Registered number 04550179
The Medusa Trust
Limited By Guarantee Report and Accounts
30 November 2022
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 (resigned 03/05/22) Mr J T James The Hon. Mrs M R Montagu-Scott Rear Admiral Jude Terry, OBE (appointed 09/12/22)
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 2021 to 30 November 2022
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.
With the easing of COVID restrictions, some degree of normality returned, and we were able to follow a near normal sailing programme including a visit to Guernsey for the anniversary of liberation on 9 May.
Commodore Laurie Hopkins LVO, who has been a trustee for 10 years, stepped down in this period. Laurie has made a huge contribution and the trustees and I would like to thank him for all he has done. We are delighted to welcome Rear Admiral Jude Terry OBE as a trustee.
Financially, Medusa is secure and we continue to build a reserve fund against the day when a major engine overhaul becomes necessary.
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 31 May 2023 and signed by its order.
Mr A D Watson, OBE Chairman
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 2022. 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
31 May 2023
3
The Medusa Trust Income and Expenditure Account for the year ended 30 November 2022
| Income Cost of income Gross income Administrative expenses Net income Interest receivable Income before taxation Tax on income Income for the financial year Accumulated Surplus/(Defict) bfwd Accumulated Surplus/(Deficit) cfwd |
2022 £ 33,218 (2,517) 30,701 (18,530) 12,171 33 12,204 - 12,204 78,726 90,930 |
2021 £ 28,982 (922) 28,060 (13,506) 14,554 5 14,559 - 14,559 64,167 78,726 |
|---|---|---|
4
The Medusa Trust Registered number: 04550179 Balance Sheet as at 30 November 2022
| 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 |
2022 £ 1 4,446 86,613 91,059 (130) 90,929 90,930 90,930 90,930 |
2021 £ 1 6,922 71,933 78,855 (130) 78,725 78,726 78,726 78,726 |
|---|---|---|
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 31 May 2023
Lord W R Strathalmond
5
The Medusa Trust
Statement of Changes in Equity for the year ended 30 November 2022
| At 1 December 2020 Profit for the financial year At 30 November 2021 At 1 December 2021 Profit for the financial year At 30 November 2022 |
Share capital £ - - - - |
Share premium £ - - - - |
Re- valuation reserve £ - - - - |
Profit and loss account £ 64,167 14,559 78,726 78,726 12,204 90,930 |
Total £ 64,167 14,559 78,726 78,726 12,204 90,930 |
|---|---|---|---|---|---|
6
The Medusa Trust Notes to the Accounts for the year ended 30 November 2022
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 |
2022 Number - |
2021 Number - |
|---|---|---|
7
The Medusa Trust
Notes to the Accounts
for the year ended 30 November 2022
3 Tangible fixed assets
| Cost At 1 December 2021 At 30 November 2022 Depreciation At 30 November 2022 Net book value At 30 November 2022 At 30 November 2021 4 Debtors Other debtors 5 Creditors: amounts falling due within one year Other creditors |
2022 £ 4,446 2022 £ 130 |
HMS Medusa £ 1 1 - 1 1 2021 £ 6,922 2021 £ 130 |
|---|---|---|
6 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 2022
This schedule does not form part of the statutory accounts
| Income Cost of sales Gross income Administrative expenses Operating income Interest receivable Income before tax |
2022 £ 33,218 (2,517) 30,701 (18,530) 12,171 33 12,204 |
2021 £ 28,982 (922) 28,060 (13,506) 14,554 5 14,559 |
|---|---|---|
9
The Medusa Trust
Detailed income and expenditure account for the year ended 30 November 2022
This schedule does not form part of the statutory accounts
| Sales Grants and Donations Gift Aid Sales MyDonate Cost of sales Materials Other direct costs Administrative expenses General administrative expenses: Website Stationery and printing Survey Power and Heat Berthing Licences Insurance Equipment expensed Safety Equipment Services Repairs and Renewals Legal and professional costs: Accountancy fees |
2022 £ 16,192 1,796 1,000 14,230 33,218 2,355 162 2,517 152 13 625 2,242 7,222 100 464 1,253 2,368 3,602 359 18,400 130 130 18,530 |
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 |
|---|---|---|
10