| 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 2021 to 30 November 2022 |
|
| 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. |
|
| With the easing of COVID restrictions, some degree of normality returned, and we were able to |
| follow a near normal sailing programme including a visit to Guernsey for the anniversary of |
| liberation on 9 May. |
|
| Commodore Laurie Hopkins LVO, who has been a trustee for 10 years, stepped down in this |
| period. Laurie has made a huge contribution and the trustees and I would like to thank him for all |
| he has done. We are delighted to welcome Rear Admiral Jude Terry OBE as a trustee. |
|
| 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. |
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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. |
|
| This report was approved by the board on 31 May 2023 and signed by its order. |
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|
| Mr A D Watson, OBE |
| Chairman |
|
| The Medusa Trust |
| Notes to the Accounts |
| for the year ended 30 November 2022 |
|
|
| 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. |
|
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 |
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The company is exempt from corporation tax. |
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| 2 |
Employees |
2022 |
|
2021 |
| Number |
Number |
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Average number of persons employed by the company |
- |
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- |
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| 3 |
Tangible fixed assets |
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HMS Medusa |
| £ |
|
Cost |
|
At 1 December 2021 |
1 |
|
At 30 November 2022 |
1 |
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Depreciation |
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At 30 November 2022 |
- |
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Net book value |
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At 30 November 2022 |
1 |
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At 30 November 2021 |
1 |
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| 4 |
Debtors |
2022 |
|
2021 |
| £ |
£ |
|
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Other debtors |
4,446 |
|
6,922 |
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| 5 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
| £ |
£ |
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Other creditors |
130 |
|
130 |
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| 6 |
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 |
