| The Medusa Trust |
| Registered number: |
04550179 |
| Chairmans Report |
|
| The Chairman submits his Report and the Unaudited Financial Statements of the company for the |
| year from 1 December 2017 to 30 November 2018 |
|
| 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. |
|
| This year has been another successful one for Medusa. The vessel is in excellent physical |
| condition and retains the Maritime and Coastguard Agency certification for passenger and |
| charter work (SVC Category 3 coding). |
|
| Medusa has had a varied operational season, including visits to south coast ports, as well as a |
| Cross Channel passage taking in Weymouth, Dartmouth, Alderney, Cherbourg and Grandcamp |
| Maisy for D Day commemorations. We again exercised with the Royal Navy First Patrol Boat |
| Squadron practising fleet manoeuvres. |
|
| Medusa featured in a Channel 4 in a documentary about the attempt to rescue the 51st Highland |
| Division who remained after Dunkirk. |
|
| The relationship with the Royal Navy Combined Cadet Force sections has grown and training |
| voyages were provided for Charterhouse and Gordons schools. |
|
| A fundraising event was held in October and has improved the financial position of the Trust as |
| well as ensuring the vessel can participate in the D day 75th commemorations. |
|
| Financially, The Trust is in good health with a small buffer against unplanned work to the vessel. |
| Fundraising, though, remains a priority of the Trustees to continue operation of the vessel |
|
| Medusa is entirely dependant 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. |
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| Small company provisions |
| This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
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| This report was approved by the board on 28 March 2019 and signed on its behalf. |
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|
| Mr A D Watson |
| Director |
|
| The Medusa Trust |
| Notes to the Accounts |
| for the year ended 30 November 2018 |
|
|
| 1 |
Accounting policies |
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Basis of preparation |
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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). |
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Income |
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Income represents amounts contributed by donations and events during the year. |
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All income received is to restore, maintain and operate the former HMS Medusa (ML 1387). |
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Tangible fixed assets |
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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: |
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|
Plant and machinery |
over 5 years |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
|
The company is exempt from corporation tax. |
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| 2 |
Tangible fixed assets |
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HMS Medusa |
| £ |
|
Cost |
|
At 1 December 2017 |
1 |
|
At 30 November 2018 |
1 |
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Depreciation |
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At 30 November 2018 |
- |
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Net book value |
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At 30 November 2018 |
1 |
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At 30 November 2017 |
1 |
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| 3 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Other debtors |
8,837 |
|
1,431 |
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| 4 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
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Other creditors |
685 |
|
125 |
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| 5 |
Other information |
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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 |
