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