THE ASMARLEY CHARITABLE TRUST
Registered Charity No. 294684
ACCOUNTS
31ST JULY 2024

THE ASMARLEY CHARITABLE TRUST
Registered Charity No. 294684
ACCOUNTS
31ST JULY 2024

THE ASMARLEY CHARITABLE TRUST
ACCOUNTS
YEAR ENDED 31ST JULY 2024
CONTENTS
PAGE
Report of the Trustees
ststement of Financial Activities
Balance Sheet
Notes to the Accounts
Independent Examiners, Report to the Trustees

Page 1
THE ASMARLEY CHARITABLE TRUST
REPORT OF THE TRUSTEES
YEAR ENDED 31ST JULY 2024
The trustees present their report along with the accounts of the Trust for the year ended 31 sl July
2024. The accounts have been prepared in accordance with the accounting policies set out in note I to
the accounts and comply with the tNst deed, the Charities Act 2011 and Accounting and Reporting
by Charities .' Stalemcnt of Recommended Prdctice applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK alld Republic of Ireland
(FRSI 02) (effective I st January 2019).
OBJECTIVES AND ACTIVITIES
Objectives
The objectives of thc Trust are to apply the income, and so much of the capital of the Trust as the
trnslees may determine, to charitable purposes for the following..
lo assist callcer and heart research at Royal Brompton Hospilal. or elsewhere if Royal Brompton
Hospital no longer undertakes such research. and
to assist general medical research at Royal Brompton Hospital, or elsewhere if Royal Bro]npton
Hospital no longcr undenakes such research or no longer requires charitable funds for such
research.
Activities
The Trust's main activity for the year has been to generate the necessary incomc from its investments
lo fulfil the requirements of the governing documcnt and to detennine the policy for distributing such
income.
As the Trust generates its in¢ome from its investments il is not dependent upon the services of
volunteers or donations.
The T￿st has been in regular contaci with persomiel at Royal Brompton Hospital to ascertain their
research needs and to decide ihe most appropriate level of ￿ndIng to provide the support requcstcd.
The trustees have referrcd to tILe guidan¢¢ Contained in thc Charity Commission's general guidan¢e on
public IKnefit when reviewiThg thc Trust's aims and objectives and in planning its future aciiviiies. tn
particular, the trustees consider how planncd activities will contribute to the aims and objeclives they
have set.
ACHIEVEMENTS AND PERFORMANCE
The trustees, thrnu￿ Mr D E Goldsn]ith. maintain close contact with the Head of the National Heart
and Lung Institute at Royal Bron]pton Hospital and are fully assured that the wishes of ihe late
Thomas and Margaret Oakley arc b¢ing maintained with the hclp of the research grants made as
shown in the annual accounts. Thc invcstment managers are aware of the research grant commitments
and include ihe r¢quirements within their inveslmenl strategy.
In addition to Mr Goldsmith's contact with Royal Brompton Hospital, personnel at Royal Brompton
Hospital produce amiual reports to the Irustees which are Carefully considered.

