Mason Medical Research Trust REPORT AND UNAUDITED FINANCIAL STATEMENTS for the year ended 5 April 2022 Charity Registered Number.. 207666 (England and Wales)
Mason Medical Research Trust OFFICERS AND PROFESSIONAL ADVISORS for the year ended 5 April 2022 TRUSTEES Jonathan Malcolm Hall Mason Christopher Gerald Wright Andrew Philip de Beer Stuart James Robb Sarah Jane Mason Robin Elizabeth Mason (retired 14 April 20211 (retired 26 April 20211 {appoinled 14 April 20211 {appoinled 14 April 20211 CHARITY REGISTERED NUMBER 207666 PRINCIPAL ADDRESS 3rf Floor, Portland 25 High Street Crawley RH10 1BG SOLICITORS Edwin Coe LLP 2 Stone Buildings Lincoln's Inn London WC2A 3TH INVESTMENT MANAGERS Schroder & Co. Limited 1 London Wall Place London EC2Y SAU BANKERS Barclays Bank Ple North Stoel Branch 139-142 North Street Brighton BN1 1RU INDEPENDENT EXAMINER RSM UK Tax and Accounb'ng Limited Chartered Accountants Portland 25 High Street Crawley Vvesl Sussex RH10 1BG
Mason Medical Research Trust TRUSTEES, REPORT for the year ended 5 April 2022 The Iruslees present their annual report and financial slalements for the year ended 5 April 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the account$ and comply with the Charity's goveming document, the Charities Act 2011 and Accounting and Reporting by Charities. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) effective 1 January 2019. STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity was established by a Deed executed on 3 December 1921 and has the registered charity number 207666. Details of the trustees serving during the year and since the year end are given on page 1. The Iruslees are appointed by the continuing trustees and the retiring trustee. The composition of the Board of Iruslees is kept under review to ensure the correct balances of expertise and Inte$t are maintained. The trustees conduct the majority of their business in the Board but the recommendations for the award of grants and fellowships are made by eminent medical advisors who comprise the Research Advisory Committee. OBJECTIVES AND ACTIVITIES The object of the Charity is to promote medical research in such manner in all respects. including contributions to any insb'lulion or fund carrying on medical research, as the trustees in their absolute discretion think fil. The trustees are anxious to ensure that there are regular opportunities for potential beneficiaries lo apply for grants and fellowships so that the objecb'ves of the Charity are mel and thus allowing important medical research to be carried out for the benefit of the public al large. Advertisements are plad in prominent meosical journals to facilitate this process. Applications are considered by the Reseanh Advisory Committee who then make fomal recommendations to the Board of trustees. The Iruslees are indebted to the members of the Research Advisory Committee for the lime, commitment, enthusiasm, and professionalism that they bring lo the whole selection process. The trustees are fully aware of the Charity Commission's guidance on Public Benefit and consider it carefully in deciding what activities they should undertake. ACHIEVEMENTS AND PERFORMANCE The Charity continued lo supwrt medical research activities throughout the year by way of grants and the award of The Mason Medical Research Fell¢)wship. The total grant and fellowship commitment for the year was £113,38312021. £158,025). The level of grants and fellowships awarded in each individual financial year is dependent upon the timing of Panel Meetings. A delayed Panel Meeting was held in April 2022 at which meeting recommendabons for the awarding of grants tolalled £53,383 {2021.' £73,086). Fellowship interviews were convened in May 2022 and one fellowship was awarded al a total cost of £60,00012021.' £84,939). GRANT POLICY The trustees staled objective is forThe Mason Medical Research Fellowship lo be awarded on an annual basis subject to receipt of applications of the quality warranting such an award. The Iruslees will be continuing to require those awarded the Mason Medical Research Fellowship lo make presentation lo the Iruslees and Research Advisory Committee on the conclusion of their work, highlighting the benefits of the research made possible by the aw8rd.
