OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Asthma Allergy And Inflammation Research Trust Limited

2024-08-31-accounts

Asthma Allergy & Inflammation Research Trust Ltd

(Company Limited by Guarantee) Registered Charity Number 1129698 Registered Company number 06767479

Annual Report & Financial Statements For the Year Ended 31 August 2024

Asthma Allergy & Inflammation Research Trust Ltd

YEAR ENDED 31 AUGUST 2024

Charity Reference and Administrative Details

Charity registration number 1129698
Company registration number 06767479
Trustees Professor D Davies
Mr L A S Dunn
Professor S T Holgate
Professor J Lucas
Professor G Roberts
Dr J Slater-Jefferies
Dr M Synek
Dr E Swindle
Dr C Blume
Professor M Jones
Registered office Mailpoint 810, Level F,
Southampton General Hospital,
Tremona Road,
Southampton,
SO16 6YD
Independent Examiner Knight Goodhead Limited,
7 Bournemouth Road,
Chandlers Ford,
Eastleigh,
SO53 3DA
Solicitors Paris Smith LLP
Number 1 London Road,
Southampton,
SO15 7AE
Investment managers RBC Brewin Dolphin,
12 Smithfield Street,
London,
EC1A 9LA

Page 1

Asthma Allergy & Inflammation Research Trust Ltd

Trustee' Annual Report (including Directors' Report)

YEAR ENDED 31 AUGUST 2024

The Trustees present their report and the financial statements of the charity for the year ended 31 August 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" in preparing the annual report and financial statements of the charity.

Chair's report

The AAIR Charity is proud to raise funds for the world-renowned asthma, allergy and respiratory research department at University Hospital Southampton Faculty of Medicine. The Faculty has experts who have made many important breakthroughs, from understanding mechanisms of disease to pioneering new treatments and influencing guidelines.

Respiratory diseases continue to be of major concern. According to NHS England, respiratory diseases affect one in five people, and they are now the third largest cause of death in England after cancer and cardiovascular disease. Hospital admissions for lung disease have risen over the past seven years at three times the rate of all admissions generally, and they are a major factor in the winter pressures faced by the NHS when respiratory virus infections cause disease exacerbations and the need for hospital treatment. Climate change is also expected to contribute to increases in the prevalence of allergies and asthma due to the increases in greenhouse gases, global temperatures, and natural and anthropogenic pollutants. Children, pregnant women, the elderly, those with preexisting chronic diseases or those socioeconomically disadvantaged are most vulnerable to climate change related health risks.

During 2023-2024, Southampton's respiratory doctors, nurses and researchers have continued to work towards better understanding and approaches for treatment of respiratory and allergic diseases. The AAIR Charity is committed to help achieve these goals especially through leveraging our funding by pump-prime studies for larger grant applications and supporting the next generation of respiratory research scientists. Awards typically ranged from £5K to £10K, with the expectation that the resulting preliminary data could be used to support larger applications to major funding bodies, such as MRC or NIHR. Additionally, we provide an annual prize for the best MSc Allergy student who has achieved a distinction.

Examples of the scientific impact of AAIR research funding in the include:

On behalf of all the Trustees, I would like to thank our generous donors and benefactors whose continued support is essential for funding new research into allergy, asthma and other lung diseases. During 2023-2024, this support has enabled the AAIR Charity to award almost £75,000 to fund a wide range of new projects, provide studentship support, bursaries for the MSc Allergy Course and equipment grants to support studies of asthma, allergy and other lung diseases. For more information, please see our website: (http://www.aaircharity.org/).

