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## THE WESLEY TRUST (HIGH STREET METHODIST) LURGAN
STATEMENT OF FINANCIAL ACTIVITIES / INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025
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|||||||
|---|---|---|---|---|---|
|2025|2024|
|£|£|
|Income|
|Rent|FM|bookshop|875|3,500|
|Rent|BNL|Productions|8,550|7,950|
|Rent|The|Mill|Café|9,000|4,000|
|TotalChurch member loan converted|to gift|2,500|a30-|
|income|20,925|15,450|
|Expenditure|
|Heat|and|light|(1,359)|(1,819)|
|Insurance|(1,888)|(1,570)|
|Telephone|(641)|(470)|
|Maintenance &|repairs|(3,689)|(1,520)|
|Church|loans|interest|(1,935)|(2,109)|
|Bank fees|and|interest|{26}|(417)|
|Depreciation|on|property|(7,673)|(7,673)|
|Sundry|(782)|(2,255)|
|Total|expenditure|( 17,993)|( 17,833)|
|Net surplus/|(loss)|2,932|(2,383)|
|Total|funds|brought forward|493,743|496,126|
|Total funds|carried forward|496,675|493,743|
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## THE WESLEY TRUST (HIGH STREET METHODIST) LURGAN
BALANCE SHEET AT 31 DECEMBER 2025
|NonCurrentAssets||Note|2025
£|2024
£|
|---|---|---|---|---|
|Property||5|556,939|564,612|
|Current assets|||||
|Prepayments|||1,235|1,476|
|Bank|||2,956|638|
||||4,191|2,114|
|Current liabilities|||||
|Accruals
VAT|||564
935
S9A99.|816
782
= 1588,|
|NetCurrentassets|||2,692|516|
|Totalnetassets|||559,631|$65,128|
|Equity|||||
|Revenuereserves|||496,675|493,743|
|Loan from Bank||6|0|808|
|Loansfrom ChurchMembers||7|17,500|20,000|
|Longterm loanfrom HighStreetChurch|Church|8|41,456|46,577|
|Otherloan HighStreetChurch||9|4,000|4,000|
|Total borrowing|||62,956|71,385|
|Totalequity|:||$59,631|565,128|
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 447 of theCompanies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These accounts have been prepared in accordance with the provisions applicable to companies subject to small companies regime.
These financial statements were approved by the directors and authorised for issue on and are signed on their behalf by:
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Rev Andrew Gibson .
Director 30 oh LOG
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rR PSS Es PER PUSS rn a
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## THE WESLEY TRUST (HIGH STREET METHODIST) LURGAN
NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2025
## 1. Accounting Policies
## a) Basis of and preparation
The financial statements have been prepared on a going concern basis 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 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and in accordance with Financial Reporting Standard for Smaller Entities effective April 2008.
The Wesley Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historic cost and transaction value unless otherwise stated in the relevant accounting policy note(s).
## b) Preparation of accounts on a going concern basis
The Wesley Trust meets its day to day working capital requirements from its annual income. The directors have obtained and reviewed cash flow forecasts for the coming year and based on these are satisfied that the Wesley Trust has resources to provide a reasonable expectation that it can continue to meet its financial obligations as they fall due for the foreseeable future. Therefore these financial statements have been prepared on a going concern basis.
## c) Tumover policy
Rental income is included when due and grant income included when expenditure is incurred.
## d) Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
## e) Non current assets and depreciation policy
Non current assets are made up of land, business property and non business property. Land is recognised at cost. Business property is recognised at valuation. Non business property is recognised at cost. Land is not depreciated. Business and non business property are depreciated by equal amounts over 50 years.
## 2. Restricted Funds
There are no restricted funds.
## 3. Remuneration and expenses
The Wesley Trust does not have any employees. The Directors were not paid any remuneration or expenses. No director or person related to a director had any personal interest in any contract or transaction entered into by the Weslet Trust during the year.
4. Taxation
e The Wesley Trust is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities.
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## THE WESLEY TRUST (HIGH STREET METHODIST) LURGAN
NOTES TO THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2025 (continued)
|5. Property||||Non||||
|---|---|---|---|---|---|---|---|
||||Business|Business||2025|2024|
||Land||Property|Property||Total|Total|
||£||£|£||£|£|
|Cost/ Valuation||||||||
|Opening balance|250,000||209,400|174,269||633,669|633,669|
|Additions during the year||(0)|(0)||ie)|(e)|oO|
|Disposals during the year||0|ie)||(e)|ie)|0|
|Closing balance|250,000||209,400|174,269||633,669|633,669|
|Depreciation||||||||
|Opening balance||0|(37,692)|(31,365)||(69,057)|(61,384)|
|Chargeduringtheyear
Closing balance||(e)
0|(4,188)
__(41,880}|(3,485)
(34,850)||(7,673)
(76,730)|(7,673)
(69,057)|
|Netbookvalueatendofyear|250,000||167,520|139,419||556,939|564,612|
|Netbookvalue at beginningofyear|250,000||171,708|142,904||564,612|572,285|
|6.
Loan from Bank||||||||
|The loanfrom the Danske Bankwas fullyrepaid in February2025.||2025.||||||
|7.
LoansfromChurchMembers||||||2025|2024|
|||||||£|£|
|Opening balance||||||20,000|20,000|
|Loanconverted intoa gift||||||(2,500)|0)|
|Closing balance||||||17,500|20,000|
|At the yearend loans from Church Members|have no repayment||terms specifiedand|and are|interest free.|||
|8.
Long term loans from HighStreet Methodist Church||||||2025|2024|
|||||||£|£|
|Opening balance||||||46,577|51,479|
|Interest charge||||||1,935|2,109|
|Repaid during the year||||||(7,056)|(7,011)|
|Closingbalance||||||41,456|46,577|
The loan from the Church is repayable over a ten year period by monthly installements. The rate of interest is 3.75% p.a.
9. Other loan from High Street Methodist Church
The loan from the Church is interest free and repayable when funds available.
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