Mason Medical Research Trust AUDITEDANNUAL REPORT AND FINANCIAL STATEMENTS for the year ended 5 April 2025 Charity Registered Number- 207666 (England and Wales)
Mason Medical Research Trust OFFICERS AND PROFESSIONAL ADVISORS for the year ended 5 April 2025 TRUSTEES MrJMHMason MrSJRobb Mrs S J Mason Mrs R E Needham (Chairl CHARITY REGISTERED NUMBER 207666 PRINCIPAL ADDRESS 3rd Floor, POand 25 High Street Crawley Wesl Sussex 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 AUDITOR Richard Place Dobson Services Limited 1 7 Slalion Road Crawley West Sussex RH10 1HT
Mason Medical Research Trust TRUSTEES, REPORT for the year ended 5 April 2025 The trustees present their annual report and financial statements for the year ended 5 April 2025. The financial statements have been prepared in ac¢ordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's governing document, the Charities Act 2011 and Accounting and Reporbng by Charits'es.. Statement of Recornmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102) effective 1 January 2019. STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity was established by a Deed executed on 3 Dember 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 trustees are appointed by the continuing trustees and the retiring trustee. The composition of the Board of trustees is kept under review to ensure the correct balances of expertise and interest are maintained. The trustees conduct the majority of their business in the Board but dur¢ng periods when grants and fellowships were awarded, the Board would seek re¢ommendalions through eminent medical advisors who ¢omprise the Research Advisory Committee and are inoYepender¢t lo the Charity. OBJECTIVES AND ACTIVITIES The object ofthe Charity is to promote medical research in such manner in all respects, including contributions to any institution or fund carrying on medical research, as the trustees in their absolute discretion think fiL Throughout the years, the trustees were 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 met and thus allowing important medical research to be carried out for the benefit of the public at large. Advertisements were placed in prominent medicaljournals to facilitatè this pro¢ess. Applications were considered by the Research Advisory Committee who then make formal recommendations to the Board of Trustees. The trustees are indebted to the members of the Research Advisory Committee for the time, commitment, enthusiasm. and professionalism that they brought lo the whole selection process. Over the last few years, the responses to advertisements in the medical joumals started to decrease and as a resultthe Board of Trustees, alongside the Research Advisory Committee have decided to refocus their efforts. Therefore, during the year, the Research Advisory Committee retired. and the Board of Trustees are in the process of deciding how to best carry out the Charity's objectives, which may Include working with established medical research charities and Universities. Although the Board of Trustees is still in the process ofdelermining the best course of action, dullng the year they did make an unresth.cted donation to the Anthony Nolan Trust as they fell the research this Trust undertakes to improving the outcomes for patients undergoing stem cell transplants and advancing treatments for blood cancers and blood disorders, closely aligns with the Chartty's objectives. The trustees are fully aware of the Charity Commission's guidan on Public Benefit and consider it carefully in deciding what activities they should undertake. ACHIEVEMENTS AND PERFORMANCE The Charity continued to support medical resear¢h a1VitieS throughout the year by way of grants and the award of The Mason Medical Research Fellowship. The total grant and fellowship commitment for the year was £96,09012024.- £74,893). These will be the final grants and fellowships awarded by the Charity under the application process. As the conclusion of the grants and fellowship program was reached in the eady part of the financial year, the Trustees rèfocused their efforts on other research projects which they felt meet the objectives of the Charity- The Board were pleased to support the Anthony Nolan Trust with their research into improving the outcomes for patients undergoing stem cell transplants and advancing treatments for blood disorders with a donation of £80,000.
