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, PO￿and
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 De￿mber 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 a￿1VitieS 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 un￿rtaInlieS 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.
AUdit0￿S 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 nOn￿COmplianceS wh￿h 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.uk1audI1arsreSponSlbll￿tles. 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 be￿een 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 be￿een 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 c￿dIt 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
P￿paYMentS
18.733
6. CREDITORS.. amounts f311ing due within one year
2025
2024
A￿rualS 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