Page 2
THE ASMARLEY CHARITABLE TRUST
REPORT OF THE TRUSTEES
YEAR ENDED 31ST JULY 2024
ACHIEVEMENTS ATrID PERFORMANCE (coniinu¢d)
The trustees have agrccd to provide a funding grant of £240,000 per armum, payable quarterly for the
five year period endillg Scptember 2025, to Royal Brompton Hospital. The first quarterly payment
was made in December 2020. The funding supports long temi resear¢h by the provision of a Chair of
Research (named the Asmarley Chair) in conjunction with Imperial College, London, a lectureship
position and the appointment of an Asmarley Fellow to undertake molecular pathology research.
Currently the funding is used tOW￿d5 invesiigating genetic prcdisposilion to the development and
severity of fibrosing lung diseases, rccognising lh¢ associated increased risk of lung cancer in
fibrosing lung disorders and the genetic basis of the variable response to opiate painkillers in patients
suffering from canccr.
The trustees feel that by the above grants ihey have honoured the wishes of the late Thornas and Mary
Oakley in the continuing support of Royal Brompton Hospital.
FINANCIAL REVIEW
Results
The results of the Trust for the year are sel oul in the Statement of Financial Activities on page 6, atLd
show that the Trust generated total income of £74,501 (2023 - £75.093).
The Trust spent £20,212 {2023 - £21,570) of ils resources on maThagcmcnt and administration costs for
the year, which together with the research grants paid to Royal Brompton Hospiial of £240,000 (2023
£240,000).
During the year the investment portfolio realised gain of £15,929 (Realised loss 2023 £13,125) and
had unrealised gains of £166,036 {Unrcali5cd losses 2023 - £42,085).
As a result of the above combined factors the Trust's total fvnds, after commitmcnls, increased by a net
amount of £236,254 (decreased in 2023 - £1,687) during the year.
The accounts bave bccn prepared on a continuing and accruals basis with unrestricted fvnds.
Investment policy and perform4Dce
The Trust's investment portfolio is matLaged on a discretionary basis by Rathbones Investment
Management Limitcd.
The fund is managed in order lo achicve a balance between capital and income growth whilst adopling
a medium risk pr()file. The dividend income of the ￿nd decreased by just over 5 /.. The underlying
value of the trust's assets decreased by less than 0.20/0 during the year.

Page 3
THE ASMARLEY CHARITABLE TRUST
REPORT OF THE TRUSTEES
YEAR ENDED 31ST JULY 2024
FINANCIAL REVIEW (comrirtued)
Reserves policy
The trustees have considered the policy that should be adopted with regard to the rescrves of the
Trust.
The trustees have considered the amount of income requircd to support the annual grant payment and
have taken steps to instruct thc investment manager accordingly.
The trustees have decided to retain in investmeni the total general fund to maintain the ￿tUre of the
Trust.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Trust is an unincorporatcd trust, conslilul¢d under a trust dced dated 2nd June 1986 and is a
rcgistcrcd charity, number 294684. Thc Trust was established by an initial gift of £5,000 from the late
Thomas and Margaret Oakley, together with a subsequent legacy from the estate of Mr Oakley. The
Trust does not actively fundraise and seeks to continue thc philanthropic work deternlined by the
donor through the stewardship of the existing reSoU￿es.
Appointment of trustees
The power of appointing new or additional trnstees was vested in the seitlors and is now vested in the
continuing trustees.
To the extent necessary lo fvlfil their mle new trustccs arc instru¢ted by the existing trustees ond, if
specifically required, would be provided with the necessary facilities to undertake additional iraining.
Orga￿1$￿tio
The names of the trustees who served during the year are set out on page 4.
The trustccs m¢¢t annually, or more often if rcquircd, in order to..
review the Trust's financial perfonnance and discuss the investment strategy and results with the
professional investment adviser. and
delemiine the actions to bc taken to ￿1[11 the Trust's purw)se to as51St can¢¢r and heart research
at Royal Brompton Hospital.
The day to day manBgement of the Trust and liaison with Royal Brompton Hospital is undertaken by
Mr D E Goldsmith in consuliation with rhe other trustees as n￿eSSary.
Risk management
The trustees have considered the vulnerability of the Trust to factors which could seriously impair its
ability to achieve its objectives. The main income sources are investment and interest income. The
ability of the Trust io make grants is dependent on the strcam of dividend income and interest incom¢
received. To this end the trustees have appointed professional investment advisers to manage the
Trust's portfolio of investmellts.

