Registered number 04550179
The Medusa Trust
Limited By
Guarantee Report
and Accounts 30 November 2023
The Medusa Trust Report and accounts Contents
| Page | |
|---|---|
| Company information | 1 |
| Chairmans' report | 2 |
| Income & Expenditure account | 3 |
| Balance sheet | 4 |
| Statement of changes in equity | 5 |
| Notes to the accounts | 6/7 |
The Medusa Trust Company Information
Patron
N J B Atkinson, Esq., LL
Directors
Mr A D Watson, OBE (Chairman) Lord Strathalmond Mr J T James The Hon. Mrs M R Montagu-Scott DL Rear Admiral Jude Terry, OBE (appointed 09/12/22)
Secretary
Lord Strathalmond
Bankers
Barclays Bank Plc Leicester Southampton City 2 Leicestershire LE87 2BB
Registered office
Holt House Seale Road Elstead Surrey GU8 6LF
Registered number 04550179
Charity number
1133706
Website
www.hmsmedusa.org.uk
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 2022 to 30 November 2023.
The Medusa Trust is a Company Limited by Guarantee and a registered Charity. In recent years the Charity Commission have established a new vehicle for charities that combines the former entirely under the Charity Commission. The trustees have considered the benefits of moving to the new structure (Charitable Incorporated Organisation) and will make this transition in the next accounting period.
The principal activity of the company is to restore, maintain, and operate HMS Medusa (ML 1387) as a permanent operational memorial to the officers and crew of the WW2 Coastal Forces.
The Medusa Trust is governed by its board of five trustees. The trustees receive no remuneration or expenses. The Trust does not have any employees.
The vessel is coded to Category 3 of the Maritime and Coastguard Agency Small Vessel Code and is therefore able to operate commercially within 20 miles of a safe haven, day or night with no weather restriction. Medusa is maintained and crewed by members of the Medusa Support Group which is a separate entity from the Trust. Sea passages include sea time for cadets, veterans, interested group, port visits and one longer annual passage. The summer deployment includes the Channel Islands France (D-Day beaches) and UK coast.
Medusa is lifted for one week each year for maintenance and annual survey. This year an unexpected problem was noted with a cutlass bearing which required replacement. This necessitated a second lift and cancellation of the planned Channel Islands deployment as well as unplanned expenditure.
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 2006
This report was approved by the board on 17 May 2024 and signed by its order.
Mr A D Watson, OBE Chairman
2
The Medusa Trust Income and Expenditure Account for the year ended 30 November 2023
| 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 b/fwd Accumulated Surplus c/fwd |
2023 £ 28,211 (5,018) 23,193 (21,182) 2,011 494 2,505 - 2,505 90,930 93,435 |
2022 £ 33,218 (2,517) |
|---|---|---|
| 30,701 (18,530) |
||
| 12,171 33 |
||
| 12,204 - |
||
| 12,204 78,726 |
||
| 90,930 |
3
0455017923
The Medusa Trust Registered number: Balance Sheet as at 30 November 2023
| Fixed assets Notes 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 |
11,585 81,970 93,555 (120) |
2023 £ 1 93,435 93,435 93,435 93,435 |
4,446 86,613 |
2022 £ 1 90,929 |
|
|---|---|---|---|---|---|
| 91,059 (130) |
|||||
| 90,930 90,930 |
|||||
| 90,930 |
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
Lord Strathalmond
4
The Medusa Trust
Statement of Changes in Equity for the year ended 30 November 2023
| At 1 December 2021 Profit for the financial year At 30 November 2022 At 1 December 2022 Profit for the financial year At 30 November 2023 |
Share capital £ - |
Share premium £ - |
Re- valuation reserve £ - |
Profit and loss account £ 78,726 12,204 |
Total £ 78,726 12,204 |
|---|---|---|---|---|---|
| - - |
- - |
- |
90,930 |
90,930 90,930 2,168 |
|
| - | 90,930 2,505 |
||||
| - |
- |
93,435 | 93,098 |
5
