Sir Philip Sassoon, former Under Secretary of State of Air made in his will (dated 12 August 1939) a provision for an annual income to provide the award to the best all-round student of the entry, excepting the winner of the Sword of Honour.
In addition to the monetary prize the winner receives a scroll and his name is inscribed on the appropriate Honours Board of RAF Cranwell College.
Sir Sassoon died in 1939. The Second World War delayed the award's coming into effect. The first recipient was Flight Cadet H.R.W. Morris in April 1948.
The prize was awarded until 1996. The prize officially ceased to exist on 27 August 1996. The prize was amended on 12 June 1950, 5 September 1966, 31 January 1972, 14 April 1981 and 14 September 1984.