REGISTERED CHARITY NUMBER.. 257131 Rèport of thè Trust0 and Unaudit•d Financial Stat8m•nts for the Year Ended 31 December 2025 for Midlands Asthrna And Allergy Research Associatson Boume & Co. Chartered Accountants 47a Queen Street Derby Derbyshire DE130E
Midlands Asthma And AlrgY Research Associatian Contsnts of thtr Fin•n¢ial Stst•monts for the Year Ended 31 December 2025 Pag¢ Report of the Trustees Independent Examinerfs Report Statem•nt of Flnanclal ActIvI•S Balance Sheet Notes to the Financial Ststements 7 to 11 Detailed Ststsmont of Flnanelal Actlvltles 12
Midlands Asthma And Alloryy Research Assoclatlon Report ofthe Tntee8 for the Year Ended 31 December 2025 The trustees present their report with the financial statements ot the charity for the year ended 31 December 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable to charities preparing th6ir accounts in awordance with the Financial Reporting Standard applicable in th8 UK and Republic of Ireland IFRS 1021 (effective 1 Janumry 20191. OWECTIVES AND ACTIVITIES Objects of the Association Sponsoring of Search into the ¢au$es 8nd treatment of Asthma and Allergy. b. Sponsoiing thè dissémination of thi5 to the public andlor lo the medical profession by publication or through seminars or conferences. c. Providing general infomiation on Asthma a1 Allergy to the public. d. Fulfilling requests for information from academic bodies, intèr8St8d group5 and the public on matters relating to aslhrna and allergy. including research findings and information gathed by the Association or ils agents, at the discretion of the Executive. e. Undertake fundraising in support of the objects a- d. ACHIEVEMENTS AND PERFORMANCE Char(table aetiviti¢$ The activities of the Charity are largely dependent on the number and suGcess of application5 for funding from medical researchers and In51ilutions in the East Midlands. The numbers of applications remain low since the end of the P8ndemlc. We have a separate Medical Advicè Committee (NIAGI chaired by Dr David Luyt which critically appraises applications, incl(Kling the amount of public benefit likely to accru8, in accordance with the Charity Commission's guidance. Acceptance of applications involves a protocol identifying differing levels of aulhorisation for diffeienl values of grant. including the involvement of external referee5 for higher value grants. All MAC recornmendations for lunding over £5k are subject to approval by a vole of the Executive committee. Our website Iwww.maara.orgl is used to disseminate information about asthma and allèrgles lo the general public. It is also used lo publici5e the work of the charity and the research projects it sponsors. Th6 currènt website was last redesigned in 2010 and given its age. the Cornmittee decided to commission a new site which improved its looks. fLtnctionality and sacurity. Thtr silg went live in October 2023. Page 1
Midlands Asthma And Alleryy Research Association Report of the Trustees for the Year Ended 31 De¢emb&r 2025 ACHIEVEMENTS AND PERFORMANCE Fundraising activitie$ One appltcation was approved by the MAC in the surn of £89.796.12.. Lon edictors for asthma-related deaths itudinal tTen ID 11¥ ll0118d asthma and _ in En lan The UK has onè of the highest asthma death rates in children compared with other developed countries in the world. A report published 10 years ago found that the care of children wlh 8slhma in the UK was poor. Using electronic health data which has already been collected, this study wants to ffind out il the care of children wth asthma has improved in the 10 year5 since the report, if children from certain ethnic or social backgrounds are more likely to die from their aslhffla, and if Iheie ale any risk factors which can predict asthma deaths. Answering these questions will Allow healthcare professionals to better identify higher risk children. improve IheSr Care, nd h¢)p8fully prevent asthma deaths. Other projects contsnue from previous years.. TheEn &rsensitl¥ uestionn It ha$ been shown that paijents with food allergies have an impairment