Registered number 04550179
The Medusa Trust
Limited By Guarantee Report and Accounts
30 November 2021
## **The Medusa Trust Report and accounts Contents**
||**Page**|
|---|---|
|Company information|1|
|Chairmans' report|2|
|Accountants' report|3|
|Income & Expenditure account|4|
|Balance sheet|5|
|Statement of changes in equity|6|
|Notes to the accounts|7|
## **The Medusa Trust Company Information**
## **Patron**
N J B AtkInson, Esq., LL
## **Directors**
Mr A D Watson, OBE (Chairman) Lord W R Strathalmond Commodore L C Hopkins Mr J T James (appointed 01/01/2021) The Hon. Mrs M R Montagu-Scott (appointed 01/06/2021)
## **Secretary**
Lord W R Strathalmond
## **Accountants**
Cajal Accountancy Services Ltd 7 Heathfield Road Chandlers Ford Eastleigh Hants SO53 5RP
## **Bankers**
Barclays Bank Plc Leicester Southampton City 2 Leicestershire LE87 2BB
## **Registered office**
Holt House Seale Road Elstead Surrey GU8 6LF
**Registered number** 04550179
1
**The Medusa Trust Registered number: 04550179 Chairman's Report**
The Chairman submits his Report and the Unaudited Financial Statements of the company for the year from 1 December 2020 to 30 November 2021
The principal activity of the company is to restore, maintain and operate the former HMS Medusa (ML 1387) as a permanent operational memorial to the officers and crew of the WW2 Coastal Forces.
This year has again been affected by the COVID-19 situation. The early part of the year was curtailed but limited operation including an exercise off Plymouth with the Royal Navy was possible.
Financially outgoings have been reduced by stretching the interval between lift outs thus avoiding this cost during this financial year. Income was boosted by two generous donations such that we were able to recover from last year’s deficit.
The Medusa Trust board has been strengthened by the appointment of Mr Julian James and the Hon. Mrs Mary Montagu-Scott.
Medusa is entirely dependent on volunteers to maintain the vessel as well as suppliers who continue to support us. The Chairman and Trustees would like to thank all for their continued support.
## **Small company provisions**
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act
This report was approved by the board on 3 May 2022 and signed on its behalf.
Mr A D Watson, OBE
2
**The Medusa Trust Accountants' Report**
## **Accountants' report to the directors of The Medusa Trust**
You consider that the company is exempt from an audit for the year ended 30 November 2021. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Cajal Accountancy Services Ltd Accountants
7 Heathfield Road Chandlers Ford Eastleigh Hants SO53 5RP
3 May 2022
3
## **The Medusa Trust**
## **Income and Expenditure Account for the year ended 30 November 2021**
|**Income**
Cost of income
**Gross income**
Administrative expenses
**Net income/(loss)**
Interest receivable
**Income/(loss) before taxation**
Tax on income/(loss)
**Income/(loss) for the financial year**
Accumulated Surplus/(Defict) bfwd
Accumulated Surplus/(Deficit) cfwd|**2021**
**£**
28,982
(922)
28,060
(13,506)
14,554
5
14,559
-
14,559
64,167
78,726|**2020**
**£**
4,793
(3,638)
1,155
(11,961)
(10,806)
63
(10,743)
-
(10,743)
74,910
64,167|
|---|---|---|
4
## **The Medusa Trust Registered number:** 04550179 **Balance Sheet as at 30 November 2021**
|**Notes**
**Fixed assets**
Tangible assets
3
**Current assets**
Debtors
4
Cash at bank and in hand
**Creditors: amounts falling due**
**within one year**
5
**Net current assets**
**Net assets**
**Capital and reserves**
Accumulated Surplus
**Capital and Reserves**|**2021**
**£**
1
6,922
71,933
78,855
(130)
78,725
78,726
78,726
78,726|**2020**
**£**
1
3,000
61,296
64,296
(130)
64,166
64,167
64,167
64,167|
|---|---|---|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A D Watson, OBE Director Approved by the board on 3 May 2022
Lord W R Strathalmond
5
## **The Medusa Trust**
## **Statement of Changes in Equity for the year ended 30 November 2021**
|**At 1 December 2019**
Loss for the financial year
**At 30 November 2020**
**At 1 December 2020**
Profit for the financial year
**At 30 November 2021**|**Share**
**capital**
**£**
-
-
-
-|**Share**
**premium**
**£**
-
-
-
-|**Re-**
**valuation**
**reserve**
**£**
-
-
-
-|**Profit**
**and loss**
**account**
**£**
74,910
(10,743)
64,167
64,167
14,559
78,726|**Total**
**£**
74,910
(10,743)
64,167
64,167
14,559
78,726|
|---|---|---|---|---|---|
6
**The Medusa Trust Notes to the Accounts for the year ended 30 November 2021**
## **1 Accounting policies**
## _**Basis of preparation**_
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
## _**Income**_
Income represents amounts contributed by donations and events during the year. All income received is to restore, maintain and operate the former HMS Medusa (ML 1387).
