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2024-11-30-accounts

Registered number 133706

The Medusa Trust CIO

Report and Accounts 30 November 2024

The Medusa Trust

Report and accounts Contents

Page
Company information 1
Chairmans' report 2
Income & Expenditure account 5
Balance sheet 6
Statement of changes in equity 7
Notes to the accounts 8/9

The Medusa Trust

Company Information

Patron

N J B Atkinson, H M Lord Lieutenant of Hampshire

Directors

A D Watson, OBE (Chairman) J T James The Hon. Mrs M R Montagu-Scott DL Lord Strathalmond Rear Admiral Jude Terry, CB, OBE

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

Charitable Incorporated Organisation Number 1133706

Website

www.hmsmedusa.org.uk

1

The Medusa Trust

Chairman’s Report

Structure, governance and management.

The Chairman submits his Report and the Unaudited Financial Statements of the Organisation for the year from 1 December 2023 to 30 November 2024.

As mentioned in the previous accounts, the Trustees applied to convert The Medusa Trust to a Charitable Incorporated Organisation (a new vehicle for charities that combines the former entities of trust and a company entirely under the Charity Commission). The Charity commission approved the conversion on 6[th] June 2024.

The governing document is the conversion document dated 6 June 2024.

The Medusa Trust is governed by its board of five Trustees, one of whom is elected as Chairman. The Trustees receive no remuneration or expenses. The Trust does not have any employees. The Trustees also serve as the Directors of the Charitable Incorporated Organisation and this report utilises the term “trustee” and “director” for the same purpose and should therefore be treated as inter-changeable and as having the same meaning and responsibilities.

Object and activities.

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.

Operations.

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. The Support Group contribute over 1,000 man-days each year. Sea passages include sea time for cadets, veterans, interested groups, 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.

During this year Medusa received approximately 1,000 visitors and delivered 44 operational (sea going or alongside educational) days.

2

The Medusa Trust

Statement of public benefit.

The Trustees have regard for the Charity Commission guidance on public benefit. The Trust benefits the public as follows:

Financial review

This operating year, the trust has achieved a surplus of £31,490 principally due to some generous donations. In particular a donation of £5,000 was received from the Survey vessel association upon its winding up and another from the Hong King flotilla Association when it wound up. A further £20,000 was received from a benefactor.

The Trust relies on general public donations to keep Medusa operational and does not receive funding from government bodies.

The Trust continues to build a reserve to provide matching funding against a future refit, primarily a major engine overhaul.

The Trust is registered with HMRC for Gift Aid

The Trust continues to operate as a going concern.

Policies.

The Trust operates to the following policy documents which are reviewed and added to as required.

3

The Medusa Trust

Trustee responsibilities.

The Trustees are responsible for preparing the Trustees’ Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the financial resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

Select suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and to prepare the financial statements on the going-concern basis unless it is inappropriate to presume that the charity will continue in business.

They are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ascertain to ensure that the financial statements comply with the Charities Act 1993, the Charity (Accounts and Reports) Regulations 2008, both as amended subsequently, and the provisions of the Constitution, Governing Document or Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website.

This report, which has been prepared in accordance with the provisions of the Companies Act 2006 relating to small companies, together with the Charities Act 2011, was approved by the Trustees on 27 March 2025 and signed on their behalf by:

Alan Watson OBE Chairman

4

The Medusa Trust

Income and Expenditure Account for the year ended 30 November 2024

Income
Cost of income
Gross income
Administrative expenses
Net income
Interest receivable
Surplus for the year
Accumulated Surplus b/fwd
Accumulated Surplus c/fwd
2024
£
52,282
(1,863)
50,419
(20,201)
30,218
1,272
31,490
93,437
124,927
2023
£
28,211
(5,018)
23,193
(21,181)
2,012
495
2,507
90,930
93,437

5

The Medusa Trust

Balance Sheet
as at 30 November 2024
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 assets
Capital and reserves
Accumulated Surplus
Capital and Reserves
2024
£
1
11,954
113,140
125,094
(168)
124,926
124,927
124,927
124,927