Pagg 4
THE ASMARLEY CHARITABLE TRUST
REPORT OF THE TRUSTEES
YEAR ENDED 31ST JULY 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT (ctsniinu¢d)
Risk management (cohiinmed)
The lrnstees have also examined the major strategic, business and operational risks which the Trust
faces and confirni that systems have been established to enable regular reports to be produced so
that the necessary steps can be taken to managc these risks.
REFERENCE AND ADMINISTIL4TIVE INFORMATION
Trustees
Mr D E Goldsmith
Mr N J Ginger
Mr C W Goldsmith
Mr G Boughton
Registered Office
260 - 270 Butterfield
Great Marlings
Luton
Beds LU2 8DL
Registered Charity Number
294684
Independent Examiner
MrRACoxFCA
Miller & Co
Chartered Accounlanls
5 Imperial Court
t2POrte Way
Luton
Bcds LU4 8FE
Bankers
CAF Bank Limitcd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent ME19 4JQ
Investment Managers
Rathbones Investment Management Limited
I Curzon Street
London WIJ 5JB

THE ASMARLEY CHARITABLE TRU8T
REPORT OF THE TRUSTEE8
YEAR ENDED 318TJULY 2024
wbioh pve a true and fair iryew of th¢ Jtal¢ of #ffakn of the CTr￿1ty •nd of the
of thc It￿ to ell8uTr that th¢ a¢¢Thmts o)mpty vAth the Chartti# A¢t 2011. th¢ CbaritA¢8
MrNJ

Page 6
THE ASMARLEY CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31ST JULY 2024
Unres¢ric¢ed Funds
2024
2023
r4ote
Income from:
Investments
74,501
75,093
Expenditure on:
Raising funds..
Investment rnallagemenl charges
Charitable activities=
Research grants
Admiiiistraiion costs
11,486
11,762
8,726
9,808
Totsl
(20,212)
(21,570)
Net gains on investments:
Realised gains l (losses) on investment assets
Unrealised gains l (losses) on investment assets
15,929
l66,036
{13,125)
(42.085)
181,965
(55.210)
(1,687)
Iyet movement in funds
236,254
Reconeiliation of funds:
Total funds brought fonvard
2,162,165
2,163,852
Total funds carried forward
2,398,419
2,162,165

THE ASMARLEY CHARrrABLe TRUST
BALANCE SHEET
318T JULY 2024
N•t•
2.690,866
1695.419
11179
14,750
14049
16,179
626
248J03
(231HT)
1233354)
2.462,165
NET ASSET8
1398.419
1162.16J
2,398,419
2.161165
6 to 12 apNoNryl by th• tru*<8
Mr D E Goldlmith

Page 8
THE ASMARLEY CHARITABLE TRUST
NOTES TO THE ACCOUNTS
YEAR ENDED 31ST JULY 2024
ACCOUNTING POLICIES
(a) Basis of preparation
The accounts have been prepared under the historical cost convention, as modified to
include the revaluation of invcsttnents to market value, and irL accordance with the
Statement of Recommended Practice.. Accounting and Reporting by Charities preparing
their accounts in accordance with the Financial Reporting Standard applicable in thc UK
and Republic of Ireland (bRS 102) (effective 1st January 2019), thc Finan¢ial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act
2011.
The presentation currency of the a￿ount5 is in pounds sterling (£), which is ihe
functional currency of the charity, rounded to the nearest £.
Thc addrcss of the registered office is given in the ch￿￿tY infornialion on page 4 of the
accounts.
Thc charity meets the definition of a public benefit entity under FRSIO2.
The accounts have been prepared to give a 'true and fair, view and have departed from
the Charities (Accounts and Reports) Regulations 2008 only to the extent requitcd to
provide a 'truc alld fair view,. This departure has involved following the Ac¢ountirLg and
Reporting by Charities.. Statcmenl of Recommended Practicc applicable to charities
preparing their accounts in accordance with the Finan¢ial Reporting Standard applicable
in the UK and Republic of Ireland (FRS102} issued in October 2019 rather thau the
Accounting and Reporting by Charities- Statement of Recommended Practice effective
from I st April 2005 which has since been withdrawn.
{b) Funds structure
The funds are unrestricted and are available for use at the discretion of the trustees in
furtherance of the general objectives of the Trust.
(e) Income recognition
All income is re¢ognised once the Trust has entitlement to the income. it is certain that
thc income will b¢ re¢¢ived and the monetary valuc of the income ¢an be measured wilh
sufficicnt reliability.
(d) Expenditure recognitio
Liabilities arc recognised as expenditure as soon as there is a l¢gal or constructive
obligation committing the Trust to the expenditure. All expenditure 15 accoullied for on
an accrnals basis and has bccn classified under headings that aggregate all costs related
to the category.
Grants payablc are payments made to third parties in the furthcrance of the ¢haritable
objectives of the Trust. Single or multi-year grants are accounted for when either the
re¢ipient has a reasonablc expectation that they will receive a grant arkd the tnLStees have
agr¢ed to pay the grant without condition, or the recipient has a reasonable expectation
that they will receive a grant and any condition attached to the grdnt is outside the
control of the Trust.

