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 pla￿d 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 PrePa￿d 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 re￿ipt 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