2023
£
1
11,586
81,970
93,556
(120)
93,436
93,437
93,437
93,437
2023
£
1
11,586
81,970
93,556
(120)
93,436
93,437
93,437
93,437
93,437
93,437
93,437

The Trustees, as Members, have not required the Company to obtain an audit of its accounts for the year under review in accordance with Section 476 of the companies Act 2006; the Trustees as Directors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The Trustees are satisfied that the Charity is entitled to exemption from the requirement to obtain an audit under section 133 of the Charities Act 2011.

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ascertain to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, both as amended subsequently, and the provisions of the Constitution, Governing Document or Trust Deed

A D Watson, OBE Lord Strathalmond Director Approved by the board on

6

The Medusa Trust

Statement of Changes in Equity for the year ended 30 November 2024

At 1 December 2022
Surplus for the financial year
At 30 November 2023
At 1 December 2023
Surplus for the financial year
At 30 November 2024
Share
capital
£
-
Share
premium
£
-
Re-
valuation
reserve
£
-
Profit
and loss
account
£
90,930
2,507
Total
£
90,930
2,507
-
-
-
-
-
-
- 93,437 93,437
93,437
31,490
-
93,437
31,490
124,927
124,927

7

The Medusa Trust Notes to the Accounts for the year ended 30 November 2024

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
2024
Number
-
2023
Number
-

8

The Medusa Trust

Notes to the Accounts for the year ended 30 November 2024

3 Tangible fixed assets

3
Tangible fixed assets
Cost
At 1 December 2023
At 30 November 2024
Depreciation
At 30 November 2024
Net book value
At 30 November 2024
At 30 November 2023
4
Debtors
Other debtors
5
Creditors: amounts falling due within one year
Other creditors
2024
£
11,954
2024
£
168
HMS
Medusa
£
1
1
-
1
1
2023
£
11,585
2023
£
120

6 Other information

The Medusa Trust is a C h a r i t a b l e I n c o r p o r a t e d O r g a n i s a t i o n registered in England. Its registered office is Holt House, Seale Road, Elstead, Surrey GU8 6LF

9

The Medusa Trust

Detailed income and expenditure account for the year ended 30 November 2024

This schedule does not form part of the statutory accounts

2024 2023
Sales £ £
Grants and Donations 39,224 22,700
Donations received via Just Giving 8,558 2,992
Gift Aid 1,000 1,121
Sales 3,500 1,398
52,282 28,211
Interest Receivable 1,272 279
Cost of sales
Materials 1,647 4,802
Other direct costs 216 216
1,863 5,018
Administrative expenses
Website 72 152
Stationery and printing 211 300
Survey 1,355 222
Power and Heat 350 221
Berthing 7,464 7,025
Workshop rental 599 600
Insurance 466 466
Equipment expensed 4,709 0
Safety Equipment 915 1,524
Annual maintenance & Services 3,892 4,018
Audit & tax fees 168 133
Repairs and Renewals 0 6,520
20,201 21,181
Total Expenses 22,064 26,199
Surplus for the year 31,490 2,507

9

Registered number 133706

The Medusa Trust CIO

Report and Accounts 30 November 2024

The Medusa Trust

Report and accounts Contents

Page
Company information 1
Chairmans' report 2
Income & Expenditure account 5
Balance sheet 6
Statement of changes in equity 7
Notes to the accounts 8/9

The Medusa Trust

Company Information

Patron

N J B Atkinson, H M Lord Lieutenant of Hampshire

Directors

A D Watson, OBE (Chairman) J T James The Hon. Mrs M R Montagu-Scott DL Lord Strathalmond Rear Admiral Jude Terry, CB, OBE

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

Charitable Incorporated Organisation Number 1133706

Website

www.hmsmedusa.org.uk

1

The Medusa Trust

Chairman’s Report

Structure, governance and management.