The Medusa Trust Notes to the Accounts for the year ended 30 November 2023
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 |
2023 Number - |
2022 Number - |
|---|---|---|
6
The Medusa Trust
Notes to the Accounts
for the year ended 30 November 2023
3 Tangible fixed assets
| Cost At 1 December 2022 At 30 November 2023 Depreciation At 30 November 2023 Net book value At 30 November 2023 At 30 November 2022 4 Debtors Other debtors 5 Creditors: amounts falling due within one year Other creditors |
2023 £ 11,585 2023 £ 120 |
HMS Medusa £ 1 |
||
|---|---|---|---|---|
| 1 | ||||
| - | ||||
| 1 | ||||
| 1 | ||||
| 2022 £ 4,446 2022 £ 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
7
The Medusa Trust
Detailed income and expenditure account for the year ended 30 November 2023
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 |
2023 £ 28,211 (5,018) 23,193 (21,182) 2,011 494 2,505 |
2022 £ 33,218 (2,517) |
|
|---|---|---|---|
| 30,701 (18,530) |
|||
| 12,171 33 |
|||
| 12,204 |
8
The Medusa Trust
Detailed income and expenditure account for the year ended 30 November 2023
This schedule does not form part of the statutory accounts
| Sales Grants and Donations Gift Aid Sales Just Giving Cost of sales Materials Other direct costs Administrative expenses General administrative expenses: Website Stationery and printing Survey Power and Heat Berthing Workshop rental Insurance Equipment expensed Safety Equipment Annual maintenance & Services Repairs and Renewals Legal and professional costs: Accountancy fees Total costs |
2023 £ 22,700 1,121 1,398 2,992 28,211 4,802 216 5,018 152 300 222 221 7,025 600 466 - 1,524 4,018 6,521 21,049 133 133 26,200 |
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 |
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 |
|---|---|---|---|
| 21047 |
9
Registered number 04550179
The Medusa Trust
Limited By
Guarantee Report
and Accounts 30 November 2023
The Medusa Trust Report and accounts Contents
| Page | |
|---|---|
| Company information | 1 |
| Chairmans' report | 2 |
| Income & Expenditure account | 3 |
| Balance sheet | 4 |
| Statement of changes in equity | 5 |
| Notes to the accounts | 6/7 |
The Medusa Trust Company Information
Patron
N J B Atkinson, Esq., LL
Directors
Mr A D Watson, OBE (Chairman) Lord Strathalmond Mr J T James The Hon. Mrs M R Montagu-Scott DL Rear Admiral Jude Terry, OBE (appointed 09/12/22)
Secretary
Lord Strathalmond
Bankers
Barclays Bank Plc Leicester Southampton City 2 Leicestershire LE87 2BB
Registered office
Holt House Seale Road Elstead Surrey GU8 6LF
Registered number 04550179
Charity number
1133706
Website
www.hmsmedusa.org.uk
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 2022 to 30 November 2023.
The Medusa Trust is a Company Limited by Guarantee and a registered Charity. In recent years the Charity Commission have established a new vehicle for charities that combines the former entirely under the Charity Commission. The trustees have considered the benefits of moving to the new structure (Charitable Incorporated Organisation) and will make this transition in the next accounting period.
The principal activity of the company is to restore, maintain, and operate HMS Medusa (ML 1387) as a permanent operational memorial to the officers and crew of the WW2 Coastal Forces.
The Medusa Trust is governed by its board of five trustees. The trustees receive no remuneration or expenses. The Trust does not have any employees.
The vessel is coded to Category 3 of the Maritime and Coastguard Agency Small Vessel Code and is therefore able to operate commercially within 20 miles of a safe haven, day or night with no weather restriction. Medusa is maintained and crewed by members of the Medusa Support Group which is a separate entity from the Trust. Sea passages include sea time for cadets, veterans, interested group, port visits and one longer annual passage. The summer deployment includes the Channel Islands France (D-Day beaches) and UK coast.
