The Fred Johnston Memorial Prize comes with a cash prize and a framed certificate, is presented annually by The Rotary Club of Mount Lawley to honour the name of the late Fred Johnston CMG, (Companion of the Order of St Michael and St George), CBE (Commander of the Order of the British Empire).

In 1949 Fred Johnston became the Charter President of the Rotary Club of Mt Lawley later becoming Governor of the then Rotary District 34 in the 1955-1956 Rotary year.

He was very actively involved in all areas of vocation, state wide.

In 1951, in association with the Rotary Club of Perth, he was instrumental in creating the first medical faculty in Western Australia at the University of Western Australia, a need that was perceived and addressed by Rotary at the time.

He served for many years on the Board of Directors of the Sir Charles Gairdner Hospital as well as several years as Chairman of that Board.

The first Awardee for the year 1990, was presented by the then Premier of Western Australia, Sir Charles Court.

This Award was given to the student who had gained the highest aggregate mark, as determined by the appropriate Board of Examiners, in Clinical Skills 602 and Science and Practice Medicine 600 in the course for the degree of Bachelor of Medicine and Bachelor of Surgery.

In 2009 the University, due to alterations in the curriculum changed the qualification for The Fred Johnston Memorial Trust Award so it is now given to the student or students with the highest aggregate mark in all level 6 units in the course for the degree of Bachelor of Medicine and Bachelor of Surgery.