Mason Medical Research Trust TRUSTEES, REPORT (continued) for the year ended 5 April 2022 FINANCIAL REVIEW The Charity's investments are managed by Schroder & Co Limited. The twslees regularly review the performance of the porttolio against the objectives sel ancl the performanTr against these objectives was salisfaclory. The Trustees note the increased value of the portfolio which is in line with the volatility of the market. The investment income levels show an increase compared to the prior year. The investment portfolio has increased to £6,639,50712021'. £6,128,649) at the balan sheet dale. GOING CONCERN The trustees have considered whether it is appropriate to prepare the financial statements on the basi5 that the Charity is a going concern. The Charity is reliant on income from its investment portfolio stated at £6,639,50712021.. £6,128,649) in the fomi of dividends to meet Ils annual expenditure. The Iruslees consider the value of the investment portfolio and the anticipated investment income will be sufficient lo sustain the Charity for at least Iwelve months from the dale of signing the financial stalemenls. RESERVES POLICY Total reserves al 5 April 2022 were £6,907,37812021.. £6,502,0551 with £3,097,22212021.. £3,088,961) held as endowment funds, £654,731 12021.. £556,8801 held as designated fLJnds. The remaining £3,155,42512021'. £2,856,214) are unreslricled reserves of the Charity. The details of the PLJrpose of each fund is sel out in the accounting policies. The trustees consider that the results for the past year are satisfactory and that the resources are adequate to maintain the Charity's existing activities. The funds that We designated for the award of the Mason Medical Research Fellowship are lo be used solely for this purpose. The trustees are satisfied that this fund is adequate to finance such awards for the foreseeable future. The unreslricled funds will continue lo be ulilised to meet the prime objectives of the Charity and enable the trustees to provide meaningful support by way of grants to enable quality research projects to be conducted. The grants are mel out of income. KEY MANAGEMENT PERSONNEL The Iruslees consider the Board of Trustees as comprising the key management personnel of the Charity in charge of directing and controlling the Charity and running and operating the Charity on a day-to-day basis. Trustees are required to disclose all relevant interests and wister them with the Board and in accordance with the Chanty's policy withdraw from decisions where a conflict of interest arises. Neither the Charity nor any of the Trustees presently have such interests bul any such interests would be disclosed should they arise. RISK MANAGEMENT The trustees have assessed the major risks to which the Charity is exposed, those related lo the operations and finances ol the Charity and are sats"sfied that systems are in place to mitigate any exposure to the major risks. PLANS FOR FUTURE PERIODS The trustees remain committed to conlinualty improve the application process and enhancing the awareness of the Charity's activities and objectives. The trustees also wish lo ensure that the grants and fellowships awarded are maintained al aliStiC levels lo ensure the continued support for such important research activities.
Mason Medical Research Trust TRUSTEES, REPORT (continued) for the year ended 5 April 2022 Approved he trustees and signed on their behalf by.. JMHM8son ICh8irm8n of the trusleesl Date..
Mason Medical Research Trust STATEMENT OF TRUSTEES, RESPONSIBILITIES for the year ended 5 April 2022 The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounbng Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the stste of affairs of the Charily and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Iruslees are required to". select suitable accounting policies and then apply them consislenly., observe the methods and principles in the Charities SORP., make judgments and estimates that a reasonable and prudent", stale whether applicable accounting stsndards have been followed, subjed lo any material departures disclosed and explained in the financial slalemenls.. prepare the financial stslemenls on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable aecuracy al any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) RegLJlations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud 8nd other irregularities.
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MASON MEDICAL RESEARCH TRUST I report lo the trustees on my examination of the financial ststemenls of Mason Medical Research Trust I'the Charity'l for the year ended 5 April 2022. which are set out on pages 7 to 14. Responsibilities and basis of report As the trustees of the Charity, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 20111'the 2011 Acl'l. I report in respect of my examination of the Charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the 2pplicable Directions given by the Charity Commission under section 145 Isllbl of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not ¢over all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, l express no opinion as lo whether the financial slalements present a 'lrue and fair view,, and my report is limited to those specific matters set out in the independent examinerfs statement. Independent examinerfs statement I have completed my examination. I confirm that no material mallers have come lo my allenlion in connection with the examination giving me reasonable cause to believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act.. or 2. the financial slalements do not accord with those records.. or 3. the financial slalements do not comply with the applicable requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Signed. Name ZOE LONGSTAFF-TYRRELL FCA DChA The Inslilule of Chartered Accounlanls in England and Wales ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED Chartered Accountants Portland 25 High Street Crawley West Sussex RH10 1BG Date. 12101123