Medusa is lifted for one week each year for maintenance and annual survey. This year an unexpected problem was noted with a cutlass bearing which required replacement. This necessitated a second lift and cancellation of the planned Channel Islands deployment as well as unplanned expenditure.
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 2006
This report was approved by the board on 17 May 2024 and signed by its order.
Mr A D Watson, OBE Chairman
2
The Medusa Trust Income and Expenditure Account for the year ended 30 November 2023
| 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 b/fwd Accumulated Surplus c/fwd |
2023 £ 28,211 (5,018) 23,193 (21,182) 2,011 494 2,505 - 2,505 90,930 93,435 |
2022 £ 33,218 (2,517) |
|---|---|---|
| 30,701 (18,530) |
||
| 12,171 33 |
||
| 12,204 - |
||
| 12,204 78,726 |
||
| 90,930 |
3
0455017923
The Medusa Trust Registered number: Balance Sheet as at 30 November 2023
| Fixed assets Notes 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 |
11,585 81,970 93,555 (120) |
2023 £ 1 93,435 93,435 93,435 93,435 |
4,446 86,613 |
2022 £ 1 90,929 |
|
|---|---|---|---|---|---|
| 91,059 (130) |
|||||
| 90,930 90,930 |
|||||
| 90,930 |
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
Lord Strathalmond
4
The Medusa Trust
Statement of Changes in Equity for the year ended 30 November 2023
| At 1 December 2021 Profit for the financial year At 30 November 2022 At 1 December 2022 Profit for the financial year At 30 November 2023 |
Share capital £ - |
Share premium £ - |
Re- valuation reserve £ - |
Profit and loss account £ 78,726 12,204 |
Total £ 78,726 12,204 |
|---|---|---|---|---|---|
| - - |
- - |
- |
90,930 |
90,930 90,930 2,168 |
|
| - | 90,930 2,505 |
||||
| - |
- |
93,435 | 93,098 |
5
The Medusa Trust Notes to the Accounts for the year ended 30 November 2023
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 |
2023 Number - |
2022 Number - |
|---|---|---|
6
The Medusa Trust
Notes to the Accounts
for the year ended 30 November 2023
3 Tangible fixed assets
| Cost At 1 December 2022 At 30 November 2023 Depreciation At 30 November 2023 Net book value At 30 November 2023 At 30 November 2022 4 Debtors Other debtors 5 Creditors: amounts falling due within one year Other creditors |
2023 £ 11,585 2023 £ 120 |
HMS Medusa £ 1 |
||
|---|---|---|---|---|
| 1 | ||||
| - | ||||
| 1 | ||||
| 1 | ||||
| 2022 £ 4,446 2022 £ 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
7
The Medusa Trust
Detailed income and expenditure account for the year ended 30 November 2023
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 |
2023 £ 28,211 (5,018) 23,193 (21,182) 2,011 494 2,505 |
2022 £ 33,218 (2,517) |
|
|---|---|---|---|
| 30,701 (18,530) |
|||
| 12,171 33 |
|||
| 12,204 |
8
The Medusa Trust
Detailed income and expenditure account for the year ended 30 November 2023
This schedule does not form part of the statutory accounts
| Sales Grants and Donations Gift Aid Sales Just Giving Cost of sales Materials Other direct costs Administrative expenses General administrative expenses: Website Stationery and printing Survey Power and Heat Berthing Workshop rental Insurance Equipment expensed Safety Equipment Annual maintenance & Services Repairs and Renewals Legal and professional costs: Accountancy fees Total costs |
2023 £ 22,700 1,121 1,398 2,992 28,211 4,802 216 5,018 152 300 222 221 7,025 600 466 - 1,524 4,018 6,521 21,049 133 133 26,200 |
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 |
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 |
|---|---|---|---|
| 21047 |
9
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