The Chairman submits his Report and the Unaudited Financial Statements of the Organisation for the year from 1 December 2023 to 30 November 2024.

As mentioned in the previous accounts, the Trustees applied to convert The Medusa Trust to a Charitable Incorporated Organisation (a new vehicle for charities that combines the former entities of trust and a company entirely under the Charity Commission). The Charity commission approved the conversion on 6[th] June 2024.

The governing document is the conversion document dated 6 June 2024.

The Medusa Trust is governed by its board of five Trustees, one of whom is elected as Chairman. The Trustees receive no remuneration or expenses. The Trust does not have any employees. The Trustees also serve as the Directors of the Charitable Incorporated Organisation and this report utilises the term “trustee” and “director” for the same purpose and should therefore be treated as inter-changeable and as having the same meaning and responsibilities.

Object and activities.

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.

Operations.

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. The Support Group contribute over 1,000 man-days each year. Sea passages include sea time for cadets, veterans, interested groups, 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.

During this year Medusa received approximately 1,000 visitors and delivered 44 operational (sea going or alongside educational) days.

2

The Medusa Trust

Statement of public benefit.

The Trustees have regard for the Charity Commission guidance on public benefit. The Trust benefits the public as follows:

Financial review

This operating year, the trust has achieved a surplus of £31,490 principally due to some generous donations. In particular a donation of £5,000 was received from the Survey vessel association upon its winding up and another from the Hong King flotilla Association when it wound up. A further £20,000 was received from a benefactor.

The Trust relies on general public donations to keep Medusa operational and does not receive funding from government bodies.

The Trust continues to build a reserve to provide matching funding against a future refit, primarily a major engine overhaul.

The Trust is registered with HMRC for Gift Aid

The Trust continues to operate as a going concern.

Policies.

The Trust operates to the following policy documents which are reviewed and added to as required.

3

The Medusa Trust

Trustee responsibilities.

The Trustees are responsible for preparing the Trustees’ Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the financial resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

Select suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and to prepare the financial statements on the going-concern basis unless it is inappropriate to presume that the charity will continue in business.

They are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ascertain to ensure that the financial statements comply with the Charities Act 1993, the Charity (Accounts and Reports) Regulations 2008, both as amended subsequently, and the provisions of the Constitution, Governing Document or Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website.

This report, which has been prepared in accordance with the provisions of the Companies Act 2006 relating to small companies, together with the Charities Act 2011, was approved by the Trustees on 27 March 2025 and signed on their behalf by:

Alan Watson OBE Chairman

4

The Medusa Trust

Income and Expenditure Account for the year ended 30 November 2024

Income
Cost of income
Gross income
Administrative expenses
Net income
Interest receivable
Surplus for the year
Accumulated Surplus b/fwd
Accumulated Surplus c/fwd
2024
£
52,282
(1,863)
50,419
(20,201)
30,218
1,272
31,490
93,437
124,927
2023
£
28,211
(5,018)
23,193
(21,181)
2,012
495
2,507
90,930
93,437

5

The Medusa Trust

Balance Sheet
as at 30 November 2024
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 assets
Capital and reserves
Accumulated Surplus
Capital and Reserves
2024
£
1
11,954
113,140
125,094
(168)
124,926
124,927
124,927
124,927


2023
£
1
11,586
81,970
93,556
(120)
93,436
93,437
93,437
93,437
2023
£
1
11,586
81,970
93,556
(120)
93,436
93,437
93,437
93,437
93,437
93,437
93,437

The Trustees, as Members, have not required the Company to obtain an audit of its accounts for the year under review in accordance with Section 476 of the companies Act 2006; the Trustees as Directors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The Trustees are satisfied that the Charity is entitled to exemption from the requirement to obtain an audit under section 133 of the Charities Act 2011.