in their quality of life IQOLI. However, liitle has been done lo prove this relationship in drug allergy. In 2010, Baiardini and her group published the Drug Hypersensitivity Quality of Life QUestOnna1[e IDrHy-Ql. This questionnaire was validated in an Italian population of 365 patients. The DrHy-Q has shown reproducible results when translated inl0 Spanish. Portuguese. Thai. Turkish and Dutch It is hypolhesised that capturing and addressing patient concerns in the UK through the use of the DrHy-Q may improve the approach to patients with drug allergy andlor the effectiven855 of drug allergy tests'ng. However. the DrHy-Q must first be translated into English. and then valid8ted. before it$ use in the UK population can be considered. This project is expected to complete in 2024. It]yo Lf lIS from asthmatic bronchial bio novel thera eutics y tissue ky &illolo 1 RNA-S uènan for th6 assessmtrnt of Severe luncontrolledl 8slhma 8ffectS 8 subset of people with asthma and does not respond to current Irealmenls. M851 cells IMCI are a type ol whllè blood cell in the aimay that play an important role in uncontrolled asthm8, C8using both day-to-day symptoms and attacks. Drugs that block MC function in asthma do not currently exist, because until now researchers have not been able to investigate the rnechan¢sms driving abnormal MC function. We wll use a new technique called Single-11 RNA sequencing that will 8llow us to identify the abnormal molecular signalling pathways that drive abnorrnal MC function We will use Mcs obtained from the bronchi of people with severe asthma and expect to uncover new way5 which Mcs in asthma can be targeted effectively with new drugs. hence improving the care for people with this disease. This project is expected to complete in 2024. The Harry Morrow Brown Award is an annual award commemorating the death of th8 founder of MAAFiA. it provides an annual sum of £5000 to support a range of health professionals wishin9 to presant at suitable conferences and seminars. by paying bursaries covering conference fees and travel Costs. There has been an increase this year from the one application last year to five applications thi5 ye8r. Four applications were 8pproved for the recipients to wsit the British Society for Allergy and Clinical Immunology conference in Harrogate. One recipient visitèd the European Respiratory Society international congres5 In Milan. All recipients wesented their work in the field of Asthma and Alergy. The total expenditure ¢)n this was just over £3000. FINANCIAL REVIEW Unrestricted funds are currently £940,489 and are used lo meet our liability in payment of agr$ed grants as well as the day-to-day operating 8xp8nditure. A deasion was taken in 2006 to invest some of our fvnds in investment 8c¢ounts In order to impfove returns. These funds have perfomied well and we plan to leave these in place unlil the money thèy contain are needed for our work. We have no funds materially in deficit. Our main source of funds this year has again bean lègacies which, by their nature, are drfficull lo predict or budget. Page 2
Midland8 Asthma And All&rgy Research Association Report of thè Trustèès for Year Ended 31 Decernb&r 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is governed by its constitution which was last changed in 2013 to ieflect the changes in the objects of the charity. refiecting the cessation of medical trials and the disposal of the former premises in Vemon St. Derby. The Association had a membership of 56 during the year. The conslilulion slipu18S that th¢ Committee will consist of.. The officers of the Association. i.e. the Patron, President. Chairman. Vice-Ch8iman, Treasurer and Se¢tary elected at the Annual General Meeting of the Association and a Medical Advistsr. All such officers shall be elected for a ffive-year period and shall be eligible for reelection for a fvrther period of five years after the expiry of the original five years. ii. Not mre than eight elected members, one third of vA)om shall retire at each Annual genefal Meeting of the assoaalion. The