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← Westminster Methodist Central Hall Trust

2025-08-31-accounts

Westminster Methodist Central Hall Trust

Annual Report and Consolidated Financial Statements

31 August 2025

Charity Commission registered number: 1133912

Contents

Reports

Reference and administrative information 1
Trustees’ report 2
Independent auditor’s report on the
financial statements 8
Financial statements
Consolidated statement of financial
activities 12
Consolidated balance sheet 13
Trust balance sheet 14
Consolidated statement of cash flows 15
Principal accounting policies 16
Notes to the consolidated financial
statements 21

Westminster Methodist Central Hall Trust

Reference and administrative information

Trustees Rev Paul Regan (Chair)
Mr Bala Gnanapragasam (Secretary)
Mr Nevil Tomlinson (Treasurer)
Mr John Robinson (Risk and Safeguarding)
Mrs Ama Ackah-Yensu
Rev Jonathan Dean
Rev Anthony Miles
Mrs Judith Mitchell
Office Westminster Central Hall
Storey’s Gate
London
SW1 9NH
Auditor Buzzacott Audit LLP
130 Wood Street
London
EC2V 6DL
Bankers HSBC Bank PLC
The Peak
333 Vauxhall Bridge Road
London
SW1V 1EJ
Solicitors Anthony Collins LLP
134 Edmund Street
Birmingham
B3 2ES

Westminster Methodist Central Hall Trust 1

Trustees’ report 31 August 2025

The Trustees present their statutory report together with the accounts of Westminster Methodist Central Hall Trust for the year ended 31 August 2025. The accounts have been prepared in accordance with the accounting policies set out on pages 16 to 20 of the attached accounts and comply with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

STRUCTURE, GOVERNANCE AND MANAGEMENT

The governing body of the Methodist Church is the Conference. The authority under which the Conference acts is legally given by the 1976 Methodist Church Act. The names and addresses of the advisors to the Conference can be found in the Trustees’ Report of the Methodist Church Fund.

Each year the Conference appoints the Managing Trustees (“the Trustees”) of the Westminster Methodist Central Hall Trust (“the Trust”). The Trustees hold the property upon the model trusts contained in the Methodist Church Act 1976. The governing document is the Model trusts.

The Trust is not incorporated and was given no specific title in its governing documents. It was known as Methodist Conference Property at Central Hall Westminster. On 31 March 2025, the Trust was formally given the name of Westminster Methodist Central Hall Trust and the change was approved by the Charity Commission on 31 March 2025.

Since 3 July 2004, the appointment of new Trustees follows the connexional Nomination Committee process which uses a skills-based approach and open recruitment. However, a Chair of the London District and the local superintendent minister (see below) are ex-officio Trustees, but not the Chair. The Chair, Secretary and Treasurer of the Trust offer training to new Trustees on appointment in the form of personal induction.

The Trustees work closely with the ministerial staff and officers of the church known as Methodist Central Hall Westminster (the Church) which is based at Central Hall Westminster; the superintendent minister is a Trustee. A trading company, Central Hall Westminster Limited (the Company), is wholly owned by the Trust. The principal activity of the Company is the letting and rental of facilities at Central Hall Westminster. The Company makes gift-aided payments to the Trust of its distributable profits.

The current Trustees and those who served in the year to 31 August 2025 and up to the date of signature of this report are as follows:

The current Trustees and those who served in
of signature of this report are as follows:		 the year to 31 August 2025 and up to the dat
Trustee
Rev Paul Regan (Chair) Rev Jonathan Dean
Mr Bala Gnanapragasam (Secretary) Rev Anthony Miles
Mr Nevil Tomlinson (Treasurer) Mrs Judith Mitchell
Mr John Robinson (Risk and Safeguarding) (from 28 Rev Lansford Penn-Timity (to 20 July 2025)
February 2025)
Mrs Ama Ackah-Yensu

Westminster Methodist Central Hall Trust 2

Trustees’ report 31 August 2025

Trustees have traditionally met three times a year; this has been extended to four times a year from October 2025. Day to day management of the Trust’s affairs is undertaken by four Trustee Officers (Messrs Regan, Gnanapragasm, Tomlinson and Robinson) who can act within the defined limitations of their authority. The Trustees are supported in their work by the following committees:

All of the above Committees are chaired by Trustees. The Audit Committee meets twice a year and its members are all Trustees. The other Committees meet four times per annum and include personnel from the Church and the Company, as well as Trustees.

No Trustees received remuneration for their services as Trustees.

