Medical Research Scotland (the operational name of SHERT – the Scottish Hospital Endowments Research Trust) is an independent Scottish Charity (No. SC014959), constituted in terms of Section 12 and Schedule 7 of the National Health Service (Scotland) Act 1978 (as amended) to receive and hold endowments, donations and bequests and to make grants from these funds to promote medical research in Scotland.

It is required by the Health & Medicines Act 1988 to develop and exploit ideas and to exploit intellectual property. The Trust Fund is administered in terms of the Act by a body of Members (Trustees) who receive no fee or remuneration for their services. All those who have been appointed to serve as Members, or are otherwise associated with Medical Research Scotland (through the provision of specialist services, for example), have agreed to abide by a Code of Conduct which is based on the tenets of The Ethical Standards in Public Life etc. (Scotland) Act 2000. This Code is reviewed, and amended if required, at least annually to ensure that it continues to reflect good practice, meeting the requirements of the Office of the Scottish Charity Regulator. [Download a copy of the most recent version of the Code of Conduct for Members].