## _**Tangible fixed assets**_
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
## _**Debtors**_
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
## _**Creditors**_
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
## _**Taxation**_
The company is exempt from corporation tax.
|**2**
**Employees**
Average number of persons employed by the company|**2021**
**Number**
-|**2020**
**Number**
-|
|---|---|---|
7
## **The Medusa Trust**
## **Notes to the Accounts for the year ended 30 November 2021**
|**3**
**Tangible fixed assets**
**Cost**
At 1 December 2020
At 30 November 2021
**Depreciation**
At 30 November 2021
**Net book value**
At 30 November 2021
At 30 November 2020
**4**
**Debtors**
Other debtors
**5**
**Creditors: amounts falling due within one year**
Other creditors|**2021**
**£**
6,922
**2021**
**£**
130|**HMS**
**Medusa**
**£**
1
1
-
1
1
**2020**
**£**
3,000
**2020**
**£**
130|
|---|---|---|
## **5 Other information**
The Medusa Trust is a private company limited by shares and incorporated in England. Its registered office is Holt House, Seale Road, Elstead, Surrey GU8 6LF
8
## **The Medusa Trust**
## **Detailed income and expenditure account for the year ended 30 November 2021**
_This schedule does not form part of the statutory accounts_
|**Income**
Cost of sales
**Gross income**
Administrative expenses
**Operating income/(loss)**
Interest receivable
**Income/(loss) before tax**|**2021**
**£**
28,982
(922)
28,060
(13,506)
14,554
5
14,559|**2020**
**£**
4,793
(3,638)
1,155
(11,961)
(10,806)
63
(10,743)|
|---|---|---|
9
## **The Medusa Trust**
## **Detailed income and expenditure account for the year ended 30 November 2021**
_This schedule does not form part of the statutory accounts_
|**Sales**
Grants and Donations
Gift Aid
Sales
MyDonate
**Cost of sales**
Materials
Hire
**Administrative expenses**
General administrative expenses:
Website
Stationery and printing
Survey
Berthing
Insurance
Equipment expensed
Safety Equipment
Services
Repairs and Renewals
Legal and professional costs:
Accountancy fees
Advertising and PR|**2021**
**£**
16,572
4,294
1,815
6,301
28,982
922
-
922
336
30
150
6,852
450
3,828
1,066
-
664
13,376
130
-
130
13,506|**2020**
**£**
3,602
515
166
510
4,793
3,504
134
3,638
-
9
150
6,219
474
-
1,226
3,455
-
11,533
130
298
428
11,961|
|---|---|---|
10
Registered number 04550179
The Medusa Trust
Limited By Guarantee Report and Accounts
30 November 2021
## **The Medusa Trust Report and accounts Contents**
||**Page**|
|---|---|
|Company information|1|
|Chairmans' report|2|
|Accountants' report|3|
|Income & Expenditure account|4|
|Balance sheet|5|
|Statement of changes in equity|6|
|Notes to the accounts|7|
## **The Medusa Trust Company Information**
## **Patron**
N J B AtkInson, Esq., LL
## **Directors**
Mr A D Watson, OBE (Chairman) Lord W R Strathalmond Commodore L C Hopkins Mr J T James (appointed 01/01/2021) The Hon. Mrs M R Montagu-Scott (appointed 01/06/2021)
## **Secretary**
Lord W R Strathalmond
## **Accountants**
Cajal Accountancy Services Ltd 7 Heathfield Road Chandlers Ford Eastleigh Hants SO53 5RP
## **Bankers**
Barclays Bank Plc Leicester Southampton City 2 Leicestershire LE87 2BB
## **Registered office**
Holt House Seale Road Elstead Surrey GU8 6LF
**Registered number** 04550179
1
**The Medusa Trust Registered number: 04550179 Chairman's Report**
The Chairman submits his Report and the Unaudited Financial Statements of the company for the year from 1 December 2020 to 30 November 2021
The principal activity of the company is to restore, maintain and operate the former HMS Medusa (ML 1387) as a permanent operational memorial to the officers and crew of the WW2 Coastal Forces.