OBJECTIVES AND ACTIVITIES

The object of the Trust is the provision of funds to support the work of the Methodist Church and to maintain an on-going programme of refurbishment of the Central Hall, which is its principal asset.

Careful consideration of the Charity Commission’s general guidance on public benefit has been borne in mind in reviewing the objectives of the Trust and planning activities. The Trustees consider the current activities as detailed in this report deliver public benefit.

The Trustees are responsible for the following:

Main objectives for the year

The main objectives for the year were:

Westminster Methodist Central Hall Trust 3

Trustees’ report 31 August 2025

ACHIEVEMENTS AND PERFORMANCE

There was a significantly improved financial performance by the Company, which recorded its best since the advent of Covid. This meant that on a consolidated basis the Trust’s income exceeded expenditure for the first time since 2018/19 (excluding the effect of grants received in 2023/24). The Company made a gift-aided payment of £151,000 to the Trust, the first since 2019/20; this payment reflected the retained profits held by the Company after the financial reorganisation in 2023/24.

We continued a programme of proactive maintenance and have addressed all urgent matters raised in the previous quinquennial report. Due to financial constraints, capital expenditure continues at less than half of its pre-Covid level. The most significant capital expenditure during the year was the covering of two flat roofs that had been leaking. Since the year end the latest quinquennial inspection has been completed and the Trustees are currently studying its recommendations.

The Wesley Café had been operating on the lower ground floor of Central Hall for many years. In July 2025 it was relocated to become a street level café in the space previously known as the Broadbent Room. The space on the lower ground floor has been repurposed and is now available to the Company to increase the revenue from their commercial operations. The cost of these changes was met by the catering contractors.

The Church continued to prosper in terms of membership, attendance at services and its charitable works. The Trust continued to provide resources to support the work of the Church; in particular it provided space in Central Hall and paid for utilities, maintenance, cleaning and most security costs. However, the cash grant from the Trust to the Church stopped in February 2024. This has had a serious impact on the Church’s reserves, but the Church has reviewed its costs, raised extra funds from its members and applied for various grants.

The Trustees prepared a strategic plan and its implications are discussed in Future Plans below. In accordance with the plan, fundraising consultants were appointed in July 2025 and heritage architects were appointed in September 2025. The new committee structure outlined above in Structure, Governance and Management was developed.

Other governance changes made during the year included changing the name of the Trust (see Structure, Governance and Management above) and appointing a Trustee Officer to oversee Risk and Safeguarding.

All loan repayment instalments have been made on time during the year. The Trust’s loan from the Royal Bank of Scotland was fully repaid on 23 July 2025. The Company still has a small loan from HSBC which is repayable in instalments ending in August 2027.

Westminster Methodist Central Hall Trust 4

Trustees’ report 31 August 2025

FINANCIAL REVIEW

The year under review saw a decrease in income to £8,970,000 compared to the prior year (2024: £11,917,000). Excluding grants received of £4,250,000 in 2024, income increased from £7,667,000 in 2024 to £8,970,000 in 2025. This partly reflects the closure of the building for eight weeks in 2023/24 whilst the goods lift was refurbished.

After receiving grants of £nil (2024: £4,250,000) there was a net profit (income exceeding expenditure) of £42,000 (2024: £3,011,000). The Trust allocated £378,000 (2024: £475,000) for charitable activities, including a grant of £nil (2024: £75,000) to the Church. The Trust has invested in a further £218,000 (2024: £401,000) of improvements to Central Hall Westminster in addition to its annual maintenance spend, in the region of £500,000. There was total net cash of £499,000 at 31 August 2025 (2024: £465,000).

Risks

The Trustees have examined the principal areas of their operations and considered what major risks could arise in each of these areas. In the opinion of the Trustees, resources and review systems have been established which, in normal conditions, should allow the risks identified by them to be mitigated to an acceptable level in their day-to-day operations.

The most significant risk identified by the Trustees to the continued achievement of their objectives is the reliance upon the trading subsidiary, Central Hall Westminster Limited, meeting its financial targets. To mitigate this risk, there is a review of the Company’s financial position and outlook at each meeting of the Financial Resilience Committee and at meetings of the Trustees. In addition, a Trustee Officer is a non-executive Director of the Company and there are numerous informal discussions between Trustees and Company management who, like the Trustees, are based at Central Hall.

Reserves

Except when the business was closed for 18 months during the Covid crisis, the worst annual loss reported by the Company in the last 20 years has been about £1,000,000 after adjusting for inflation. The Trustees have therefore determined that their reserves policy is for the Trust (and not the Company) to hold a cash reserve of £1,000,000. It will take several years before this target can be achieved and the Trustees will establish a designated cash reserve once the Company recommences regular gift aided payments to the Trust. The Company made a gift aid payment of £151,000 to the Trust in the year ended 31 August 2025.

