The Lister Award is a prize of a flat rate of £300,000 which can be spent over 5 years. How you spend the money is very flexible however it must support the aims of your research and you cannot pay for your own salary.
What you can do is to employ someone else to take over your teaching responsibilities for the duration of the award so that your time is freed up to focus on research. You can also employ a post doc, technician, or PhD student – whatever is best to support your research.
The funds can be used for running costs, equipment or to pay for central services. A contribution to overheads is also allowable, but this is charity funding and the University should use QR funding to cover overhead costs.