Are Masterpoints awarded ?

They certainly are. Bucket-loads of them in fact. Of course, you have to actually win some matches to get them...

Did someone mention prize money?

The generous sponsorship arrangement also means that prize money is about twice that of normal EBU events and the winning team can look to getting around £1600 — £2000 in prize money.We wish to express our gratitude to Mrs Helen Schapiro in supporting this most prestigious event in this way, and in donating a trophy in the name of her husband, the late, and truly great, Boris Schapiro.