At 31 August 2025, the Trust held cash of £68,000 (2024: £242,000). In addition, the Company held cash of £631,000 (2024: £694,000).

Assessment of going concern

The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable group to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the Trustees have considered the charitable group’s forecasts and existing bank facilities.

Westminster Methodist Central Hall Trust 5

Trustees’ report 31 August 2025

A review of the Balance Sheet shows net current liabilities of £1,767,857 at 31 August 2025 (2024: £1,793,005). Included within net current liabilities is £3,071,884 (2024: £3,010,548) of deferred income representing amounts invoiced to clients ahead of events by the Company. The Company’s business model is that clients hiring the facilities pay in advance. These deposits are not ordinarily refundable to clients. The net current liabilities shown in the Balance Sheet therefore do not represent a future cash outflow of the Trust.

Cashflow projections indicate that both the Trust and Company will remain in surplus funds for the foreseeable future. After making enquiries the Trustees have concluded that there is a reasonable expectation that the charitable group has adequate resources to continue in operational existence for the foreseeable future. The charitable group therefore continues to adopt the going concern basis in preparing its financial statements.

FUTURE PLANS

Our strategic plan includes the following goals:

As the Company rebuilds its business, it is anticipated that the consolidated results will show a return to greater profitability. This will support our ability to rebuild our reserves, provide resources to support the work of the Church and undergo some work on the building and the equipment therein. However, we expect there will be continued financial constraints for several years. The Trust therefore needs to seek grant support from within and without the Methodist Connexion.

During the year 2025/26 we will develop a project that encompasses as many of the above goals as possible. We will seek to raise funds from a wide variety of sources to cover the costs of such a project.

We will continue to seek God’s guidance to ensure that mission and ministry will be nurtured and continue to grow in order to meet the needs and aspirations of the 21st century.

GRANT MAKING POLICY

Since its inception, the Trust has provided free resources to the Church in the form of free accommodation, including payment of utilities, maintenance, cleaning and security. The Trust will continue to provide those resources. Traditionally, the Trust has also paid a monthly cash grant to the Church. Payment ceased from February 2024 due to financial constraints and has not resumed since then. The cash grant remains suspended whilst the Trust rebuilds its reserves.

Westminster Methodist Central Hall Trust 6

Trustees’ report 31 August 2025

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice.

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 the group, and of the income and expenditure of the group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the charity's trust deed. They are also responsible for safeguarding the assets of the charity and the group, 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. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by order of the members of the Board of Trustees and signed on its behalf by: Trustee ie 4 Date:: i7 Febuary oP£026

Westminster Methodist Central Hall Trust 7

Independent auditor’s report 31 August 2025

Independent auditor’s report to the Trustees of Westminster Methodist Central Hall Trust

Opinion

We have audited the financial statements of Westminster Methodist Central Hall Trust (the ‘parent charity’) and its subsidiary (the ‘group’) for the year ended 31 August 2025 which comprise the consolidated statement of financial activities, consolidated and charity balance sheets, consolidated statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Westminster Methodist Central Hall Trust 8

Independent auditor’s report 31 August 2025

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report and consolidated financial statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group’s and the parent charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Westminster Methodist Central Hall Trust 9

Independent auditor’s report 31 August 2025

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

Westminster Methodist Central Hall Trust 10

Independent auditor’s report 31 August 2025

Auditor’s responsibilities for the audit of the financial statements (continued)

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s Trustees, as a body, in accordance with section 144 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL Date: 27 February 2026

Buzzacott Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Westminster Methodist Central Hall Trust 11

Consolidated statement of financial activities Year to 31 August 2025

Note Un-
restricted
funds
2025
£		 Endowment
funds
2025
£		 Total
funds
2025
£		 Un-
restricted
funds
2024
£		 Endowment
funds
2024
£
Total
funds
2024
£
Income from:
Trading activities
. Lettings and hiring
. Catering
Investment income from bank deposits
Donations and legacies
Other
Total income
Expenditure
Expenditure on raising funds:
.Letting and hiring
3
.Catering
3
Expenditure on charitable activities
3
Interest payable
Total expenditure
Net income (expenditure) before
taxation
2
Taxation
9
Net movement in funds
Funds brought forward at 1
September 2024
Fund carried forward at 31 August
2025		 6,601,961
2,280,310
7,025
—
80,796		 —
—
—
—
—		 6,601,961
2,280,310
7,025
—
80,796		 5,301,863
2,237,961
3,782
4,250,000
123,722		 —
—
—
—
—
5,301,863