Professor D Davies, Chair

Page 2

Asthma Allergy & Inflammation Research Trust Ltd

Trustee' Annual Report (including Directors' Report)

YEAR ENDED 31 AUGUST 2024

Directors and Trustees

The director of the charitable company are its trustees for the purposes of charity law. The trustees who served during the year and, unless otherwise noted, since the year end, are as follows:

Professor D Davies

Mr L A S Dunn

Professor S T Holgate Professor J Lucas Professor G Roberts Dr J Slater-Jefferies Dr M Synek Dr E Swindle (Appointed April 2024) Dr C Blume (Appointed April 2024) Professor M Jones (Appointed April 2024)

Objectives and activities

Objectives

The objectives of the charity are:

The strategies employed to achieve the charity's objectives are:

Page 3

Asthma Allergy & Inflammation Research Trust Ltd

Trustee' Annual Report (including Directors' Report)

YEAR ENDED 31 AUGUST 2024

Activities

Information about how the above strategies are applied is given in Achievements and Performance (see below)

Policies

The principal policies of the charity are as follows:

Grant making

To ensure the charity's work delivers its aims and objectives, the Scientific Committee reviews all grant applications and makes recommendations for funding or rejection to the full Board of Trustees based on scientific quality and validity, fit to the Charity objectives and how the proposed work will lead to future external funds.

The charity is particularly keen to support early career researchers to help them to become more established investigators and this is also reflected in the recommendations made by the Scientific Committee. Each grant award is subject to provision of an annual review process, which is assessed by a member of the Scientific Committee, and a final report is required. It is a condition of the award that the applicants acknowledge the AAIR Charity in any publications or presentations to scientific or lay audiences.

Investment

The charity has appointed the professional investment advisors, RBC Brewin Dolphin, to manage its investment portfolio on a discretionary basis.

In October 2016, the charity adopted an Investment Policy that:

The Investment Policy is reviewed annually.

Page 4

Asthma Allergy & Inflammation Research Trust Ltd

Trustee' Annual Report (including Directors' Report)

YEAR ENDED 31 AUGUST 2024

Reserves

Of the total assets held by the charity, some represent funds that are committed to specific purposes, or to grants and awards, in the form of Restricted Funds and Designated Funds (referred to collectively as 'Committed Funds'), the balance being Uncommitted Funds.

As the charity is unable to predict the level of income, particularly donations and legacies, from year to year, the charity's policy is to retain at least £100,000 of Uncommitted Funds, this level being reviewed annually.

The Designated Funds solely represent the charity's committed expenditure on grants awarded to researchers. The awards are usually time-limited, although an extension will be given if there are good reasons for doing so and providing it results in the original purpose of the award being achieved. Any unused grants are retained by the charity and, in due course, removed from Designated Funds.

Some of the Restricted Funds date back many years and the fund holder may have retired or moved away from AAIRrelated research. In such cases, the charity's policy is to encourage the fund-holder to release the monies to the charity to allow further Designated 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 to the fund-holders for purposes other than those permitted by the charity's charitable objects.

Public benefit statement

The trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

The charity is committed to promoting research that contributes to the relief of sickness caused by asthma and associated allergy and airways diseases, and to provide education and training on the diagnosis and treatment of asthma. In carrying out their activities and making their decisions, the trustees are mindful of the need to comply with their duty to have regard to the guidance on public benefit.

Page 5

Asthma Allergy & Inflammation Research Trust Ltd

Trustee' Annual Report (including Directors' Report)

YEAR ENDED 31 AUGUST 2024

Structure, governance and management

Governing document

The charity is a private company limited by guarantee and is governed by its Articles of Association, dated 29 November 2021. The company was incorporated on 8 December 2008 and registered as a charity on 18 May 2009. With effect from 1 September 2009, the company took over the activities, assets and liabilities of charity number 803715, which was constituted on 1 May 1990 and registered as a charity on 2 July 1990.

Appointment of Trustees

Trustees are recruited from amongst the senior members of the University of Southampton Faculty of Medicine, members of the medical profession, and members of the general public who are recommended by the trustees and the professional organisations with which the charity is associated.