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ascertain to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, both as amended subsequently, and the provisions of the Constitution, Governing Document or Trust Deed

A D Watson, OBE Lord Strathalmond Director Approved by the board on

6

The Medusa Trust

Statement of Changes in Equity for the year ended 30 November 2024

At 1 December 2022
Surplus for the financial year
At 30 November 2023
At 1 December 2023
Surplus for the financial year
At 30 November 2024
Share
capital
£
-
Share
premium
£
-
Re-
valuation
reserve
£
-
Profit
and loss
account
£
90,930
2,507
Total
£
90,930
2,507
-
-
-
-
-
-
- 93,437 93,437
93,437
31,490
-
93,437
31,490
124,927
124,927

7

The Medusa Trust Notes to the Accounts for the year ended 30 November 2024

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
2024
Number
-
2023
Number
-

8

The Medusa Trust

Notes to the Accounts for the year ended 30 November 2024

3 Tangible fixed assets

3
Tangible fixed assets
Cost
At 1 December 2023
At 30 November 2024
Depreciation
At 30 November 2024
Net book value
At 30 November 2024
At 30 November 2023
4
Debtors
Other debtors
5
Creditors: amounts falling due within one year
Other creditors
2024
£
11,954
2024
£
168
HMS
Medusa
£
1
1
-
1
1
2023
£
11,585
2023
£
120

6 Other information

The Medusa Trust is a C h a r i t a b l e I n c o r p o r a t e d O r g a n i s a t i o n registered in England. Its registered office is Holt House, Seale Road, Elstead, Surrey GU8 6LF

9

The Medusa Trust

Detailed income and expenditure account for the year ended 30 November 2024

This schedule does not form part of the statutory accounts

2024 2023
Sales £ £
Grants and Donations 39,224 22,700
Donations received via Just Giving 8,558 2,992
Gift Aid 1,000 1,121
Sales 3,500 1,398
52,282 28,211
Interest Receivable 1,272 279
Cost of sales
Materials 1,647 4,802
Other direct costs 216 216
1,863 5,018
Administrative expenses
Website 72 152
Stationery and printing 211 300
Survey 1,355 222
Power and Heat 350 221
Berthing 7,464 7,025
Workshop rental 599 600
Insurance 466 466
Equipment expensed 4,709 0
Safety Equipment 915 1,524
Annual maintenance & Services 3,892 4,018
Audit & tax fees 168 133
Repairs and Renewals 0 6,520
20,201 21,181
Total Expenses 22,064 26,199
Surplus for the year 31,490 2,507

9

TB3 Little Tapnage Titchfield Lane Fareham Hampshire P017 5PQ Balancing the Books Independent Examinerfs Report on the Accounts Report to the Trustees of: The Medusa Trust CIO With Offices at: Hoft Mouse. Seole Road, Elsteod, Surrey, GU8 6LF Charitable Incorporated Number: 11337061Enqlond and Wales) For the Year Ended: 3£P November 2024 Res nsibilities and Basls of Re I report to the Trustees on my examination of the accounts of the above Charitable Incorporated Organisation ("the Trust") for the year ended 3011112024. As the CIO'S Trustees and Directors, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111"the Act"). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the 2011 Act and in carryin8 Out my examination I have followed all the applicable Directions given by the Charity Commission under Section 145151{b) of the Act. Inde ndent Examlnerfs Statement I have completed my examination. I confim that no material matters have come to my attention in connectlon with the examination which gives me cause to believe that in any material respect: The accounting records were not kept in accordance with Section 130 of the Act; or The accounts did not accord with the accounting records; or The accounts did not comply with the applicable requirements concerning form and content of accounts set out in the Charities (Accounts and Reports} Regulations 2CK)8, other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed Jonthan Kemp BA(Hons), MBCS, MICB Date 19" February 2025 Professional Qualifications/ body: Member of the Institute of Certified Bookkeepers Affiliate Member of the Association of Charitv Independent Examiners Registered as a Limited Company in England and Wales. nurn￿r 7646453 ICB Membership Number.. 346038: ICB Practice Licence Number= 13056 Affiliate Member, Association of Charity Independent Examiners ACIE