2,237,961
3,782

4,250,000

123,722
8,970,092 — 8,970,092 11,917,328 — 11,917,328
6,661,064
1,839,906
394,539
26,260		 —
—
6,575
—		 6,661,064
1,839,906
401,114
26,260		 6,415,708
1,825,149
468,199
190,465		 —
—
6,575
—
6,415,708

1,825,149

474,774

190,465
8,921,769 6,575 8,928,344 8,899,521 6,575
8,906,096
48,323
—		 (6,575)
—		 41,748
—		 3,017,807
—		 (6,575)
—
3,011,232

—
48,323
8,255,349		 (6,575)
164,383		 41,748
8,419,732		 3,017,807
5,237,542		 (6,575)
170,958
3,011,232

5,408,500
8,303,672 157,808 8,461,480 8,255,349 164,383
8,419,732

The statement of financial activities contains all gains and losses recognised in the year and the results reported relate to continuing operations.

The total income of the parent charity amounted to £954,771 (2024: £4,867,913) and total expenditure was £1,015,298 (2024: £4,767,673) giving net expenditure for the year of £60,527 (2024: net income of £103,240).

The notes on pages 21 to 28 form part of these financial statements.

Westminster Methodist Central Hall Trust 12

Mr Nevil Tomlinson

Mr Nevil Tomlinson

Consolidated statement of cash flows Year to 31 August 2025

Notes 2025
£		 2024
£
Cash flows from operating activities:
Net cash provided by operating activities
A
Cash flows from investing activities:
Investment income and interest received
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities:
Repayments of amounts borrowed
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 September 2024
B
Cash and cash equivalents at 31 August 2025
B		 329,133 3,251,563
7,025
(302,485)		 3,782
(400,867)
(295,460) (397,085)
(268,508) (1,501,395)
(268,508) (1,501,395)
(234,835)
933,463		 1,353,083
(419,620)
698,628 933,463

A Reconciliation of net movement in funds to net cash used in operating activities

2025
£
41,748
385,885
(7,025)
(109,931)
18,456
329,133		 2024
£
3,011,232
348,052
(3,782)

(704,425)
600,486
3,251,563
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Depreciation charge
Investment income and interest receivable
Decrease in debtors
Increase in creditors
Net cashprovided by operating activities

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
2025
£		 2024
£
Cash at bank and in hand
Total cash and cash equivalents		 698,628 933,463
698,628 933,463
Analysis of changes in net debt
Cash at bank
RBS loan
HSBC loans
Total		 At 1
September
2024
£		 Cash
flows
£		 At 31
August
2025
£
933,463 (234,835) 698,628
933,463
(168,508)
(300,000)		 (234,835)
168,508
100,000		 698,628
—
(200,000)
(468,508) 268,508 (200,000)
464,955 33,673 498,628

C Analysis of changes in net debt

Westminster Methodist Central Hall Trust 15

Principal accounting policies 31 August 2025

Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Westminster Methodist Central Hall Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The functional currency is sterling and the financial statements are rounded to the nearest pound.

Going concern

The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable group to continue as a going concern. The Trustees have made this assessment for a period of at least one year from the date of approval of the financial statements.

A review of the Balance Sheet shows net current liabilities of £1,767,857 at 31 August 2025 (2024: £1,793,005). Included within net current liabilities is £3,071,884 (2024: £3,010,548) of deferred income representing amounts invoiced to clients ahead of events by the Company. The Company’s business model is that clients hiring the facilities pay in advance. These deposits are not ordinarily refundable to clients. The net current liabilities shown in the Balance Sheet therefore do not represent a future cash outflow of the Trust.

Cashflow projections indicate that both the Trust and Company will remain in surplus funds for the foreseeable future.

After making enquiries the Trustees have concluded that there is a reasonable expectation that the charitable group has adequate resources to continue in operational existence for the foreseeable future. The charitable group therefore continues to adopt the going concern basis in preparing its financial statements.

Basis of consolidation

The consolidated (group) financial statements comprise the Trust and its wholly owned subsidiary Central Hall Westminster Limited.

Westminster Methodist Central Hall Trust 16

Principal accounting policies 31 August 2025

Basis of consolidation (continued)

The results of the trading subsidiary company are presented in the consolidated statement of financial activities by disclosing the income and expenditure derived from its noncharitable trading activities separately from those of the Trust. A summary profit and loss account for the trading subsidiary is included in note 1. The Trust has not prepared its own statement of financial activities, as permitted by paragraph 393 of the SORP.