This year has again been affected by the COVID-19 situation. The early part of the year was curtailed but limited operation including an exercise off Plymouth with the Royal Navy was possible.
Financially outgoings have been reduced by stretching the interval between lift outs thus avoiding this cost during this financial year. Income was boosted by two generous donations such that we were able to recover from last year’s deficit.
The Medusa Trust board has been strengthened by the appointment of Mr Julian James and the Hon. Mrs Mary Montagu-Scott.
Medusa is entirely dependent on volunteers to maintain the vessel as well as suppliers who continue to support us. The Chairman and Trustees would like to thank all for their continued support.
## **Small company provisions**
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act
This report was approved by the board on 3 May 2022 and signed on its behalf.
Mr A D Watson, OBE
2
**The Medusa Trust Accountants' Report**
## **Accountants' report to the directors of The Medusa Trust**
You consider that the company is exempt from an audit for the year ended 30 November 2021. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Cajal Accountancy Services Ltd Accountants
7 Heathfield Road Chandlers Ford Eastleigh Hants SO53 5RP
3 May 2022
3
## **The Medusa Trust**
## **Income and Expenditure Account for the year ended 30 November 2021**
|**Income**
Cost of income
**Gross income**
Administrative expenses
**Net income/(loss)**
Interest receivable
**Income/(loss) before taxation**
Tax on income/(loss)
**Income/(loss) for the financial year**
Accumulated Surplus/(Defict) bfwd
Accumulated Surplus/(Deficit) cfwd|**2021**
**£**
28,982
(922)
28,060
(13,506)
14,554
5
14,559
-
14,559
64,167
78,726|**2020**
**£**
4,793
(3,638)
1,155
(11,961)
(10,806)
63
(10,743)
-
(10,743)
74,910
64,167|
|---|---|---|
4
## **The Medusa Trust Registered number:** 04550179 **Balance Sheet as at 30 November 2021**
|**Notes**
**Fixed assets**
Tangible assets
3
**Current assets**
Debtors
4
Cash at bank and in hand
**Creditors: amounts falling due**
**within one year**
5
**Net current assets**
**Net assets**
**Capital and reserves**
Accumulated Surplus
**Capital and Reserves**|**2021**
**£**
1
6,922
71,933
78,855
(130)
78,725
78,726
78,726
78,726|**2020**
**£**
1
3,000
61,296
64,296
(130)
64,166
64,167
64,167
64,167|
|---|---|---|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A D Watson, OBE Director Approved by the board on 3 May 2022
Lord W R Strathalmond
5
## **The Medusa Trust**
## **Statement of Changes in Equity for the year ended 30 November 2021**
|**At 1 December 2019**
Loss for the financial year
**At 30 November 2020**
**At 1 December 2020**
Profit for the financial year
**At 30 November 2021**|**Share**
**capital**
**£**
-
-
-
-|**Share**
**premium**
**£**
-
-
-
-|**Re-**
**valuation**
**reserve**
**£**
-
-
-
-|**Profit**
**and loss**
**account**
**£**
74,910
(10,743)
64,167
64,167
14,559
78,726|**Total**
**£**
74,910
(10,743)
64,167
64,167
14,559
78,726|
|---|---|---|---|---|---|
6
**The Medusa Trust Notes to the Accounts for the year ended 30 November 2021**
## **1 Accounting policies**
## _**Basis of preparation**_
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
## _**Income**_
Income represents amounts contributed by donations and events during the year. All income received is to restore, maintain and operate the former HMS Medusa (ML 1387).