Mason Medical Research Trust STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 April 2022 Unreslricled Reslricled Unreslricled Designated Endowment Funds Funds Funds 2022 2022 2022 Totsl Funds 2022 Total Funds 2021 Notes INCOME trom Investment income.. Dividends Interest 227,172 78 11.911 239,083 78 128,413 410 TOTAL INCOME 227,250 11,911 239,161 128,823 EXPENDITURE on Cost of raising funds.. Investment management fees 5,534 6.369 11,903 20,324 Expenditure on charitable activities 53.383 84.340 137,723 183,739 TOTAL EXPENDITURE 58.917 84,340 6,369 149.626 204,063 NET INCOMEIIEXPENDITUREI 168,333 172,4291 16,3691 89,535 175.2401 Transfer between funds Nel realised Ilossesllgains on investments Net unrealised gains on investments 17921 17921 805,067 131,670 170.280 14,630 316.580 331,088 NET MOVEMENTS IN FUNDS 299,211 97,851 8,261 405,323 1,060,915 RECONCILIATION OF FUNDS TOTAL FUNDS BROUGHT FORWARD 2,856.214 556,880 3,088,981 6,502,055 5,441,140 TOTAL FUNDS CARRIED FORWARD 3,155,425 654,731 3,097,222 6,907,378 6,502,055
Mason Medical Research Trust BALANCE SHEET as at 5 April 2022 2022 2021 Notes FIXED ASSETS Investments 6,639,507 6,128.649 CURRENT ASSETS Cash at bank and in hand 457,792 457,772 CREDITORS.. amounts falling due within one year 1189,921) 184,366} Net current assets 267,871 373,406 TOTAL NET ASSETS 6,907,378 6,502,055 FUNDS Reslricled funds Endowment Funds 3.097,222 3,088,961 Unreslricled funds General Designated 3,155,425 654,731 2,856,214 556,880 TOTAL FUNDS 6.907,378 6,502,055 These financial their behalf lemenls were approved by the trustees and authorised for issue on and signed on JMHMason {Chairman of the Trustees)
Mason Medical Research Trust NOTES TO THE UNAUDITED FINANCIAL STATEMENTS for the year ended 5 April 2022 1. ACCOUNTING POLICIES BASIS OF PREPARATION AND ASSESSMENT OF GOING CONCERN These accounts have been PrePad under the historical cost convention with items recognised al cost or transaction value unless otherwise slated in the levant notes lo these accounts. The accounts have been prepared in accordance with the Statement of Recommended Practice. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 effective 1 January 2019 and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021. The accounts have been prepared to give a 'true and fair, view and have departed from Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required to provide a 'lrue and fair view,. This departure has involved following Accounting and Reporting by Chanties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 effective January 2019. The Charity constitutes a public benefit entity as defined by FRS 102. GOING CONCERN The trustees have considered whether it is appropriate to prepare the financial statements on the basis that the Chanly is a going concern. The trustees consider the value of the investment portfolio and the anticipated investment income will be suffieienl to sustain the Charty for at least thelve months from the dale of signing the financial slalements and that there are no material uncertainties about the Charity's ability to continue as a going concern. INCOME RECOGNITION Income is recognised in the period in which the Charity is entitled lo reipt and the amount can be measured with reasonable rtainty. In accordance with this policy. donations and legacies are included when the Charity is advised by the personal representative of an estate that payment will be made, or propety transferred, and the amount can be quantified. Income derived from investments in the form of dividends and interest receivable is included in the financial statements on an accrual's basis. EXPENDITURE RECOGNITION All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation lo pay for expenditure. Costs of generating funds Costs of generating funds comprise those costs diredly attributable to managing the investment FX)rtfolio and raising investment income.