The subsidiary company’s assets and liabilities are consolidated in the balance sheet on a line-by-line basis.

Tangible fixed assets and depreciation

Freehold buildings and improvements

The Trust has control over and responsibility for a Grade II* listed structure, the freehold of which is ultimately vested in the Trustees for Methodist Church Purposes. Major improvements to the premises are capitalised and depreciated over their estimated useful life. Balancing obligations of listing against the prospective income flows, the Trustees consider that the historic cost figures are acceptable for the purposes of the financial statements. Depreciation has been provided at 2% per annum, commencing on 1 September 1999 and on improvements which have been capitalised since that date.

Equity share in manses

The Trust and the Westminster Circuit jointly own two manses for ministers. As these are functional assets the value shown in the balance sheet is the Trust share at cost. No provision for depreciation is provided in respect of the equity share in manses as the maintenance programme to which the properties are subject ensures that the estimated residual value is not less than cost. The Trustees review the value of the equity shares annually for impairment in order to ensure that the carrying value is not materially different from the residual value of the asset.

Depreciation

Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value over their estimated useful lives as follows:-

♦ Property improvements over 15 to 50 years
♦ Computer and office equipment 25% straight line
♦ Fixtures and fittings 10% straight line

Individual items costing less than £500 are written off as incurred.

Trading income, investment income and other income

Income is recognised in the period in which the Trust is entitled to receipt and the amount can be measured reliably and it is probable that the income will be received.

Income from Central Hall Westminster Limited comprises lettings, hiring and catering income which is measured at the fair value of the consideration received or receivable.

Westminster Methodist Central Hall Trust 17

Principal accounting policies 31 August 2025

Trading income, investment income and other income (continued)

Income also comprises investment income and income from insurance claims.

Investment income from bank deposits is recognised in the period it is receivable, the amount can be measured reliably and it is probable that the income will be received.

Receipts from insurance claims are recognised gross of any expenditure required to rectify related work and are classified as other income.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.

Grant making policy

Grants payable are accounted for when approved by the Trust and the approval has been communicated to the recipient.

Cash on deposit

Cash on deposit includes deposits held at call with the Central Finance Board of the Methodist Church.

Cash at bank and in hand

Cash at bank and in hand, includes deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

Fund structure

General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s charitable objects.

The Endowment Fund relates to the original amounts, totalling £327,758, given by members and friends of the Methodist Church to provide finance to build the Central Hall Westminster. Depreciation on the original cost of the building has been charged to this fund since 1 September 1999 in line with the building depreciation policy.

Westminster Methodist Central Hall Trust 18

Principal accounting policies 31 August 2025

Pensions

During the year, the Company contributed to the Pension and Assurance Scheme for Lay Employees of the Methodist Church, a defined benefit scheme operated by the Methodist Church. This is a multi-employer scheme, as a result of which it is not possible to identify the assets and liabilities of the Scheme that are attributable to Central Hall Westminster Limited. Contributions are charged to the statement of income and retained earnings as they become payable, including any payments in respect of past service deficits. The Scheme closed to future accrual on 31 May 2019. Since that date, the Company has contributed to a defined contribution scheme operated by Royal London. Contributions are charged to the statement of income and retained earnings as they become payable. In the year to 31 August 2025 contributions to the scheme amounted to £137,578 (2024: £136,401).

Operating leases

Rentals payable under operating leases are charged to expenditure on a straight line basis over the period to which they relate.

Financial instruments

The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. Notes 10, 11 and 12 provide details of debtors and creditors.

Judgements and key sources of estimation uncertainty

In the application of the Trust's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The most significant estimates and assumptions which affect the carrying amount of assets and liabilities in the accounts relate to:

Westminster Methodist Central Hall Trust 19

Principal accounting policies 31 August 2025

Judgements and key sources of estimation uncertainty (continued)

Useful economic lives of tangible fixed assets - The annual depreciation charge for tangible fixed assets is sensitive to change in the estimated useful economic lives and residual value of assets. These are reassessed annually and amended where necessary to reflect current circumstances. Depreciation rates are set out on page 17.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Westminster Methodist Central Hall Trust 20

Notes to the consolidated financial statements Year to 31 August 2025

1 Operating profit of trading subsidiary

The Trust owns 100% of the issued share capital of Central Hall Westminster Limited, a company incorporated in the United Kingdom and registered in England, company number 3802387.