rnembers of the Committee lother than the aforernentioned Patron, President, Chairman, Vice Chaiiman, Tr835ur&r and Secretary to retire every three years and again each of the eight elected members sh811 be enlilled lo sland for re-election for a further temi of three years. iii. The Committee may elect members lo fill casual vacanues in the officers ond members of the Comrnittee until the next Annual General meeting. Trust885 and officgrs of the Association continue to give their time voluntarily and receive r)0 remuneration or other benefit5. All of whom acted as trustees for the whote year. The trustees are appointed a¢¢ording to the constitution which states that "Itrusteesl shall be elected by any General Meeting and sh811 serve until they die, retire or unless they are removed from offi¢e by any subsequent General Meeting. A key responsibilrty of the Trustees is lo ensure that the publi¢ will benefit frC the research or projecis ¥thich we fund. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 257131 Principal address PO Box 1057 Leicester Leicestershiie LE2 3GZ TTUSte S Watson S Mi118 Dr M Stern Independent Examlner Bourne & Co. Chartered Accountants 478 Queen Street Derby Dèrbyshire DE1 3DE Approved by order of the board of Irusls on .................. and signed on its behalf by.. S Watson - Trustee Page 3
Independent Examine$ Report to the Trustees ol Mldlands Asthma And Allergy Research Association Independent examiner'¥ oport to the trustees of Midlands A8thm• And Allèrgy R•s8arch Association I report to the charity trustees on my examination of the accounts of Midlands Asthm8 And Allergy Research Associalion Ilhe Trust) for the year ended 31 December 2025. R&sponslbllStles and basis of report As the ch8nly trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requiremenls of the Charities Act 2011 Ilhe Acri. I report in respeci of my examination of Ihts Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all appliGable Dir8Ctions given by the Charity Commission under Section 14515llbl of the Act. Ind•pèndènt 8xaminerf$ statement I have Completed my examination. I confimi that no malerfal matters have corne to my attention in connection with the examination giving me cause to believe that in any material respect". accounting records wefe not kept in resp8cI of the Trust as required by Section 130 of th6 Ad.. or the accounts do not accord with those records,. or the accounts do not comply with the applicable requirelnents concerning the form and contenl of aco)unls Set out in th8 Charities (Accounts and Reports) Regu18tions 2008 other than any requirement that the accounts give 8 true and fair view whKh is not a matter nsIdered as part ol an independent examination. I have no concems and have Come across no other matters in connection with the examinallon lo which attention should be dr8wn in this rèport in order to enable a proper understanding of the accounts to be reached. Joseph Fitzpatrick ACA BouTng & Co. Chartered Accountants 47a Queen Street Derby Derbyshire DE1 3DE Dale.. f).IL Ill..... ............ Page 4
Midlands Asthma And Allergy Research Assoclation ststement of Financial Activities for the Year Ended 31 December 2025 2025 Unrestrict8d fund 2024 Total funds Notes INCOME AND ENDOWMENTS FROM Donations and legaaes 88,520 415.323 Investment income 41.869 37,202 Total 130,389 452.S25 EXPENDITURE ON Raising funds 24,232 24,513 Charrtablè activiti•s GENERAL 159,375 79,024 Total 183,607 103,537 NET INCOMEIIEXPENDITUREI Other recognlsed g•ln$lllo#se¥l Gains on rèvaluation of fixed assets {53.2181 348,988 60,250 28.552 N¥t movement in funds 7.032 377,540 RECONCILIATION OF FUNDS Totsl funds bioughl fOard 1,318,029 940.489 TOTAL FUNDS CARRIED FORWARD 1.325,Cf1 1,318,029 The notes lorm part of these financial slalements Paye S