Mason Medical Research Trust TRUSTEES, REPORT (continued) for the year ended 5 April 2025 GRANT POLICY For the current and prior finan¢ial years, the Iruslee's slated objective is for The Mason Medical Research Fellowship lo be awarded on an annual basis subject lo re¢eipl of applications of the quality warranting such an award. The trustees required those awarded the Mason Medical Researeh Fellowship to make a presentation to the trustees and Research Advisory Committee on the conclusion of their work, highlighting the benefits of the research made possible by the award. Following the retirement of the Research Advisory Committee. the trustees are in the process of agreeing a new grant policy, which may include working with estsblished medical research charities and Universities. FINANCiAL REVIEW The Charity's investments are managed by Schroder & Co. Limited. The trustees regularly review the performance of the portfolio against the objectives set and the performance against these objectives was satisfactory. As at the balance sheet dale, the investments experienced a downturn, resulting in an unrealised loss of £385,77812024". unrealised gain of £290,159). This decline is attributed to ongoing global conflicts and economic uncertainties. The Trustees, in partnership with Schroder & Co. Limited, will continue lo monitor the portfolio closely lo ensure it delivers the highest possible return. Income from these investments increased slightly in the year, going from £276,260 in 2024 to £282,791 in the current year. Overall. the market value of the investments al the balance sheet dale was £6,321,01312024'. £8.729,7721 and the Trustees consider this lo be satisfactory based on current market affairs. During the year the Charity received a notification from the University of London that they were unable lo use a grant of £14,800 granted lo them by the Charity in 2022. Therefore, on receipt of this refund the Charity has adjusted for this amount through their grants paid in the year. GOING CONCERN The Iruslees have considered whether it is appropriate lo prepare the financial statements on the basi5 that the Charity is a going concern. The Charity is reliant on income from ils investment portfolio which is currently valued al £6,321,01312024'. £6,729,72211o meet ils annual expenditure. The trustees consider the value of the investment portfolio, and the anlicipaled investment income will be sufficient lo sustain the Charity for at least e1ve months from the date of signing the financia5 slalements. RESERVES POLICY Total reserves al 5 April 2025 were £6,877,69712024'. £7, 152,6881 with £3,024,69412024'. £3,208,747) held as restricted endowment funds and £257,658 12024." £337,795) held as designated funds. The remaining £3,595,34512024. £3,606,146) are unrestiicted reserves of the Charity. The details of the purpose of each fund is sel out in the accounting policies. The trustees consider that the results for the past year are salisfaclory and that the resources are adequate to maintain the Charity's existing aclivilies. The funds that were designated for the award of the Mason Medical Research Fellowship are lo be used solely for this purpose. The trustee5 are satisfied that this fund is adequate to finance such awards for the foreseeable future. The unrestricted funds will continue to be utilised to meet the prirlle objectives of the Charity and enable the Iruslees lo provide meaningful support lo the research community.
Mason Medical Research Trust STATEMENT OF TRUSTEES, RESPONSIBILITIES for the year ended 5 April 2025 The trustees are responsible for preparing the Trustees, Report and the financi81 statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Actspted Accounting Practi}. The law applicable to charities in England & Wales requires the Trustees to prepa financial statemen15 for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of thè Charty for that period. In preparing these financial statements, the trustees a required to.. select suitable accounting policies and then appty them consistently., observe the methods and prin¢iples in the Charities SORP., make judgments and estimates that are reasonable and prudent., state whether applicable accounting stsndards have been followed. subject lo any material departures disclosed and explained in the financial statements," and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in bijsiness. The Trustees are responsible for keeping proper accounting records that disdose with reasonable accuracy at any time the financial wsition of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity {Ac¢ounts and Reports) Regulations 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 and other irregularities.
