended 31 August 2023
Invesbnent management costs
2023
2022
Investment managerfs fees arFd charges
4.694
4,694
6.468
All the above costs in t¥)th years were attn"butsble to unrestricted funds.
Analysis ot gr4nts
Grant awards are made by designats'ng funds for drawiftg down by the re¢ipfrenl, subject to the ongoing
approval of tnjstees, nomialty on a staged basis. Amounts drawn down are included in expenditure on
charitable 8Ctivrties (note 41", movements on the designated ftjnds are shown in note 15. Grant awards
made during the year were as foll¢)ws'.
Grants 2023
Grants to
individuats
Total
Research grants awarded
64.433
64,433
Adjustment lo grant awarded in previous year
5.442
5,442
69,875
69.875
Grants 2022
Grants lo
dEvKluals
Total
Research grants awarded
55,829
55.829
Independent examinerfs remuneration
The independent examiner's remuneralion amounts to an independent examination fee of £1.485
12022- £1.4251 and other services of £1,485 {2022 - £1,425).
17

Asthma Allergy & Inflammation Research Tn￿t Ltd
Notes to the Financial Statements
Year ended 31 August 2023
10 Staff costs and employee benefts
There were no empbyees or staff costs in the cu￿ent or prior year.
11
Trustèes. and key rnanageme￿ personnel remuneration and expenses
The chatty is managed by its ttustees and has no other key management personnel.
The Iruslees nerther receNed nor waived any remUnera￿n during the year12022.. £Nill.
The trustees were not reimbursed for any expenses during the year {2022.. £Nill.
18

Asthma Alleryy & Inflammation Research Trust Ltd
Notes to the Financlal Statements
Year ended 31 August 2023
12 Fixed asset investments
Listed
investments
Cost or valuation
At 1 September 2022
Addrtions
Disposals
Revaluation
AI 31 August 2023
378,397
167.822
{169,0981
15,3091
371.812
Carrying amount".
At 31 August 2023
371,812
At 31 August 2022
378.397
Fixed asset investments are measured inrtialty * fair value and subseqijently at fair value (their market
value) al the reporting dale.
Investments at fair value comprise_.
2023
2022
Equities
Bonds
Gbbal investments
Absolute retum
Commodrties
Propety
Other investments
125.852
99,212
121.498
83.164
101.421
131.993
12.060
25,796
2,782
21.181
9,485
15,765
371,812
378,397
The fair value of listed investments is provKled by RBC Brewin Dolphin and, ordinarity, is
detemiined by reference lo the middle market price al the close of business on the balance sheet
date.
13 Debtors
2023
2022
Prepayments and accrued income
Other debtors
1,321
10.000
11.321
1,672
9,300
10.972
19

Asthma Allergy & Inflammation Research Trust Ltd
Notes to the Financlal Statements
Year ended 31 August 2023
14 Credito￿. amounts falling due within one year
2023
2022
Trade credrtors
A¢cwals and deferred income
38,805
22,109
589
13.024
60,914
13,613
15 Fund rgconciliation
Unrestrictgd funds: surnmary of movements
Movements foryearended 31 August 2023
Balance *
1.9.2022
Net movement
in funds
Balance at
31.8.2023
Unrestricted
239.852
185,202
Designated funds..
a) Research grarils
b} Equipment grants
c) PhD studentships
128.457
1631}
20.045
41
19,455
127,826
20,045
47.579
195,450
47.538
175.995
Tolal
415,847
135.195}
380.652
Movefftents foryearended 31 August 2022
Balance at
1.9.2021
Nel move￿nI
In funds
Balance al
31.8.2022
UnTesth"cted
239 852
Designated funds".
a} Research grants
bl Equipment grants
c} PhD studentships
147,479
3.443
119,0221
13.4431
9.820
132.2851
128,457
47.538
175,995
208 280
Total
1127,5991
415,847
20

Asthma Allergy & Inflammation Research Trust Ltd
Notes to the Financial Statements
Year ended 31 August 2023
Note 15 {continued)
Unrestricted funds: analysis of movements
Movements forygarended 31 August 2023
Transfers
betsveen
fvnds
Gains I
{bssesl
Nel
movement
for the year
Income Expenditure
Unrestricted
46.916
(26.3811
{69,8751
15.3091 {54,650}
Designated..
al Research gfan15
bl Equipment gTants
bl PhD studentships
145.0191
44,388
20,045
5.442
16311
20.045
41
15.401)
46.916
176,801)
15.3091
Movements forye8rended 31 August 2022
Transfers
between
funds
Gains I
Ilossesl
Nel
Tnovement
for the year
Incorw Expendrture
Unrestrrted
8.492
(27.076)
17,7891
{79,1401 1105,5131
Transfers from restricted funds (page 221
10.199
2.410
10,199
(95,3141
Designated..
al Research grant5
bl Equipment grants
b) PhD slLJdenlships
(34.2591
15,237
13,4431
14,005)
{19.0221
{3.4431
19,8201
15,8151
8,492
167.1501
10,199
179.1401 (127.5991
21