Midland$ Asthma And Allgrgy Research Association Balance Sheet 31 D•c¥mber 2025 2025 Unreslricled fund 2024 Total lunds Notes FIXED ASSETS T8ngiblÈ assots Investments 791,765 757.992 791,767 757,994 CURRENT ASSETS Debtors Cash at bank 273 534,980 273 562,652 535,253 562,925 CREDITORS Amounts falling due within one year 11,9591 {2,8) NET CURRENT ASSETS 533,294 560,035 TOTAL ASSETS LESS CURRENT LIABILITIES 1,325,061 1,318,029 NET ASSETS 1,325,061 1.318,029 FUNDS Unreslricled funds 1,325.(1 1.318,029 TOTAL FUNDS 1,32S.061 1.318.029 The financial st8tÈmants were approved by the Board of Trustees and authorised for issue O..&ETh&-....Ip.a. .... and were signed on its beha by. on S Watson- Trustee The notes fotm part ol these finanaal slalernenls Page 6
Midlands Asthma And Allergy Rosearch Assoclat5on Notes to the Financial Ststernents for the Year Ended 31 December 2025 ACCOUNTING POLICIES Basis of preparing the finan¢ial Statemènts The financial statements of the charity, which is a public benefit entity under FRS 102. have been prepared Sn accordance with the Charilies SORP IFRS 1021 'Accounting 8nd Reptsrting by Charities.. Statement of Recornmended Practice applicable to ch8ritie5 preparing their accounts in accordance with the Financial Reporting St8nd8rd appliGqble In the UK and RepLJblic of Ireland IFRS 1021 (effective 1 January 20191., Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. with the exception of investments which are induded at rnarkel value, as rn(xlified by the r8valuation of certain assets. Income All incorne is recognised in the Statement of Finan¢i81 Actiwtres once the charity has entitlement to the funds, it is probable th81 the incomè will be r6ceived and the amount can be measured reliably. Expenditure Liabilities ara racognised as expenditure as soon as there is a legal or constructive obligion wmmitting th8 charity to that expenditure, it is probable that a transfer of economic beneffts will be required in settlement and the amount of the obligatK)n can be méasured rèliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate 811 cost related to the category. Where costs cannot be directly attributed lo particular headings they have been allocated to aclivities on a basi5 consistent with the use ol r8sources. Grants offered subject lo conditions which have not been rnet al the year end datè arè noted as a commitrnent but not accrued as expenditure. Tangible fixed assets Depreciation is provided at the following annual rates in order to TIle off eath asset over ils eslimaled useful Medical equipment Computer equtpment 20% on reducing balance 33% on reducing balance Taxation The charity is exempt from lax on its c8rit8ble 8¢1ivilie$. Fund aecounting Unre$tnctèd lunds can be used in accordance with the charitable objectives at the discretion of the tTUStee$. Restrcted funds can only be used for particular restricted purposes wlhin the objects of the charty. Restrictions arise when specified by the donor or hyhen funds are raised for p8rti¢ular réstriclad purposes. Further explanation of th& nature and purpose of each fund is induded in the notes to the financial slalernents. INVESTMENT INCOME 2025 2024 Inveslrnenl Income Deposit aOnI Interest 26,651 15,218 28,327 8.875 41,869 37,202 Page 7 continued...
Mldlands Asthma And Allergy Re¥•arch Assoclation Notes to the Financial Statements - Continued for the Yèar Ended 31 December 2025 TRUSTEES. REMUNERATION AND BENEFITS There were no Irust8ès' remuneration or other benefts for the year ended 31 Dtscember 225 Thjr for the year ended 31 December 2024. Trustees. expenses There were no truslee5' expenses paid for th8 yaar ended 31 December 2025 nor for the year ended 31 December 2024. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROM Donaknons and legacies 415.323 Investment income 37,202 Total 452,525 EXPENDITURE ON Raising funds 24,513 Charltable activities GENERAL 79,024 Tatsl 103,537 NET INCOME Olher re¢ogni¥éd galnslllossesl Gains on revaluation of fixed assets 348,988 28,552 Net movement in funds 377,$40 RECONCIUATION OF FUNDS Total funds brought forward 940,489 TOTAL FUNDS CARRIED FORWARD 1,318,029 TANGIBLE FIXED ASSETS Medical equipment Computer equipment Totals COST At 1 January 2025 and 31 December 2025 NET 800K VALUE At 31 Decèmber 202S At 31 December 2024 Page 8 continued...