Trustee induction and training

Potential trustees mut be recommended by an existing Director (Trustee) of the Charity. 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 to be put to a meeting to appoint a new trustee. Once their appointment is approved by the trustees, the new trustee will be sent key documents regarding the Charity and its objectives. These will be as follows:

i. The Charity's Articles of Association (containing the Charity's policy on dealing with conflicts of interest);

New trustees will be invited to the next Trustees' meeting following their appointment. Their appointment will be formalised at Companies House and the Charity Commission.

Organisation

The board of trustees, which comprises not less than three members (with no maximum), oversees the charity, with delegated authority being given to two sub-committees:

Finance Committee

The Finance Committee has responsibility for operational and finance management. An administrator provides support and coordinates financial information for the Finance Committee and the board of trustees.

During the year, the committee comprised two trustees: Professor Davies (chair) and Mr Dunn.

Scientific Committee

The Scientific Committee scrutinises all scientific grant and scholarship applications, providing recommendations to the trustees on those suitable for funding.

During the year, the committee comprised the following trustees: Professor Lucas, Professor Davies, Dr Synek, Dr Swindle and Professor Jones (the latter two having been appointed as trustees during the year under review). The committee was also supported by Professor Tilman Sanchez-Elsner (Professor of Molecular Medicine).

Page 6

Asthma Allergy & Inflammation Research Trust Ltd

Trustee' Annual Report (including Directors' Report)

YEAR ENDED 31 AUGUST 2024

Risk Management

The trustees evaluate and monitor risk at their meetings and also through the work of their sub committees. The principal risks are as follows:

Achievements and performance

Work has continued this year in refining the charity's working practices and record keeping as well as introducing others where necessary. Attendant with day-to-day running requirements, the trustees have been particularly careful not to neglect any of the charity's generous donors and volunteers, who have continued to support its work, and thank them all for their support.

Historically, legacies have proved to be a substantial part of the charity's donation income and for that the trustees are grateful to the estates and relatives of those legators who have been so generous in the thoughts and actions. In most of these cases the charity has had no previous contact with the legators and its thanks to the families of the deceased can only be channelled through a solicitor; it is the trustees' earnest hope that they reach the intended recipients.

The charity's income is such that it is able to continue its assistance in financing research in the University of Southampton Faculty of Medicine, of the Wellcome Trust Clinical Research Facility and NIHR Southampton Biomedical Research Centre.

Most importantly the trustees have been able to continue to support the all-important provision of grants for pumppriming research projects (recommended maximum £10,000 per award), equipment grants (often leveraging against fund from elsewhere) and PhD research Studentships.

During the financial year, the charity received £38,821 (2023: £38,132) in donations and legacies, and incurred expenditure totalling £96,550 (2023: £80,419) in pursuance of its objectives. Awards were made to researchers in the University of Southampton Faculty of Medicine, or the allied Wellcome Trust Clinical Research Facility and NIHR Southampton Biomedical Research Centre, to support new pump-priming project grants to deliver the objectives of the charity.

The preservation of the integrity of the restricted funds remains high on the charity's priority list. These restricted funds are held for the exclusive use of researchers and, in the main, are directly funded by corporate donations and external research grants. The restricted funds are regularly reviewed by the trustees.

Page 7

Asthma Allergy & Inflammation Research Trust Ltd

Trustee' Annual Report (including Directors' Report)

YEAR ENDED 31 AUGUST 2024

Financial review

The charity achieved an overall deficit for the year of £14,952, after net gains on investments of £33,923, (2023: net deficit of £38,812, after net losses on investments of £5,309). The principal source of funds during the year was legacies totalling £36,918 (2023: the principal source was legacies totalling £34,804).

During the year, the charity continued to designate funds, awarding grants of £64,502 (2023: Awarded grants of £69,875, which included an adjustment to a grant awarded in a prior year of £5,442).

At the end of the year, unrestricted funds totalled £365,700 (2023: £380,652). Total charity funds, including restricted reserves of £34,180 (2023: £34,180), amounted to £399,880 (2023: £414,832).

