I have the 1888 edition but not online though the entries relating to Manx ministers or those stationed on the Island have been used on the relevant pages.
Yes it is/was an annual publication - usually ministers were stationed in a circuit for 2 or 3 years - some also stayed for a second term if their congregations wanted this - to move every year is unusual.
There would usually be a memorial notice in the (Wesleyan) Methodist Recorder or similar though most such notices I looked at were very light in useful biographical details.