Asthma Allergy & Inllammation Research Trust Ltd
Notes to the Financial Statements
Year ended 31 August 2023
Note 15 Icontinuedl
Rgstricted funds
Balance
Net
movement Transfers
in funds
Balance
Net
movement
31.8.2022 in funds
Balance
at
31_8 2023
31.8.2021
Ardem-
Jones
European
Asthma
Friedmann
Gadola
Hai(¢hi
Healy
Holgate
Prize Fund
Vijayanand
Waller
Walls
6.977
6.977
6.977
2.830
(2,830)
6.￿9
2.826
3,097
7,107
500
16,869)
2,826
3,097
7.107
2,826
3.097
7,107
(5CK)I
6.189
7,984
4206
48.S85
6,189
7.984
3,617
37.797
6.189
7.984
15891
589
13.6171
3.617
10.199
Rostrlcted funds." analysis of movements
Movements foryearended 31 August 2023
Net
movement
for the year
Income
Expendrture
Walls
(3.617)
(3.6171
Movements foryeèr ended 31 August 2022
Net
movement
for the year
Income
Expenditure
Walls
1589)
15891
As there had been no movernent in most of the funds for several years. the Tmslees have previously invited
all the fundholders to submit a proposal oullining how the balance of the restricted funds would be used for
research or educational PTojects in line with the Charrty's objectives. Should the fvndholders not intend lo
expend the f15nds imminently. or have a relevant proje¢l in mind, the Trustees invited them lo ¢on5ider
releasing the baL2n￿ of their funds lo the Charty in ordei that they could be used to fund relevant projects
by other researchers". in this case, h¥0 options were provided." identrfying their Contribution to a project by
making an award in their name. or ￿leaSing their restitled funds to general funds to facililale future awards.
Dursng the prior year, Professors Howe and Friedman authorised the balance of funds under their control.
totalling £10,199, to be released lo general furKls lo facilitate fijther grant awards.

Asthma Allergy & Infiammation Research Trust Ltd
Notes to the Financial Ststements
Year ended 31 August 2023
Note 15 Icontinuedl
Fund descriptions
a} Unrestricted ftJrJd5
All unrestricted funds may be Irealed as designated.
bl Designated funds
Research and equipment grants, and PhD sludentships
The funds were established to support the work and study by students and others in asthma. allergy
and innamrnabon wrthin the Universty of Southampton Facuty of MeLticine. or the allied Welkome
Trust Clinical Research Facilty and NIHR Southamplon Biomedical Research Cenlre.
c) Restricted funds
Restricted funds are for the purF)oses described belcvw."
Ardern-J¢)nes
To support the work of Dr MKhael ATdem-Jones in defrnatology. particularly wrth the Wessex
Demiatology Advisory Ccmnmittee and the European SOc￿ty for Demiatological Research.
Gadola and Gadola UltTrsound Inrtialive
To support the work of Professor Slephen Gadola in ultrasound stLFdies in rheumatology.
Haitchi
To support the work of Professor Haitchi in aslhma research.
Heaty
To support the Work of Professor Eugene Healy. parbcularly with the British Society for Investigative
Dermaloloay and the European Society of Dermatological Research
Vijayanand
To supwrt the wotk of Dr Vijayanand on viruses.
Wgller
To support the WO￿ of Dr Derek Waller in allerg￿ disease.
23

Asthma Allergy & Inflammation Research Trust Ltd
Notes to the Financial Statements
Year ended 31 August 2023
16 Analysis of net assets between funds
As 8t 31 August 2023
lunds
funds
ToLIl
Fixed assets
177,632
165.000 29.180
371,812
Cash and current investments
20.744
63,252
8.617
92.613
Other cuffent assets I Iliabiliti"es)
(13.1741 132.8021 {3,61n 149,5931
Total
185,202
195.450
34.180
414,832
As al 31 August 2022
fund&
Total
Fixed assets
210,011
150.CM)O
18,386
378,397
Cash and cuffent investments
32.171
25.717
20,000
77,888
Other current assets I Iliabilrties)
12,330}
278
1589)
{2.6411
Total
239.852
175,995
37.797
453,644
24

Asthma Alleryy & Inflammation Research Trust Ltd
Notes to the Financial Statements
Year ended 31 August 2023
17 Related party transactions
AdministralNe serV￿eS
During the year. £13,61412022". £13,718) was payable to a company in wh￿h the trustee. Mr L A
Dunn, has an interest, for administratNe services provided to Ihe charity by one of that company's
employees.
No benefrt accrues lo MT Dunn. orthe company in which he has an interest. the addr(￿nal costs to the
company (including salary and Employers, National Insuran￿) being matched by payrnents made by
the charty At 31 August 2023. £9.20412022 £Nil) was unpaid and £95912022. £1.1511 was accrued
in respect of the services provKled during the year.
ReSea￿h gtsnts
Applications to the charty for fvnding inGlude those made. or sEJpported, by Trustees for reSea￿h into
areas, relating to the charriy's objectFves. in wh￿h they have spe¢rf4c medi￿1 expertise. Such
applications are 5Grutinised by the chanty's Scientrfic Commthee, using the same process that is
applied to all other requests, wrth the exception that. rf the project invofves a member of th81
commtit&, the relevant Trustees recuse Ihem5efves when a decision E made aboLrt their application
in Order to avoid a confiict of interest. TTUStees do not benefft directty from the grants awarded.
During the year, no grants were awarded for research projetts in whrh trustees had an inlerest12022.'
none}. The movements for the year are shown bek)w.
Trustees
suman
Balance
undrdwn at
YJ9r22
Expenditu￿ in
Ihe year
8alance
undrnwn
at 31/V£3
Lucas
9.499
9.499
9.499
Movements foryearended 31 August 2022
Trnslee's
sumame
Balance
undrawn
all/9￿7
Retuffled to
general fv￿$s
Balance
ndtswn
at 31/8r22
Davies
17
{171
Roberts
4,924
14,Y24)
1,103
Lucas
10,602
15,543
9.499
9.499
18 Contingent assets- legacy income
At 31 August 2023, the charity had been nclified of four {2022.. four) legacies. the valLfes 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 £170,000 12022."
£168,300)
25