The trustees have been giving further consideration to those individual restricted funds, 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 charity for related, appropriate purposes. During the year, authority from the relevant fundholders, £nil (2023: £nil) was released from restricted funds to general funds to facilitate further grant awards.

Details of the charity's policy for holding reserves are included in 'Policies' (see page 5).

Page 8

Asthma Allergy & Inflammation Research Trust Ltd

Trustees' Annual Report (including Directors' Report)

YEAR ENDED 31 AUGUST 2024

Trustees' responsibilities

The trustees (who are also directors of Asthma Allergy & Inflammation Research Trust Ltd for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in acocrdance with applicable law and United Kingdom Acocunting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under company law, the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustes are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the Unitied Kingodom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

One behalf of the board of trustees:

Professor D Davies, Trustee

Date:

05/23/2025

Page 9

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES ON THE UNAUDITED ACCOUNTS OF ASTHMA ALLERGY & IMFLAMMATION RESEARCH TRUST LTD

I report to the charity trustees on my examination of the accounts for the year ended 31 August 2024.

Responsibilities and basis of report

As the charity’s trustees (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required 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 charity’s accounts as carried out under section 145 of the Charities Act 2011 (the ‘2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's report

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

05/23/2025

C J Goodhead FCA 7 Bournemouth Road Knight Goodhead Limited Chandler's Ford, Eastleigh Chartered Accountants Hampshire SO53 3DA

10

Asthma Allergy & Inflammation Research Trust Ltd

(Company limited by guarantee and not having a share capital)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024

(Including Income and Expenditure account)

==> picture [563 x 504] intentionally omitted <==

----- Start of picture text -----
Notes Unrestricted Restricted 2024 2023
funds funds Total Total
£ £ £ £
Income
Donations and legacies 2 38,821 - 38,821 38,132
Investments 3 8,854 - 8,854 8,784
Total Income 47,675 - 47,675 46,916
Expenditure
Charitable activities 4 96,550 - 96,550 80,419
Total expenditure 96,550 - 96,550 80,419
Net gains/(losses) on investments 12 33,923 - 33,923 (5,309)
Net income for the year (14,952) - (14,952) (38,812)
Transfer between funds - - - -
Net movement in funds (14,952) - (14,952) (38,812)
Reconciliation of funds
Total funds brought forward 15 380,652 34,180 414,832 453,644
Total funds carried forward 15 365,700 34,180 399,880 414,832
----- End of picture text -----

The statement of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities.

11

Asthma Allergy & Inflammation Research Trust Ltd

(Company limited by guarantee and not having a share capital)

BALANCE SHEET AS AT 31 AUGUST 2024

Notes
Fixed assets
Fixed asset investments
12
Current assets
Debtors
13
Cash at bank and in hand		 £
1,330
36,297		 2024
£
366,313		 £
11,321
92,613		 2023
£
371,812
Creditors
Amounts falling due within one year
14		 37,627
(4,060)		 103,934
(60,914)
Net current assets 33,567 43,020
Net assets 399,880 414,832
Funds
Unrestricted funds
15
Restricted funds
15		 365,700
34,180		 380,652
34,180
Total funds 399,880 414,832

For the financial year ended 31 August 2024, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the Trustees on and signed on its behalf by

Professor D Davies, Trustee Mr L A Dunn, Trustee Date Date 05/23/2025 05/23/2025

Company registration number: 06767479

12

Asthma Allergy & Inflammation Research Trust Ltd

(Company limited by guarantee and not having a share capital)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024

1 Summary of significant accounting policies

a) General information and basis of preparation

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

b) Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Donations: if there are conditions attached to the donation and it requires a level of performance before entitlement can be obtained, income is deferred until those conditions are fully met, or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, they can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity, for example the amount the charity would be will to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.

13

Asthma Allergy & Inflammation Research Trust Ltd

(Company limited by guarantee and not having a share capital)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

1 Accounting policies (continued)

c) Income recognition (continued)

No amount is included in the financial statements for general volunteer time.