Midlands Asthma And Allorgy Research Association Notes to the Financi81 Stst¢mènts - contlnuad for the Year Ended 31 De¢ernr 2025 FIXED ASSET INVESTMENTS sted investments PAARKET VALUE At 1 January 2025 Disposals Revaluations 757,992 126,4771 60,250 At 31 December 2025 791,765 NET BOOK VALUE At 31 Dember 2025 791.765 At 31 Drnber 2024 757,992 There were no investment assets outside the UK. Cost or valuation al 31 Decernber 2025 is represented by.. Listed investments Valuation in 2023 Valuation in 2024 V8lu81ion in 2025 Cost 18,566 28,552 60,250 e84,397 791,765 DEBTORS: AMOUNTS FALLING OUE WITHIN ONE YEAR 2025 2024 Debtors and Prepayments 273 273 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 other creditors 1.959 2,890 MOVEMENT IN FUNDS Net movement in funds At 31.12.25 A11.1.25 Unrestrlcted funds Ggneral fund 1,318,029 7.032 1.325.061 TOTAL FUNDS 1,318,029 7,032 1,325,061 Pogè 9 continued...
Mldlands Asthma And Allergy R•sar¢h Assoclatlon Notes to the Financial Ststements . continued for the Year Ended 31 December 2025 MOVEMENT IN FUNDS - continued Nel movement in funds. induded in the above are as follows.. Incoming resources Rèsourc8s expended Gains and losses Movemenl in funds Unr•strict•d funds General fund 130.389 1183,6071 60.250 7.032 TOTAL FUNDS 130,389 1183,6071 60.250 7,032 Comparatlvas for movement In funds Net movement in funds At 31.12.24 At 1.1.24 Unrestrleted funds General fund 940.489 377,540 1,318.029 TOTAL FUNDS 940,489 377,540 1,318,029 Ctsmpar've net movement in funds, induded in the above are as follows.. Incoming resources Resources expended Gains and losses Movernenl In funds Unrestricted funds Gener81 fund 452.525 1103,5371 28.552 377,540 TOTAL FUNDS 452,525 {103.53n 28,552 377.540 A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds At 31.12.25 Al 1.1.24 Unr¥8trl¢tsd funds General fund 940,489 384,572 1,325,061 TOTAL FUNDS 940,489 384.572 1,325.061 A current year 12 months and prior year 12 months combined net rnovernenl in funds, Included in the abovè are as follows.. Incoming resources ReSoUrS expended Gains and losses )vemenl in funds UnrÈstriet8d funds General fund 582,914 1287.1441 88,802 384,572 TOTAL FUNDS 582,914 1287.1441 88,802 384,572 Page 10 continued...
Mldlands Asthma And Allergy R•$earch Assoclation Notes to the Financial Statem¢ftts- contlnued for the Year Ended 31 December 2025 10. RELATED PARTY DISCLOSURES There were rèlated party transactions for the year ended 31 December 2025. Pagè11
Midlands Asthma And Allergy Research Assoclatlon Detailed Statement of Financial Activities for the Year Ended 31 Decefflbgr 2025 2025 2024 INCOME AND ENDOWMENTS Donation¥ and l¢ga¢b8s Donations Legacies Mernbers Subscriptions 4.522 83,958 40 6,655 408,518 150 88,520 415.323 Investment In¢om¢ Investmenl Income Deposit account Inte81 28.651 15,218 28,327 8,875 41,869 37,202 Total incoming re$ourc8S 130,389 452,525 EXPENDITURE Ralslng donations and 1gga¢ios Wages Rates and water Insurance Telephone Stationery. printing. postage and advertlsing Sundries 19,356 1.440 1.087 559 1,612 178 19,194 1,560 1,531 512 1,716 24.232 24,513 Charitable activities Other Research Grants 156,100 75.657 Support eosts Finance Bank charges 87 Govornance costs Accountsn 3,275 3,280 Total reSoUrS expended 183,607 103.537 N•t l•xp8nditurellincome 153.218) 348,988 This page does not form part of the slattrtory financial statements Page 12