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 Al￿rgY
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 Tn￿tee8
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$es 8nd treatment of Asthma and Allergy.
b. Sponsoiing thè dissémination of thi5 to the public andlor lo the medical profession by publication or through seminars
or conferences.
c. Providing general infomiation on Asthma a￿1 Allergy to the public.
d. Fulfilling requests for information from academic bodies, intèr8St8d group5 and the public on matters relating to
aslhrna and allergy. including research findings and information gathe￿d by the Association or ils agents, at the
discretion of the Executive.
e. Undertake fundraising in support of the objects a- d.
ACHIEVEMENTS AND PERFORMANCE
Char(table aetiviti¢$
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 t￿Ten ID ￿￿￿11¥ ll￿￿0118d 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 QUest￿Onna1[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 slipu1*8S 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 Irusl*s 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 fO￿ard
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 oblig*ion 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 c*8rit8ble 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 a￿O￿nI 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 2￿25 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¢ern￿r 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 De￿mber 2025
791.765
At 31 D￿rnber 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•s*ar¢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
ReSoUr￿S
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 Inte￿81
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 reSoUr￿S 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