For legacies, entitlement is the earlier of the date on which either: the charity is aware that the probate has been granted, the estate has been finalised and the charity has been notified of an impending distribution, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. When legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, the legacy is treated as a contingent asset and disclosed in the notes to the financial statements.

Investment income is earned 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 charity's right to receive payment is established.

d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following activity headings:

Irrecoverable VAT is charged as an expense against the activity for which the expense arose.

Grants payable to third parties are within the chartable objectives. Where unconditional grants are offered, they are accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance, the grant is only accrued when any unfulfilled conditional are outside of the control of the charity. Conditional grants are treated as designated funds, details of which are shown in note 15.

e) Support cost allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities; they include office costs, governance costs and administrative costs that are incurred directly in support of expenditure on the object of the charity. The basis on which support costs have been allocated in set out in note 5.

f) Investments

Investments are recognised initially at fair value, which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains / (losses) on investments' in the SoFA.

14

Asthma Allergy & Inflammation Research Trust Ltd

(Company limited by guarantee and not having a share capital)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

1 Accounting policies (continued)

g) Debtors and creditors receivable / payable within one year

Debtor and creditors receivable or payable within one year are recorded at transaction price.

h) Provisions

Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

i) Tax

The charity is an exempt charity within the meaning 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 therefore it meets the definition of a charitable company for UK corporation tax purposes.

j) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

k) Judgement and key sources of estimation uncertainty

Apart from those involving estimates, no key judgements have been made in applying the above accounting policies, which have a significant effect on amounts recognised in the financial statements.

No key assumptions have been made concerning the future, and other key sources of estimation uncertainty, at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

2 Income from donations and legacies

Gifts
Legacies
Donated services		 2024
2023
£
£
1,503 2,928
36,918
34,804
400
400
38,821 38,132

All income from donations and legacies in both years was attributable to unrestricted funds.

15

Asthma Allergy & Inflammation Research Trust Ltd

(Company limited by guarantee and not having a share capital)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

3 Income from investments

Interest on deposits
Income from listed investments		 2024
2023
£
£
73 298
8,781 8,486
8,854 8,784

All income from investments in both years was attributable to unrestricted funds.

4 Analysis of expenditure on charitable activities

Expenditure in 2024

Research grants
Equipment grants
PhD studentships
Total payable		 Grant funding of
activities
Support costs
Total
£
£
£
36,451
19,997
16,879
73,327
23,223
96,550

Of the total expenditure of £96,550 all was attributable to unrestricted funds. Details of support costs are given in note 5. All the grant funding is regarded as a single activity for the purposes of allocating support costs.

Expenditure in 2023

Research grants
PhD studentships
Total payable		 Grant funding of
activities
Support costs
Total
£
£
£
48,637
5,401
54,038
26,381
80,419

Of the total expenditure 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 as a single activity for the purposes of allocating support costs.

16

Asthma Allergy & Inflammation Research Trust Ltd

(Company limited by guarantee and not having a share capital)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

5 Allocation of support costs

All support costs are attributable to the charity's grant funding activities

Support costs 2024

Governance (note 6)
Finance
Information technology
Office costs
Publicity and advertising
Investment management fees and charges (note 7 )
Professional fees
Other
Support costs 2023
Governance (note 6)
Finance
Information technology
Office costs
Publicity and advertising
Investment management fees and charges (note 7 )
Professional fees
Other
Governance costs
Note
independent examiner's remuneration
9		 Total
£
2,400
297
1,361
13,728
1,083
3,821
-
533
23,223
Total
£
2,970
385
1,359
14,688
1,190
4,694
807
288
26,381
2024
2023
£
£
2,400 2,970
2,400 2,970

6 Governance costs

17

Asthma Allergy & Inflammation Research Trust Ltd

(Company limited by guarantee and not having a share capital)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

