```python
from psyclone.transformations import (RedundantComputationTrans,
                                      OMPParallelTrans,
                                      Dynamo0p3ColourTrans,
                                      Dynamo0p3AsyncHaloExchangeTrans,
                                      KernelModuleInlineTrans)
from psyclone.psyGen import TransformationError

# Control variables for applying transformations
apply_redundant_computation = True
apply_async_halo_exchange = True
apply_omp_colouring = True
apply_intrinsic_inlining = True

def apply_transformations(psy):
    # Instantiate transformations
    rc_trans = RedundantComputationTrans()
    ahe_trans = Dynamo0p3AsyncHaloExchangeTrans()
    omp_colour_trans = Dynamo0p3ColourTrans()
    inline_trans = KernelModuleInlineTrans()

    for invoke in psy.invokes.invoke_list:
        schedule = invoke.schedule

        try:
            if apply_redundant_computation:
                # Apply redundant computation transformation
                for loop in schedule.loops():
                    rc_trans.apply(loop)

            if apply_async_halo_exchange:
                # Apply asynchronous halo exchange transformation
                for loop in schedule.loops():
                    ahe_trans.apply(loop)

            if apply_omp_colouring:
                # Apply OpenMP colouring transformation
                for loop in schedule.loops():
                    omp_colour_trans.apply(loop)

            if apply_intrinsic_inlining:
                # Apply intrinsic inlining transformation
                for kernel in schedule.coded_kernels():
                    inline_trans.apply(kernel)

        except TransformationError as error:
            print(f"Transformation error: {error}")

    return psy
```