Mason Medical Research Trust TRUSTEES, REPORT (continued) for the year ended 5 April 2025 KEY MANAGEMENT PERSONNEL The Iruslees consider the 8oard of Trustees as comprising the key management personnel of the Charity in charge of directing and controlling the Charity and running and opemting the Charity on a day-lo-day basis. Trustees are required to disclose all relevant interests and register them with the Board and in accordan with the Charity's policy withdraw from decisions where a conflict of interest arises. Neither the Charity nor any of the Trustees presently have such interests but any such interests would be disclosed should they arise. RISK MANAGEMENT The trustees have assessed the major risks lo which the Charity is exposed, those related lo the operations and finances of the Charity and are satisfied that systems are in place to miligale any exposure lo the major risks. PLANS FOR FUTURE PERIODS Following the completion of the grant and fellowship application process. the Board of Trustees Is continuing to evaluate potential avenues for donations and support lo the research community, ensuring alignment with the Charity's objectives. Appro the t uslees and signed on their behalf by.. MrJMHMason (Chair of the Irusleesl Dale.. ,'17 /2,
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MASON MEDICAL RESEARCH TRUST Opinion We have audited the financial statements of the Mason Medical Research Trust Ilhe 'charity'l for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Shèet, and notes lo the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United ngdom Generally Accepled Accounting Practitsl. In our opinion the financial statements.. give a true and fair view of the state of the Charity's affairs as at 5 April 2025 and of its incoming resources and application of resources for the pefiod then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the charib.es Act 2011. Audito$ responsibilities for the audit of the financial statements We have been appointed as auditors under section 144 of the Charits"es Act 2011 and report in accordan with the Act and relevant regulations made or having effect thereunder. We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilits.es underthose standards are further described in the Auditols ponsIbIlitieS for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant lo our audit of the financial slaternents in the UK, including the FRC'S Ethical Stsndard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concem In auditing the financial statements, we have concluded that the Twstees, use of the going concern basis of accountsng in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any materia5 unrtaInlieS relating to events or conditions that individually or collecb'vety, may cast significant doubl on the charitable company s ability to continue as a going concern for a period of at least twelve months from when the ffnancial statements are authorised lor issue. Our responsibilities and the responsibilities of th8 Trustees with respect to going concern are described in the relevant sections of this report. Other Infomiation The Trustees are responsible for the other information. The other information comprises the information Included in the Annual Report other than the financial statements and our auditoFs report thereon. Our opinion on the financial statements does not cover the other information and, we do not express any form of assurance conclusion thereon. In connection with our audil of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit orolherwise appears to be materially misstated. Ifwe identify such material inconsistencies or apparent material misslatemenls, we are required lo determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothir¢g to report in this regard.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MASON MEDICAL RESEARCH TRUST Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the Trustees, Report", or sufficient accounting records have not been kept," or the financial slalements are not in agreement with the aecounling records and retums", or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, responsibilities set out on page 5, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charity's ability to continue as a going coneern, disclosing, as applicable, m2tters related lo going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the Charity or lo cease operations, or have no realistic altemative but to do so. AUdit0S responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial stalernenls as a whole are free from material misslalement, whether due lo fraud or error, and lo issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misstalemenl when it exists. Misstatements can arise from fraud or error and are considered materia1 if, individually or in the aggregate, they could reasonably be expected to influen¢e the economic decisions of users taken on the basis of these financial slatemenls. The extent to which the audit was considered capable of deteeting Irregularitigs. including fraud Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are lo obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the delerminalion of material amounts and disclosures in the financial statements, to perform audit procedures lo help identify instances of non-compliance with other laws and regulations that may have 3 material effect on the financial statements, and to respond appropriately lo identified or suspected non- ¢ornpliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and assess the risk of material rnisslalemenl of the financial statements due lo fraud, lo obtain sufficient appropriate audit evidence regarding the assessed risks of material misstalemenl due to fraud through designing and implementing appropriate responses and lo respond appropriately lo fraud or suspected fraud identified during the audit. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team made enquiries of management, and those charged with governance, regarding the procedures relating lo identifying. evaluating and complying with.. laws and regulations and whether they were aware of any instances ol non-compliance., detecting and responding lo the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud., the internal ctsnlTols established lo mitigate risks related to fraud or non40mpliance with laws and regulations.
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF THE MASON MEDICAL RESEARCH TRUST As a result ofthese proTrdures we consi(Jer the most signiflcant laws and regulation5 that have a direct impact on the financial statements are FRS 102, Charities SORP {FRS 1021, Charities Act 2011, and the Charity's goveming clocument. We performed audit procedures to detect nOnCOmplianceS whh may have a material impact on the financial slatemenls. The audit engagement team idents.fied the risk of management override of controls, as the area where the financial Statements were most susceptible to malerial misstatement due to fraud. Audit procedures perfomied included bul were not limited lo testing manual journal entries and other adjustments, evaluating any significant or unusual transactions and challenging judgments and estimates where relevant. A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council's website at http..J.frc.Org.uk1audI1arsreSponSlblltles. This description forms part of our auditols report. Use of our report This report is made solely to the Charity's trustees as a body, in accordance with the chariti Act 2011. Our audit work has been undertaken so that we might state to the Charity's trustees those matters we are required lo stale to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charty and the Charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Richard Place Dobson Services Limited, Statutory Auditor Chartered Accountants 1- 7 Station Road Crawley West Sussex RH10 1HT Date.. Richard Place Dobson Services Limited is eligible to act as an auditor in temis of section 1212 of the Companies Act 2006.