Page 9
THE ASMARLEY CHARITABLE TRUST
NOTES TO THE ACCOUNTS
YEAR ENDED 31 ST JULY 2024
ACCOUNTINC POLICIES
(d) Expenditure recognition (continued)
Provisions for grants are made whcn the intention lo make a grant has been eortmiunicated
lo the recipient but there is uncertainty about either the liming of the grant or the amoLml
of the grdnt payable.
(e) D¢bton
Debtors with no statcd interest rate and rcccivable within one ycar are re¢orded at
transaction price. Any losscs arising from impainnenl arc recognised in expenditure.
(O Irreeoverable VAT
I￿eCOVerabl¢ VAT is charged agairLSt the category of resources expcnded for which it was
incurred.
{g) Cost of raising funds
The costs of raising funds consists of investment management charges.
(h) Charitable activities
Costs of charitable actlVLties consisls of grants made to Royal Brompton Hospital. and
admiIllstration costs, including governance cost which comprisc all costs involving public
awountability of the Trust and its compliance with regulations and g(K)d practice.
lil Fixed asset investments
Investments arc a fom] of basic finarLcial instrumcnl and are initially recognised at their
transaction value and subscquently measured at their fair value as at the balance sheet date
using the closing bid market value. Gains and losses on revaluation are takerL to ihe
Statement of Financial Activities as they arise. Realised gains and losses on investments
are calculated as the difference between sales proceeds and their opening canying valuc or
their purchase value is acquired subsequent to the first day of the financial ycar.
Unrealised gains and losses are calculatcd as the difference betwccn the fair value at the
year end alld their ¢arrying value.
RELATED PARTY TRANSACTIONS AND TRUSTEES REMUNEtL4TION
The trustees received no emoluments (2023 - £nil). Expenses and profcssional fees relating lo
the four trustees in the year ioialled £7,279 {2023 £8,423). Outstanding balances at 31st July
2024 due to three tru5t¢cs lolalled £7,276 (2023 £6,983).
2024
2023
INVESTMENT INCOME
Dividends received
Intcrest received
Other interest
Bank interest received
54,882
16,841
2,435
343
57.795
15.725
1,390
183
74,501
75,093

Page 10
THE ASMARLEY CHARITABLE TRUST
NOTES TO THE ACCOUNTS
YEAR ENDED 31ST JULY 2024
2024
2023
ANALYSIS OF RESEARCH GIUNTS
Grants to Royal Brompton Hospital..
Asmarley Chair, Lectureship and Fellowship Position
ADMINISTRATION COSTS
Governance costs
Trustees, expenses and professional fees
Indq)endent examiner's fee
Bank charges
7,279
1,380
67
8,423
1.320
65
8,726
9,808
FIXED ASSET INVESTMENTS
Movement in fixed asset lllvestwentS
At I st August 2023
Addilions at cost
Proceeds of disposals
Realised investment gains l (losscs)
Unrealised investment gains l (losses)
2.695,419
388,948
(575,466)
15,929
166,036
2,871,450
364,190
(485,011)
(13.125)
(42,085)
Ai 31st July 2024
2,690,866
2,695,419
Inveslments at 31st July 2024 compris¢d:
Equitics - managed
Fixed interest sccurilies - managed
Cash held within the investment portfolio
2,423,068
249,736
18,062
2,400,496
191,701
103,222
To¢•1
2,690,866
2,695,419
Htstorical cost at 31 si July 2024
2.147.198
2.115.022