The Company lets out the conference property and donates under Gift Aid its taxable profit to the Trust to provide resources to support the work of the church known as Methodist Central Hall Westminster (the 'Church'). In the year ended 31 August 2025, the Company paid gift aid of £151,422 to the Trust (2024: £nil).

The net profit of the Company for the year ended 31 August 2025 was £225,426 (2024: net loss of £741,993).

Its trading results, extracted from its audited accounts were as follows:

2025
£		 2024
£
Turnover
Cost of sales
Gross profit
Administrative expenses
Operating loss
Interest receivable
Interest payable
Other income
Profit(Loss) for theyear		 8,882,271
**(7,285,134) **		 7,539,824
(6,590,076)
1,597,137
**(1,723,532) **		 949,748
(1,924,539)

(126,395)
107,996
(21,875)
265,700		 (974,791)
9,289
(115,873)
339,382
225,426 (741,993)

Included within ‘other income’ is a contribution of £240,000 from Westminster Methodist Central Hall Trust (2024: £288,066) and insurance claims income of £nil (2024: £12,241).

Net assets of trading subsidiary 2025
£		 2024
£
Total assets
Total liabilities
Net assets		 4,258,620
(3,933,194)		 4,207,774
(3,956,352)
325,426 251,422

Westminster Methodist Central Hall Trust 21

Notes to the consolidated financial statements Year to 31 August 2025

2 Net expenditure

Net expenditure is stated after charging:

Operating lease rentals
Depreciation – owned assets
Auditor’s remuneration
. current year audit fee (group)
. previous year audit fee (group)
. non- audit services(group)		 2025
£
5,576
362,650

32,292
9,092
25,960		 2024
£
10,016
348,052
24,460
2,750
17,695

3 Total expenditure

Total expenditure
Expenditure on raising funds 2025
£
897,494
2,162,902
32,561
1,540,320
70,013
135,555
56,441
20,473
1,745,305
6,661,064		 2024
£

828,177

2,184,905

35,018

1,521,493

190,503

244,338

52,160

12,633

1,346,481

6,415,708
Letting and hiring costs
Hiring expenses and commissions
Wages and salaries (note 5)
Advertising and publicity
Maintenance, insurance, heating and lighting
Office and administration costs
Legal and professional
Depreciation
Bad debts
Other costs
Expenditure on raising funds 2025
£		 2024
£
1,825,149
2024
£
75,000
295,892
23,252
35,725
44,905
Catering costs
Subcontracted cateringcosts		 1,839,906
Charitable activities 2025
£
Grants to the church
Depreciation of the building
Wages and salaries (note 5)
Legal and professional fees (note 4)
Auditor’s remuneration (note 2)		 —
329,283
4,089
398
67,344
401,114 474,774

Westminster Methodist Central Hall Trust 22

Notes to the consolidated financial statements Year to 31 August 2025

4 Governance costs

Governance costs
2025 Costs of
raising
funds
£		 Charitable
activities
£		 Total
2025
£
Auditor’s remuneration (note 2)
Legal and professional fees		 —
135,555		 67,344
398		 67,344
135,953
135,555 67,742 203,297
2024 Costs of
raising
funds
£		 Charitable
activities
£		 Total
2024
£
Auditor’s remuneration (note 2)
Legal and professional fees		 —
244,338		 44,905
35,725		 44,905
280,063
244,338 80,630 324,968

5 Staff costs – Group

The average number of employees during the year was:

Staff costs – Group
The average number of employees during the year was:
2025
No.		 2024
No.
Hirings and lettings
Support services		 37
1		 42
1
38 43

The cost for the year for these employees was:

2025
£		 2024
£
Wages and salaries
Social security costs
Pension costs
Temporary staff		 1,771,617
202,253
137,578
6,395		 1,780,362
190,612
136,401
77,530
2,117,843 2,184,905

The number of employees in the group whose emoluments (excluding pension contributions) exceeded £60,000 were:

2025
No.		 2024
No.
£110,000 - £119,999
£90,000 - £99,999
£70,000 - £79,999
£60,000 – £69,999		 1
2
3
—		 1
2
1
3

Westminster Methodist Central Hall Trust 23

Notes to the consolidated financial statements Year to 31 August 2025

In connection with these higher paid employees, employer pension contributions were paid totalling £80,028 (2024: £80,431).

The Trust considers its key management personnel comprise the Directors, the Chief Executive Officer, COO and CFO. The total employment benefits including employer pension and national insurance contributions of the key management personnel were £458,370 (2024: £439,360). Those employees which exceeded £60,000 are considered key management personnel and are included in the above disclosure.

No Trustees received remuneration during the year (2024: none).