Mason Medical Research Trust STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 April 2025 Unreslri¢led Unrestricted Restricted General Designated Endowment Funds Funds Funds 2025 2025 2025 Total Funds 2025 Total Funds 2024 Notes INCOME from Inveslrnenl income.. Dividends Interest 268,651 27,688 14,140 282,791 27.688 276,260 21,499 TOTAL INCOME 296,339 14,140 310,479 297,759 EXPENDITURE on Cost of raising funds.. Investment management fees 6,949 6,595 13,544 12,397 Expenditure on charitsble activities 113,179 74,988 188,167 110,598 TOTAL EXPENDITURE 120,128 74,988 6,595 201,711 122,995 NET INCOMEIIEXPENDITUREI 176,211 160,8481 {6,5951 108,768 174,764 Transfer beeen funds Net Ilossesllgains on investments {187,0121 119.289} 1177,4581 1383,7591 290,159 NET MOVEMENTS IN FUNDS 110,8011 180,1371 1184,053} 1274,9911 464,923 TOTAL FUNDS BROUGHT FORWARD 3.606,146 337,795 3,208.747 7,152,688 6,687,765 TOTAL FUNDS CARRIED FORWARD 3,595,345 257,658 3,024,694 6,877,697 7,152,688
Mason Medical Research Trust STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 April 2024 Unrestricted General Funds 2024 Unrestricted Reslricled Designated Endowment Fun¢Js Funds 2024 2024 Total Funds 2024 Total Funds 2023 Notes INCOME from Investment income.. Dividends Interest 262,447 21,499 13,813 276,260 21.499 248,864 7,962 TOTAL INCOME 283,946 13,813 297,759 256,826 EXPENDITURE on Cost of raising funds.. Invèstment management fees Expenditure on charitable activities 6,384 32,167 6,013 12,397 110,598 11,600 106,355 78,431 TOTAL EXPENDITURE 38,551 78,431 6,013 122,995 117.955 NET INCOMEIIEXPENDITUREI 245.395 164,618) (6,013) 174,764 138,871 Transfer beeen funds Net gainslllosses) on investments 142,182 13.452 134,525 290.159 1358,4841 NET MOVEMENTS IN FUNDS 387,577 {51,166} 128,512 464,923 1219,6131 RECONCILIATION OF FUNDS TOTAL FUNDS BROUGHT FORWARD 3,218,569 388,961 3,080,235 6.687,765 6,907,378 TOTAL FUNDS CARRIED FORWARD 3,606,146 337,795 3,208,747 7,152,688 6,687,765 10
Mason Medical Research Trust BALANCE SHEET as at 5 April 2025 2025 2024 Notes FIXED ASSETS Investrnenls 6,321,013 6,729,772 CURRENT ASSETS Cash at bank and in hand Debtors 628,888 18,733 552,039 CREDITORS.. amounts falling due within one year {90,9371 1129,1231 Nel current assets 556,684 422,916 TOTAL NET ASSETS 6,877,697 7,152,688 FUNDS Reslricled funds Endowment Funds 3,024,694 3,208,747 Unreslricled funds General Funds Designated Funds 3,595,345 257.658 3,606,146 337.795 TOTAL FUNDS 6,877,697 7,152,688 These finan signed on th ernents were approved by the trustees and aulhorised for issue on alf by. and MrJMHMason (Chair of the Trusleesl
Mason Medical Research Trust NOTES TO THE AUDITED FINANCIAL STATEMENTS for the year ended 5 April 2025 1. ACCOUNTING POLICIES BASIS OF PREPARATION The Mason Medical Research Trust is a registered charity in the Untted Kingdom. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operation5 and principal a¢livities are detailed on page 2. These accounts have been prepared under the historical cost convention with items re¢ognised at cost or transaction value, modrfied to include tsrtain items at fair value. The accounts have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Gharilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 issued in October 2019, the Charities Act 2011 and UK General Accepted Practice as it applies from 1 January 2019. The accounts have been prepared to give a 'true and fair, view and have departed from Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 issued in October 2019 rather than the Accounting and Reporting by Charities,. Statement of Recommended Pracbce effective trom l April 2005 which has Sin been withdrawn. The Charity constitutes a public benefit entity as def5ned by FRS 102. GOING CONCERN The trustees have considered whether it is appropriate to prepare the financial statements on