Page11
THE ASMARLEY CHARITABLE TRUST
NOTES TO THE ACCOUNTS
YEAR ENDED 31ST JULY 2024
21124
2023
DEBTORS
Interest receivable
299
299
CREDITORS
Amounts falling due within one yeydr
A￿rualS and deferred in¢om¢
Grallts payable
8.626
240,000
8,303
240,000
248,626
248,303
Amounls falling du¢ aft¢r more than one year
Grants payable
60,000
300,000
The Irustees have ac¢rued as a liability grants payable for the
Asrnarley Chair, Lectureship and Fellowship position based
on fullding it over five years and two months. Although the
grant is subject to an annual review, the Trusl normally
accepts thc progrcss report provided by Royal Brompton
Hospital. Since the assessment of the progress of these
projects is outside the control of the Trust, ￿11 acc￿￿1 is
included in the accounts.
EMPLOYEES
The charity does not employ any staff.

Page 12
THE ASMARLEY CHARITABLE TRUST
NOTES TO THE ACCOUNTS
YEAR ENDED 31ST JULY 2024
2024
2023
10. FINANCIAL INSTRUMEf4TS
The canying amounts of the Charity's
financial instrnments are as follows..
Financial assets..
Mcasured al fair value througb net
incomc/cxpenditure'.
Fixed asset listed investments (note 6)
2.690,866
2,695,419
The net gains / (losses) attribulabl¢ lo the
charity's
financial
instruments
are
summarised as follows..
Nel gains l (losses) (including cbanges in
fair value):
Financial assets measured at fair value
through net income/expenditurc
181,965
{55,210)

Page 13
THE ASMARLEY CHARITABLE TRUST
INDEPENDENT EXAMINERS, REPORT TO THE TRUSTEES
FOR THE YEAR ENDED 31ST JULY 2024
We report to the clllrity's tn￿te¢S on our examination of thc accounts of The Asmarley Charitable
Trust for the year ended 3 1st July 2024, which are set out on pagcs I to 12.
REsPoNSIB￿ITIEs AND BASIS OF REPORT
As the charity Ilustees of the Ttijst you are responsible for the preparation of the accounts in
accordancc with the requirements of tkne Charities Act 2011 ("the A¢t").
We report in respect of our examtllation of the Trust's accounts carried out under $e¢tioll 145 of th¢
2011 Act and in carrying out our examination we have followed all Ihc applicablc Directiolls given
by the Charity Conllnission under section 145(5)Ib) of the Act.
INDEPENDENT EXAMINERS, STATEMENT
We have COllLplcted our exatninalion. W¢ Conf￿ that no material matters have Come lo our
attention in connection with thc cxatuillation giving us cause to believe that in any tllaterial aspect:
accounting records were not kept in respect of the Trust as required by sectioll 130 of the Act-
or
2. the accounts do not accord with those ￿ords. or
3. the accounts do not comply with the appliuble requirements concerning the forn] and corLtents
of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than ally
requirement that the accoullls give a 'true and fair view, which is fLOt a matter considered as part
of an independent examination.
We bave no concerns and havc comc across no other matters in connection with the examination to
which attention should be drawn in this report in order to enable a proper utLderstanding of the
accounts to be reached.
MrRACoxFCA
MILLER & CO
Chartered Accountants
5 Imperial Court
Laporte Way
Luton
Beds
LU4 8FE