6 Tangible fixed assets

Tangible fixed assets
Group
Cost
At 1 September 2024
Additions
Disposals
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
Disposals
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024
Trust		 Property
Improvements
£
14,402,525
218,223
(19,252)
14,601,496
4,598,294
321,529
(19,091)
4,900,732
9,700,764
9,804,231		 Freehold
land and
buildings
£
Fixtures and
fittings
£
Computer
and office
equipment
£
Total
£
379,693
1,004,915
38,092
15,825,225
—
60,204
24,058
302,485
—
—
—
(19,252)
379,693
1,065,119
62,150
16,108,458
174,563
830,166
29,786
5,632,809
7,593
51,784
4,818
385,724
—
—
—
(19,091)
182,156
881,950
34,604
5,999,442
197,537
183,169
27,546
10,109,016
205,130
174,749
8,306
10,192,416
Property
Improvements
£
Freehold
land and
buildings
£
Total
£
14,402,525
379,69314,782,218
218,223
—
218,223
(19,252)
—
(19,252)
14,601,496
379,69314,981,189
4,598,294
174,563
4,772,857
321,529
7,593
329,122
(19,091)
—
(19,091)
4,900,732
182,156
5,082,888
9,700,764
197,537
9,898,301
9,804,231
205,13010,009,361		 Total
£
15,825,225
302,485
(19,252)
16,108,458
5,632,809
385,724
(19,091)
5,999,442
10,109,016
10,192,416
Cost
At 1 September 2024
Additions
Disposals
At 31 August 2025
Depreciation
At 1 September 2024
Charge for the year
Charge for the year
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024

Westminster Methodist Central Hall Trust 24

Notes to the consolidated financial statements Year to 31 August 2025

7
8		 Equity share in manses
Group and Trust		 Leasehold
properties
£
Cost
At 1 September 2024 and 31 August 2025		 220,325
Investment in trading subsidiary
Trust		 2025
£		 2024
£
Share capital 100,000 100,000

The summarised balance sheet of the subsidiary company is as follows:

2025
£		 2024
£
Fixed assets
Current assets
Liabilities
Net funds		 210,715
4,047,905
(3,933,194)		 183,055
4,024,719
(3,956,352)
325,426 251,422

9 Taxation

The Trust as a registered charity, is exempt from taxation on its income and gains falling within Section 505 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to its charitable objectives. No tax charge has arisen in the year in the Trust.

10 Debtors

Debtors
Group 2025
£		 2024
£
Trade debtors
Other debtors
Prepayments and accrued income
Tax payable		 1,337,096
35,769
108,953
—		 670,877
35,769
664,087
1,154
1,481,818 1,371,887
Trust 2025
£		 2024
£
Amounts due from subsidiary undertaking
Other debtors
Prepayments		 152,959
—
7,568		 115,639
1,154
3,243
160,527 120,036

Westminster Methodist Central Hall Trust 25

Notes to the consolidated financial statements Year to 31 August 2025

11 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Group 2025
£		 2024
£
Royal Bank of Scotland loan (note 12)
HSBC loan (note 12)
Trade creditors
Deferred income (see below)
Other taxes and social security
Other creditors and accruals
VAT payable		 —
99,996
284,031
3,071,884
81,542
208,252
202,598		 168,508
99,996
286,112
3,010,548
50,724
198,537
283,930
3,948,303
4,098,355
Trust 2025
£		 2024
£
Royal Bank of Scotland loan (note 12)
Trade creditors
Income in advance from subsidiary undertaking
Other income in advance
Other creditors and accruals
VAT payable		 —
65,997
185,375
230,000
1,809
11,577		 168,508
75,784
185,375
230,000
20,098
—
494,758 679,765

Deferred income for the Group includes letting deposits and other sales invoiced for events to be held in the next financial year and is analysed as follows:

2025 Brought
forward
£		 Invoiced
in the year
£		 Released
in the year
£		 Carried
forward
£
Letting deposits in advance
Other deferred income		 3,010,548
230,000		 3,071,884
230,000		 (3,010,548)
(230,000)		 3,071,884
230,000
2024 Brought
forward
£		 Invoiced
in the year
£		 Released
in the year
£		 Carried
forward
£
Letting deposits in advance
Other deferred income		 1,911,718
230,000		 8,146,022
—		 (7,277,192)
—		 2,780,548
230,000

12 Creditors: amounts falling due after more than one year

Creditors: amounts falling due after more than one year
Group 2025
£		 2024
£
HSBC loan 100,004 200,004
100,004 200,004

Westminster Methodist Central Hall Trust 26

Notes to the consolidated financial statements Year to 31 August 2025

Trust 2025
£		 2024
£
Amounts owed to subsidiary undertaking (note 1) 1,750,000 1,750,000
1,750,000 1,750,000

The Trust loan from Royal Bank of Scotland was repaid during the year.