7 Investment management costs

Investment manager's fees and charges 2024
2023
£
£
3,821 4,694
3,821 4,694

All the above costs in both years were attributable to unrestricted funds

8 Analysis of grants

Grant awards are made by designating funds for drawing down by the recipient, subject to the ongoing approval of trustees, normally on a staged basis. Amounts drawn down are included in expenditure on charitable activities (note 4); movements on the designated funds are shown in note 15. Grant awards made during the year were as follows:

Grants 2024

Research grants awarded
Adjustment to grant awarded in previous year
Grants 2023
Research grants awarded
Adjustment to grant awarded in previous year		 Grants to
individuals
Total
£
£
64,502
64,502
-
-
64,502
64,502
Grants to
individuals
Total
£
£
64,433
64,433
5,442
5,442
69,875
69,875

9 Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examination fee of £1,200 (2023 £1,485) and other services of £1,200 (2023 £1,485).

18

Asthma Allergy & Inflammation Research Trust Ltd

(Company limited by guarantee and not having a share capital)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

10 Staff costs and employee benefits

There were no employees or staff costs in the current or prior year.

11 Trustee's and key management personnel remuneration and expenses

The charity is managed by its trustees and has no key management personnel.

The trustees neither received nor waived any remuneration during the year (2023: Nil).

The trustees were not reimbursed for any expenses during the year (2023: £Nil).

19

Asthma Allergy & Inflammation Research Trust Ltd

(Company limited by guarantee and not having a share capital)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

12
Fixed asset investments
Costs or valuation
At 1 September 2023
Additions
Disposals
Revaluation		 Listed
Investments
£
371,812
112,867
(152,288)
33,922
At 31 August 2024 366,313
Carrying amount
At 31 August 2024		 366,313
At 31 August 2023 371,812
Investments at fair value comprise:
2024
Equities
30,282
Bonds
122,492
Global investments
194,386
Absolute return
7,394
Commodities
11,759
Other investments
-
Fixed asset investments are measured initially at fair vale and subsequently at fair value (their market value) at
the reporting date.		 2023
125,852
99,212
121,498
-
9,485
15,765
366,313 371,812

The fair value of listed investments is provided by RBC Brewin Dolphin and, ordinarily, is determined by reference to middle market price at the close of business on the balance sheet date.

13 Debtors

Amounts falling due within one year:
Prepayments
Other debtors		 2024
£
1,330
-
1,330		 2023
£
1,321
10,000
11,321

20

Asthma Allergy & Inflammation Research Trust Ltd

(Company limited by guarantee and not having a share capital)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

==> picture [543 x 602] intentionally omitted <==

----- Start of picture text -----
14 Creditors
2024 2023
Amounts falling due within one year: £ £
Trade creditors - 38,805
Accruals and deferred income 4,060 22,109
4,060 60,914
15 Fund reconciliation
Unrestricted fund: summary of movements
Movements for year ended 31 August 2024
Net
Balance at movement in Balance at
01.09.23 funds 31.08.24
Unrestricted 185,202 (6,127) 179,075
Designated fund:
a) Research grants 127,826 28,051 155,877
b) Equipment grants 20,045 (19,997) 48
c) PhD studentships 47,579 (16,879) 30,700
195,450 (8,825) 186,625
Total 380,652 (14,952) 365,700
Movements for year ended 31 August 2023
Net
Balance at movement in Balance at
01.09.22 funds 31.08.23
Unrestricted 239,852 (54,650) 185,202
Designated fund:
a) Research grants 128,457 (631) 127,826
b) Equipment grants - 20,045 20,045
c) PhD studentships 47,538 41 47,579
175,995 19,455 195,450
Total 415,847 (35,195) 380,652
----- End of picture text -----

21

Asthma Allergy & Inflammation Research Trust Ltd

(Company limited by guarantee and not having a share capital)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

Note 15 (continued)

