OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← The Medusa Trust

2025-11-30-accounts

Registered number 1133706

The Medusa Trust CIO

Report and Accounts 30 November 2025

The Medusa Trust

Report and accounts Contents

Page
Company information 1
Chairmans' report 2
Independent Examiner’s Report 5
Income & Expenditure account 6
Balance sheet 7
Statement of changes in equity 8
Notes to the accounts 9/10
Detailed Income & Expenditure Account 11

The Medusa Trust

Company Information

Patron

N J B Atkinson, H M Lord Lieutenant of Hampshire

Trustees

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 2024 to 30 November 2025

As mentioned in last year’s 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 the UK coast.

Medusa is lifted for one week each year for maintenance and an annual survey.

During this year Medusa received approximately 4,800 visitors and delivered 40 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 deficit of £5,012. Costs, mainly insurance have increased but the deficit was mainly due to work and parts needed for the port engine. 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 2011, 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 Charities Act 2011, was approved by the Trustees on 23rd March 2026 and signed on their behalf by:

Alan Watson OBE Chairman

4

The Medusa Trust

Independent Examiner's Report on the Accounts

Report to the Trustees of: The Medusa Trust CIO

With Offices at Holt House, Seale Road, Elstead, Surrey, GUS 6LF

Charitable Incorporated Number: 1133706 (England and Wales)

For the Year Ended:30th November 2025

Responsibilities and Basis of Report

I report to the Trustees on my examination of the accounts of the above Charitable Incorporated Organisation ("the Trust") for the year ended 30/11/2025.

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 2011 ("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 carrying out my examination I have followed all the applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

Independent Examiner's Statement

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

Jonthan Kemp BA(Hons), MBCS, MICB 261h February 2026

Professional Qualifications/ body:

Member of the Institute of Certified Bookkeepers Affiliate Member of the Association of Charity Independent Examiners

5

The Medusa Trust

Income and Expenditure Account for the year ended 30 November 2025

Income and Expenditure Account
for the year ended 30 November 2025
Income
Cost of income
Gross income
Administrative expenses
Net income
Interest receivable
(Deficit)/Surplus for the year
Accumulated Surplus b/fwd
Accumulated Surplus c/fwd		 2025
£
17,295
(4,310)
12,985
(19,441)
(6,456)
1,426
(5,030)
124,927
119,897		 2024
£
52,282
(1,863)
50,419
(20,201)
30,218
1,272
31,490
93,437
124,927

6

The Medusa Trust

Balance Sheet
as at 30 November 2025
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		 2025
£
1
5,306
114,759
120,065
(168)
119,897
119,897
119,897
119,897		 2024
£
1
11,954
113,140
125,094
(168)
124,926
124,927
124,927
124,927		 2024
£
1
11,954
113,140
125,094
(168)
124,926
124,927
124,927
124,927
124,927
124,927
124,927

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 Trustee Trustee

Approved by the board on 23[rd] March 2026

7

The Medusa Trust

Statement of Changes in Equity for the year ended 30 November 2025

At 1 December 2024
Surplus for the financial year
At 30 November 2025
At 1 December 2024
(Deficit) for the financial year
At 30 November 2025		 Share
capital
£
-		 Share
premium
£
-		 Re-
valuation
reserve
£
-		 Profit
and loss
account
£
Total
£
93,437
93,437
31,490
31,490
124,927 124,927
124,927
124,927
(5,030)
(5,030)
119,897 119,897
-
-
-		 -
-		 -

-
124,927
(5,030)
119,897

8

The Medusa Trust Notes to the Accounts for the year ended 30 November 2025

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		 2025
Number
-		 2024
Number
-

9

The Medusa Trust Notes to the Accounts for the year ended 30 November 2025

3 Tangible fixed assets

3
Tangible fixed assets
Cost
At 1 December 2024
At 30 November 2025
Depreciation
At 30 November 2025
Net book value
At 30 November 2024
At 30 November 2025
4
Debtors
Other debtors
5
Creditors: amounts falling due within one year
Other creditors		 2025
£
5,306
2025
£
168		 HMS
Medusa
£
1
1
-
1
1
2024
£
11,954
2024
£
168

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

10

The Medusa Trust

Detailed income and expenditure account

for the year ended 30 November 2025

This schedule does not form part of the statutory accounts

Sales
Grants and Donations
Donations received via Just Giving
Gift Aid
Sales
Interest Receivable
Cost of sales
Materials
Other direct costs
Administrative expenses
Website
Stationery and printing
Survey
Power and Heat
Berthing
Workshop rental
Insurance
Equipment expensed
Safety Equipment
Annual maintenance & Services
Audit & tax fees
Repairs and Renewals
Total Expenses
(Deficit)/Surplus for the year		 2025
£
13,328
1,370
1,847
750
17,295
1,426
4,094
216
4,310
151
421
175
269
7,672
0
1,799
0
1,617
7,169
168
0
19,441
23,751
(5,030)		 2024
£
39,224
8,558
1,000
3,500
52,282
1,272
1,647
216
1,863
72
211
1,355
350
7,464
599
466
4,709
915
3,892
168
0		 2024
£
39,224
8,558
1,000
3,500
52,282
1,272
1,647
216
1,863
72
211
1,355
350
7,464
599
466
4,709
915
3,892
168
0		 2024
£
39,224
8,558
1,000
3,500
52,282
1,272
1,647
216
1,863
72
211
1,355
350
7,464
599
466
4,709
915
3,892
168
0
20,201
22,064
31,490

11