The company loan from HSBC, £500,000, is unsecured, carries interest at 3.99% over the Bank of England’s base rate and is repayable by substantially equal monthly instalments over a period of 5 years commencing September 2022. £99,996 is included within current creditors and £200,004 is included within creditors due after more than one year.

12 Capital commitments

At 31 August 2025 the Group had no capital commitments (2024: none).

13 Operating leases – Group

The following total commitments existed at 31 August 2025 in respect of non-cancellable operating leases:

Office equipment Office equipment
2025
£		 2024
£
Within 1 year
Between 2 and 5 years		 5,576
—		 9,600
5,576
5,576 15,176

14 Related parties

Parent undertaking

The ultimate holding entity of the Trust is the Methodist Church. During the year the Trust donated £nil (2024: £288,066) to the Methodist Church and in 2023/24 the Trust received a grant of £4,000,000 from the Methodist Church.

The Methodist Church rents a room in Central Hall Westminster and during the year paid £nil to the Trust (2024: £12,000). There were no other material transactions with other entities controlled by the Methodist Church with exception of the Pension and Assurance Scheme for Lay Employees of the Methodist Church as detailed in the accounting policies. On 25 April 2024 the Trust received a grant of £4,000,000 from the Methodist Church of Great Britain.

No Trustees were reimbursed travelling expenses during the year (2024: £nil). One Trustee occupies a manse rent free in his capacity as a Minister of the Church. The manse is a property in which the Trust has an equity share.

Westminster Methodist Central Hall Trust 27

Notes to the consolidated financial statements Year to 31 August 2025

Trading subsidiary

The Trust owns 100% of the issued share capital of Central Hall Westminster Limited, a company incorporated in the United Kingdom and registered in England, company number 3802387 (note 1). On 31 July 2024 there was a recapitalisation of the Central Hall Westminster Ltd in which the Trust wrote off £400,000 from its investment in the share capital of its subsidiary and also wrote off a loan of £1,500,000 to the subsidiary, supported by the grant of £4,000,000 as mentioned above. The Trust also issued loan notes of £1,750,000 to the subsidiary in the year ended 31 August 2024; these are repayable after ten years and carry a commercial rate of interest.

The Trust has issued guarantees to HSBC in respect of amounts owed to HSBC by its trading subsidiary, Central Hall Westminster Limited, under a £500,000 loan facility and a £1,500,000 overdraft facility. Drawings under the overdraft facility were nil at 31 August 2025 (2024: £nil).

15 Analysis of net assets between funds

Analysis of net assets between funds
Group – 2025 Unrestricted
funds
£


Endowment
funds
£

Total
2025
£
Tangible fixed assets
Equity share in manses
Net current liabilities
Long term liabilities		 9,951,208
220,325
(1,767,857)
**(100,004) **
157,808

—

—

—		 10,109,016
220,325
(1,767,857)
(100,004)
**8,303,672 **
157,808		 8,461,480
Group – 2024 Unrestricted
funds
£


Endowment
funds
£

Total
2024
£
Tangible fixed assets
Equity share in manses
Net current liabilities
Long term liabilities		 10,028,033
220,325
(1,793,005)
(200,004)		 164,383
—

—
—		 10,192,416
220,325
(1,793,005)
(200,004)
8,255,349 164,383 8,419,732
Trust – 2025 Unrestricted
funds
£


Endowment
funds
£

Total
2025
£
Tangible fixed assets
Equity share in manses
Investment in trading subsidiary
Net current liabilities
Long term liabilities		 9,740,493
220,325
100,000
(266,227)
**(1,750,000) **
157,808

—

—

—

—		 9,898,301
220,325
100,000
(266,227)
(1,750,000)
**8,044,591 **
157,808		 8,202,399

Westminster Methodist Central Hall Trust 28

Notes to the consolidated financial statements Year to 31 August 2025

Trust – 2024 Unrestricted
funds
£


Endowment
funds
£

Total
2024
£
Tangible fixed assets
Equity share in manses
Investment in trading subsidiary
Net current liabilities
Long term liabilities		 9,844,978
220,325
100,000
(316,761)
(1,750,000)		 164,383
—
—

—
—		 10,009,361
220,325
100,000
(316,761)
(1,750,000)
8,098,542 164,383 8,262,925

Westminster Methodist Central Hall Trust 29