## _**Tangible fixed assets**_
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
## _**Debtors**_
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
## _**Creditors**_
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
## _**Taxation**_
The company is exempt from corporation tax.
|**2**
**Employees**
Average number of persons employed by the company|**2021**
**Number**
-|**2020**
**Number**
-|
|---|---|---|
7
## **The Medusa Trust**
## **Notes to the Accounts for the year ended 30 November 2021**
|**3**
**Tangible fixed assets**
**Cost**
At 1 December 2020
At 30 November 2021
**Depreciation**
At 30 November 2021
**Net book value**
At 30 November 2021
At 30 November 2020
**4**
**Debtors**
Other debtors
**5**
**Creditors: amounts falling due within one year**
Other creditors|**2021**
**£**
6,922
**2021**
**£**
130|**HMS**
**Medusa**
**£**
1
1
-
1
1
**2020**
**£**
3,000
**2020**
**£**
130|
|---|---|---|
## **5 Other information**
The Medusa Trust is a private company limited by shares and incorporated in England. Its registered office is Holt House, Seale Road, Elstead, Surrey GU8 6LF
8
## **The Medusa Trust**
## **Detailed income and expenditure account for the year ended 30 November 2021**
_This schedule does not form part of the statutory accounts_
|**Income**
Cost of sales
**Gross income**
Administrative expenses
**Operating income/(loss)**
Interest receivable
**Income/(loss) before tax**|**2021**
**£**
28,982
(922)
28,060
(13,506)
14,554
5
14,559|**2020**
**£**
4,793
(3,638)
1,155
(11,961)
(10,806)
63
(10,743)|
|---|---|---|
9
## **The Medusa Trust**
## **Detailed income and expenditure account for the year ended 30 November 2021**
_This schedule does not form part of the statutory accounts_
|**Sales**
Grants and Donations
Gift Aid
Sales
MyDonate
**Cost of sales**
Materials
Hire
**Administrative expenses**
General administrative expenses:
Website
Stationery and printing
Survey
Berthing
Insurance
Equipment expensed
Safety Equipment
Services
Repairs and Renewals
Legal and professional costs:
Accountancy fees
Advertising and PR|**2021**
**£**
16,572
4,294
1,815
6,301
28,982
922
-
922
336
30
150
6,852
450
3,828
1,066
-
664
13,376
130
-
130
13,506|**2020**
**£**
3,602
515
166
510
4,793
3,504
134
3,638
-
9
150
6,219
474
-
1,226
3,455
-
11,533
130
298
428
11,961|
|---|---|---|
10
## **Independent Examiners Report to the trustees of The Medusa Trust (Charity No: 1133706)**
I report on the accounts of the company for the year ended 30 November 2021, which are set out on pages 1 to 8.
## **Respective responsibilities of trustees and examiner**
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity’s gross income exceeded £25,000 and I am qualified to undertake the examination by being a qualified member of the Association of Accounting Technicians.
Having satisfied myself that the charity is not subject to an audit under company law and is eligible for independent examination, it is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 386 of the Companies Act 2006; and
- to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 with the methods and principles of the Statement of Recommended Practice: accounting and Reporting Charities
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable proper understanding of the accounts to be reached.
Name: Mrs C M Badcock
Relevant professional body: Association of Accounting Technicians Address: 7 Heathfield Road, Chandlers Ford, Eastleigh, Hants SO53 5RP
Date: 16/02/2022