Unrestricted funds: analysis of movements

Movements for year ended 31 August 2024

Unrestricted
Designated funds
a) Research grants
b) Equipment grants
c) PhD studentships
Total funds
Movements for year ended 31 August
Unrestricted
Designated funds
a) Research grants
b) Equipment grants
c) PhD studentships
Total funds		 Income
Expenditure
Transfers
between
funds
Gains/(losses)
£
£
£
£
47,675
(23,223)
(64,502)
33,923
-
(36,451)
64,502
-
-
(19,997)
-
-
-
(16,879)
-
-
47,675
(96,550)
-
33,923
2023
Income
Expenditure
Transfers
between
funds
Gains/(losses)
£
£
£
£
46,916
(26,381)
(69,875)
(5,309)
-
(45,019)
44,388
-
-
-
20,045
-
-
(5,401)
5,442
-
46,916
(76,801)
-
(5,309)		 Net movement
for the year
(6,127)
28,051
(19,997)
(16,879)
(14,952)
Net movement
for the year
(54,650)
(631)
20,045
41
(35,195)

22

Asthma Allergy & Inflammation Research Trust Ltd

(Company limited by guarantee and not having a share capital)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

Note 15 (continued)

Restricted funds

Arden-Jones
Gadola
Haitchi
Healy
Vijayanand
Waller
Walls		 Balance at
31.08.22
Net
movement
in funds
Transfers
Balance at
31.08.23
Net
movement in
funds
Balance at
31.08.24
£
£
£
£
£
£
6,977
-
-
6,977
-
6,977
2,826
-
-
2,826
-
2,826
3,097
-
-
3,097
-
3,097
7,107
-
-
7,107
-
7,107
6,189
-
-
6,189
-
6,189
7,984
-
-
7,984
-
7,984
3,617
(3,617)
-
-
-
-
37,797
(3,617)
-
34,180
-
34,180

Restricted funds: analysis of movements

Movements for year ended 31 August 2024

Total funds Income
Expenditure
Transfers
between
funds
Gains/(losses)
£
£
£
£
-
-
-
-
-
-
-
-		 Net movement
for the year
-
-

Movements for year ended 31 August 2023

Walls
Total funds		 Income
Expenditure
Transfers
between
funds
Gains/(losses)
£
£
£
£
-
(3,617)
-
-
-
(3,617)
-
-		 Net movement
for the year
(3,617)
(3,617)

As there had been no movement in most of the funds for several years, the Trustees have previously invited all the fundholders to submit a proposal outlining how the balance of the restricted funds would be used for research or educational projects in line with the Charity's objectives. Should the fundholders not intend to expend the funds imminently, of have a relevant project in mind, the Trustees invited them to consider releasing the balance of their funds to the Charity in order that they could be used to fund relevant projects by other researchers; in this case, two options were provided: identifying their contribution to a project by making an award in their name, or releasing their restricted funds to general funds to facilitate future awards.

23

Asthma Allergy & Inflammation Research Trust Ltd

(Company limited by guarantee and not having a share capital)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

Note 15 (continued)

Fund descriptions

a) Unrestricted funds

All unrestricted funds may be treated as designated

a) Designated funds

Research and equipment grants, and PhD studentships

The funds were established to support the work and study by students and others in asthma, allergy and inflammation within the University of Southampton Faculty of Medicine, or the allied Wellcome Trust Clinical Research Facility and NIHR Southampton Biomedical Research Centre.

a) Restricted funds

Restricted funds are for the purposes described below:

Ardern-Jones

To support the work of Dr Michael Arden-Jones in dermatology, particularly with the Wessex Dermatology Advisory Committee and the European Society for Dermatological Research.

Gadola and Gadola Ultrasound Initiative

To support the work of Professor Stephen Gadola in ultrasound studies in rheumatology.

Haitchi

To support the work of Professor Haitchi in asthma research.

Healy

To support the work of Professor Eugune Healy, in particularly with the British Society for Investigative Dermatology and the European Society of Dermatological Research.

Vijayanand

To support the work of Dr Vijayanand on viruses.