Mason Medical Research Trust NOTES TO THE UNAUDITED FINANCIAL STATEMENTS for the year ended 5 April 2022 1. ACCOUNTING POLICIES- CONTINUED Grants and fellowships Grants and fellowships are charged in the year in which the grants and fellowships are approved. Administration and gov8mance Gosts Administration and governance costs relate to the general running of the Charity. Costs are allocated specifically where appropriate and practical, and proportionate to use when resources are shared. INVESTMENTS Investments are included at closing mid-markel value at the balance sheet date with revaluation surpluses or deficits being credited or charged as unrealised gains or losses to the appropriate fund. FUND ACCOUNTING The Charity's funds consist of a restricted permanent endowment fund and unrestricted income funds. Restricted endowment fund- these funds must be held on trust permanently as capital funds and cannot normally be spent as if they were income. Expenses incurred in the adminislralion or protection of the fvnds such as investment management charges, are charged to the funds. The endowment fund arose from a bequest from the Estate of A M Mason deceased and are invested for the purposes of the Charity. Designated funds - designated funds comprise unreslricled funds that have been pul aside al the discretion of the trustees for a purpose. The funds presently designated are for the award of Ma50n Medical Research Trust Fellowships. UnreslriGted general funds- these funds can be used in accordan with the charitable objects at the discreb.on of the Iruslees. TAXATION The Charity is registered with the Charity Commission and therefore is not liable for income 18x or corporation tax on income derived from ils charitable aclivits'es, as il falls within the various exemptions available to registered charities. IRRECOVERABLE VAT Irrecoverable VAT is charged against the expenditure heading for which il was incurred. FINANCIAL INSTRUMENTS The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement value. DEBTORS Other debtors are recognised al the selllement amount. CREDITORS Creditors and provisions are recognised where the Charity has a present obligab'on resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or eslimaled reliably. 10
Mason Medical Research Trust NOTES TO THE UNAUDITED FINANCIAL STATEMENTS for the year ended 5 April 2022 STAFF COSTS AND TRUSTEES, REMUNERATION The Charity had no employees during the year12021". none). No emoluments were payable to any trustee for their services and no trustees were reimbursed for expenses12021'. £nill. EXPENDITURE ON CHARITABLE ACTIVITIES 2022 2021 UnresfiFCted funds Grants 4 10 instilutions12021.' 6 10 institutions) 53.383 73,086 53,383 73,086 Unrestncted designated fund Fellowships- 110 inslitutions12021.' 1 inst'lutionl 60,000 84.939 Adminislralion and support seNice Other expenses 12,600 3,520 17.550 2,464 Governance costs Accountancy fees Ind&pendenl examination fees 4,680 3,540 4,500 1,200 84,340 110.653 137,723 183,739 11
Mason Medical Research Trust NOTES TO THE FINANCIAL STATEMENTS (Continued) for the year ended 5 April 2022 INVESTMENTS Unrestricted Designated fund Restricted Endowment fund Unrestricle fund Total 2022 Total 2021 Market value at 6 April 2021 2,653,695 294,855 3,056.100 6,004,650 4,896,524 Additions al Cost 792 792 6,772,154 Proceeds on disposals 16,800,183> Net investment {lossesllgains -realised -unrealised 17921 170,280 17921 316,580 805,067 331,088 131,670 14,630 2.785,365 309,485 3,226.380 6,321,230 6,004,650 Cash deposits 318,277 318,277 123,999 Market value al 5 April 2022 3,103,642 309,485 3.226,380 6,639,507 6.128,649 The investments are all UK investments listed on a recognised stock exchange or valued by reference to such inveslmenls. The cost of the investments was as follows.. 2022 2021 Unrestricted fund Unrestricted designated fund Reslricled endowment fund 2,518,826 279,870 2,898,696 2,518,826 279,870 2,898,696 5.697,392 5,697,392 CREDITORS." amounts falling due within one year 2022 2021 Accountancy fees Independent examination fees Grants Fellowships Other creditors 10,080 3.540 53,383 120.000 2,918 15,750 1,200 64,643 2,773 189,921 84,366 12
Mason Medical Research Trust NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 5 April 2022 ANALYSIS OF NET ASSETS BETVVEEN FUNDS Unrestricted Restricted Unrestricted Designated Endowment funds funds funds Total 2022 Total 2021 Investments Net current assets 3,103,642 51,783 309,485 345,246 3,226,380 1129,1581 6,639,507 267,871 6,128,649 373,406 Total fvnds 3,155,425 654,731 3,097,222 6,907,378 6,502,055 ANALYSIS OF NET ASSETS BETWEEN FUNDS- PREVIOUS YEAR Unrestricted Reslricled Unreslricled Designated Endowment funds funds funds Total 2021 Total 2020 Investrnenls Nel current assets 2,777,694 78,520 294,855 262,025 3.056,100 32,861 6.128,649 373,406 5,146.254 294,886 Total funds 2,856,214 556,880 3,088,961 6,502,055 5,441,140 RELATED PARTY TRANSACTIONS Mr S J Robb is a partner in RSM UK Tax and Accounting Limited, which provides services to the Charity. The services are provided on normal commercial terms and amounted lo £20,82012021'. £22,050). FUNDS Balan al 5 April 2021 Realisedl unrealised gains Balance at 5 April 2022 Income Expenditure Transfer Unrestricted Funds Unrestricted Designated Funds Reslricled Endowment Funds 2,856,214 227,250 158,9171 130,878 3.155,425 556,880 11,911 184,3401 170,280 654,731 3,088,961 16,3691 14,630 3,097,222 6.502,055 239,161 1149,6261 315.788 6,907,378 13
Mason Medical Research Trust NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 5 April 2022 FUNDS- PREVIOUS YEAR Balance 815 April 2020 Income Expenditure Realisedl unrealised gains Balance al 5 April 2021 Tonsfer Unreslricled Funds Unrestricted Designated Funds Restricted Endowment Funds 2,358,085 121,051 182.5351 459,613 2,856,214 81,150 7,772 1110,6531 578,611 556,880 3,001.905 110,8751 97.931 3,088,961 5,441.140 128,823 1204,0631 1.136,155 6,502,055 14