the basis that the Charity is a going concem. The twstees consider the value of the investment portfolio, and the anticipated investment income will be suffi¢ienl to sustain the Charity for at least twelve months from the date of signing the financial statements and that thefft 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 to receipt and the amount Can be measured with reasonable certainty- In accordanTr with this policy, donations and legacies are included when the Charity is advised by the persona5 representative of an estate that payment will be made, or property transferred, and the amount can be quantified. Income derived from investments in the fomi of dividends and interest receivable is included in the financial statements on an accruals basis. EXPENDITURE RECOGNITION All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. Costs ofgenerating funds Costs of generating funds Comprise those costs directty attributable to managing the investment portfolio and raising investment income. 12
Mason Medical Research Trust NOTES TO THE AUDITED FINANCIAL STATEMENTS (continued) for the year ended 5 April 2025 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 govemanGe costs Adminislralion and governance costs relate to the general running of the Charity. Costs are allocated specifically where appropriate and practical, and proportionate lo use when resources are shared. INVESTMENTS Investments are recognised initially al fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'nel gainslllossesl on inveslmenls, in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably. FUND ACCOUNTING The Charity's funds consist of a restricted pemianenl endowment fund and unreslricled 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 administotion Dr protection of the funds such as investment management charges, are charged lo the funds. The endowment fund arose from a bequest from the Estate ofA M Mason deceased and are invested for the purposes ofthe Charity. Designated funds - designated funds comprise unreslricled funds that have been put aside at the discretion of the trustees for a purpose. The funds presently designated are for the award of Mason Medical Research Trust Fellowships. UnrestriGled general funds - these funds ¢an be used in accordance wi(h the charitable objects at the discretion of the Iruslees. TAXATION The Charity is registered with the Charity Commission and therefore is not liable for income lax or corporation tax on income derived from its charitable aclivilies, as il falls within the various exemptions available lo registered charities. IRRECOVERABLE VAT Irrecoverable VAT is charged against the expenditure heading for which it was incurred. FINANCIAL INSTRUMENTS The Charity on5y has financial assets and financial 5i8bilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value. DEBTORS Other debtors are recognised at the settlement amount. CREDITORS Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due lo settle the obligation can be measured or estimated reliably. 13
Mason Medical Research Trust NOTES TO THE AUDITED FINANCIAL STATEMENTS (continued) for the year ended S April 2025 STAFF COSTS AND TRUSTEES, REMUNERATION The Charty had no employees during the year12024.' none). No emoluments were payable to any trustee for their services and no trustees were reimbursed for expenses {2024'. £nil}. EXPENDITURE ON CHARITABLE ACTIVITIES 2025 2024 Unrestricted funcls Grants University of Edinburgh University of Glasgow Imperial College of Science Technology and Medicine University College London 13,2591 11,838 9,321 (14,8001 Donations 80,000 86,359 {3,2591 The University College London cdIt balance shown above, relates lo an unused grant awarded in 2022 which was retumed in 2025. The University of Edinburgh credit balants shown above, relates to an unused grant awarded in 2021 which was returned in the 2024. Unrestricted dasigneted fund Fellowships University of Surrey St George's University of London Royal Papworth Hospital NHS Travel for fellowship interview 3,152 75,000 74,931 57 279 74,988 78,431 Expendffture on unrestrict8d fvnds Administration and support service Other expenses 9,000 17,580 3.806 Govemance costs Accountancy 8,400 5,040 Fees payable to the auditors for Audit fee g,420 9,000 26,820 35,426 TOTAL EXPENDITURE ON CHARITABLE ACTIVITIES 188.167 110,598 14