Waller

To support the work of Doctor Derek Waller in allergic disease.

24

Asthma Allergy & Inflammation Research Trust Ltd

(Company limited by guarantee and not having a share capital)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

16 Analysis of net assets between funds

Year ended 31 August 2024
Fixed assets
Cash and current investments
Other current assets/(liabilities)
Total funds
Year ended 31 August 2023
Fixed assets
Cash and current investments
Other current assets/(liabilities)
Total funds		 Unrestricted
funds
Designated
funds
Restricted
funds
£
£
£
172,133
165,000
29,180
6,055
21,625
8,617
887
-
(3,617)
179,075
186,625
34,180
Unrestricted
funds
Designated
funds
Restricted
funds
£
£
£
177,632
165,000
29,180
20,744
63,252
8,617
(13,174)
(32,802)
(3,617)
185,202
195,450
34,180		 Total
366,313
36,297
(2,730)
399,880
Total
371,812
92,613
(49,593)
414,832

25

Asthma Allergy & Inflammation Research Trust Ltd

(Company limited by guarantee and not having a share capital)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

17 Related party transactions

Administrative services

During the year, £12,778 (2023: £13,614) was payable to a company in which the trustee, Mr L A Dunn, has an interest, for administrative services provided to the charity by one of that company's employees.

No benefit accrues to Mr Dunn, or the company in which he has an interest, the additional costs to the company (including salary and Employers' National Insurance) being matched by payments made by the charity. At 31 August 2024, £Nil (2023: £9,204) was unpaid and £1,660 (2023: £959) was accrued in respect of the services provided during the year.

Research grants

Applications to the charity for funding include those made, or supported, by Trustees for research into areas, relating to the charity's objectives, in which they have specific medical expertise. Such applications are scrutinised by the charity's Scientific Committee, using the same process that is applied to all other requests, with the exception that, if the project involves a member of that committee, the relevant Trustee recuse themselves when a decision is made about their application in order to avoid a conflict of interest. Trustees do not benefit directly from the grants awarded.

During the year, one grant was awarded, totalling £10,000, for research projects in which trustees had an interest (2023: none). The movements for the year are shown below.

Balance Balance
Trustee's undrawn at Awarded in Expenditure undrawn at
surname 1/9/23 year in the year 31/08/24
£ £ £ £
Lucas 9,499 - (6,169) 3,330
Blume - 10,000 - 10,000
9,499 10,000 (6,169) 13,330
for year ended 31st August 2023
Trustee's Balance
undrawn at		 Awarded in Expenditure Balance
undrawn at
surname 1/9/22 year in the year 31/08/23
Lucas £
9,499		 £
-		 £
-		 £
9,499
9,499 - - 9,499

Movements for year ended 31st August 2023

18 Contingent assets - legacy income

At 31 August 2024, the charity had been notified of one (2023: four) legacy, the value of which could not be measured reliably and/or where payments had not been agreed by the executors. At the balance sheet date, the estimated amount receivable was £150,000 (2023: £170,000).

26

(Company limited by guarantee and not having a share capital)

Asthma Allergy & Inflammation Research Trust Ltd

PRIOR YEAR STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024

(Including Income and Expenditure account)

==> picture [558 x 528] intentionally omitted <==

----- Start of picture text -----
Unrestricted Restricted 2023
funds funds Total
£ £ £
Income
Donations and legacies 38,132 - 38,132
Investments 8,784 - 8,784
Total Income 46,916 - 46,916
Expenditure
Charitable activities 76,802 3,617 80,419
Total expenditure 76,802 3,617 80,419
Net gains/(losses) on investments (5,309) - (5,309)
Net income for the year (35,195) (3,617) (38,812)
Transfer between funds - - -
Net movement between funds (35,195) (3,617) (38,812)
Reconciliation of funds:
Total funds brought forward 415,847 37,797 453,644
Total funds carried forward 380,652 34,180 414,832
----- End of picture text -----

27