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
31
088 9LOd 'aJ14sdweH 'LueyaJp4 'Jaisawyod 'PEOII MalJl11!H L
•Jppv
(Au? 11)
Apoq Jo {g)uo!ip)y!i?nb
i?uo!$swoJd iueAOla>J
sJad00¥¥008 pw.y•J p ainy.lsui a41 Jaqwe
sJau!Luexa iuapugdapui Auey? io uoiiEI?ossy 041 Jo jaqWa OIEIIIJIV
8JIWI 'S)8 '(SUOH)v8 dwgx UEuipuor
OWEN
4¢
pau8is
'pau?eaJ eq oi siuntrJge ayi Jo 6u!pueisJgpun Jodojd ? OIqEU
i Jopjo
ui yodaj SlLti U! UM?Jp aq pinous UOliUOUE l14m Oi uo!ieu!WExe ayi yy.M
uoiiaauuoo ui sJ8uew Jayio ou ssorJp awo) aAELI PUE suJa)uoJ ou gAE41
'uo!IEuiwpxo wapuadaw! UB w yed Se wgplsu
JaUEUJ e iou si U?IyM Mè!A ,JIEI PUE anji, e 8A16 siuno)?e oyi IEIJI
iuaLuaJ!nboJ Aue ue41 Jayio 8001 suoiiein6ou (syode8 pue slun0v}
SgliU?y J oui ui ino ps slun0e JO IUalUW PUE LUJOJ ayi 6uiwwJuoo
SiUeLuaJinboJ giqvJiiddB 041 LWM AidLUO? WU FX.p swnoyJE aLII
Jo :spJoJaJ 6u!iunoaJe Oyi UVM pJoJJe iou plp swn0e aui
Jo .'pv sa!we4J 914110
0£ L UO!PeS iII!AI WJUEPJQJX ui Wa¥ iou ajam swow 6uiiunog)E eljl
'.P8ds8J ieuoiew AUE U! I?LII OAall8q 01 asneg
aw $8h16 LPI4M uoiieu!LU8X• OLU u01UUO9 ui uoiiuaue ALU Oi gLUO) IUOWOIVS 8.JOUIiUEXe
aAey sjgupw ieuèiew ou IEYI UIIIJUO) I 'UO!IEuiwexo ALU p8iaidw¢yJ OAEY I iuepuedepui
'pv 04110 {q)Is)stri uo!p8s Japun
UO!$8!wwoJ AwE4? a41 Aq UeA16 suoipoJ!0 oiqvJiidde ayi IIE PgMOIIOJ aAP14
I 'UOIIEuiwexe ALU ino 6u!AJJvJ u! pue pv i Loi aui uoip8s Japun
Ino paweg 8iunw?B S,ISNi OUI Jo uolwuiwexe Aw io podsgj ui yod8J I
'(.pv 04L)
LLOZ pv sa1iiJEy? ayi Jo siuawaJinbgJ e41 *Juepj0e u! slun0?
14110 UOIIEJpdaJd aLU Joi eiqisuodsoj gJE noA '$••nI1 sJwe4ts ayi SV
yodaj io s!$Eq
pu? $•iiiiiqisuod8a¥
POPU8 JEaA a41 Jo4 (.IsnJi oui.) Awey?
aAoqe oui Jo swnotrJE uoueuiwExa ALU uo $aoisnJi 84101 yo(18J I
3NO
s•BBd uo ino i•s
(Aup Jil
ou
popuo
JBOA Joi 4unog?F uo
90L££ L L
EZOZ WO£ JoqwaAON
Isnji Psnp• OUI
yoda8 sJau!WEX3 iuapuadapui
v uo!iJas
unoJ?E
aui uo yodaj sJau!WExa iuapuadapui
$31VM aNV aw9N3 a04
NOISSIWWO) AIIJVH)