Mason Medical Research Trust NOTES TO THE AUDITED FINANCIAL STATEMENTS (continued) for the year ended 5 April 2025 INVESTMENTS Unre51ricted General fund Unreslricled Designated fund Reslricled Endowment fund Total 2025 Total 2024 Market value al 6 April 3,295,652 312.192 3,121,928 6,729,772 5,975,076 Additions at cost 465,000 Equalisation 14631 Proceeds on dispos81s 125,0001 125,0001 Nel investment gainslllossesl -realised -unrealised 2,019 1189,0311 2,019 1385,7781 119,2891 1177,458} 290, 159 Market value al 5 April 3,083,640 292,903 2,944,470 6,321,013 6,729,772 The investments are all UK investments listed on a recognised stock exchange or valued by reference to such inveslmenls. The historical cost of the investments was as follows.. 2025 2024 Unreslricled general fund Unrestricted designated fund Reslricled endowment fund 3,028,031 287,356 2.873,561 3,051,012 287,358 2,873,561 6,188,948 8,211,929 S. DEBTORS 2025 2024 PpaYMentS 18.733 6. CREDITORS.. amounts f311ing due within one year 2025 2024 ArualS for grants and fellowships payable Accruals Other creditors 68,826 18,720 3,391 106,576 19,320 3,227 90,937 129,123 15
Mason Medical Research Trust NOTES TO THE AUDITED FINANCIAL STATEMENTS (continued) for the year ended 5 April 2025 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Unrestricted Restricted General Designated Endowment nds funds funds Total 2025 Investments Net current assets 3,083,639 511.7C6 292,904 {35,2461 2,944,470 80.224 6,321,013 556,684 Total funds 3,595,345 257.658 3,024,694 6,877.697 ANALYSIS OF NET ASSETS BETWEEN FUNDS- PREVIOUS YEAR Unrestricted Unrestri¢ted Restricted General Designated Endowment funds funds funds Total 2024 Investments Net current assets 3,295,652 310,494 312, 192 25,603 3,121,928 86,819 6,729,772 422,916 Totrdl funds 3,606,146 337,795 3,208,747 7,152,688 RELATED PARTY TRANSACTIONS Mr S J Robb a trustee of the Charity was also a partner at RSM UK Tax and Accounting Limited urslil his retirement on 31 March 2025. RSM UK Tax and Accounting Limited provides services to the Charity- These setvices are provided on nomial commercial terms and amounted to £17,400 {2024.' £22,620}. FUNDS Balance al 5 April 2024 Balance 815 April 2025 Gainsl (Losses) Income Expenditure Unrestricted General Funds UnrestrÉcted Designated Funds Restricted Endowment Funds 3,606,146 296,339 1120,1281 1187,012) 3,595,345 337,795 14,140 {74,9881 119,2891 257,658 3,208,747 {6,5951 1177,458) 3,024.694 7,152,688 310,479 {201,7111 1383,7591 6,877,697 Designated Funds represents amounts put aside al the discretion of the trustees for the award of Mason Medical Research Trust Fellowships. Restricted Endowment Funds are funds bequeathed from the Estate ofA M Mason and are held on trust as Capital funds. The income generated from these funds are unrestricted and are to be used in arordance with the charitable objects at the discretion of the trustees. 16
Mason Medical Research Trust NOTES TO THE AUDITED FINANCIAL STATEMENTS {continued) for the year ended 5 April 2025 FUNDS Icontinuedl PREVIOUS YEAR Balance al 5 April 2023 Balance at 5 April 2024 Income Expenditure Gains Unreslricled General Funds Unrestricted Designated Funds Restricted Endowment Funds 3,218,569 283,946 138,5511 142,182 3,606,146 388,961 13,813 178,4311 13,452 337,795 3,080,235 16,0131 134,525 3,208,747 6,687,765 297,759 1122,9951 290,159 7,1 $2,688 17