Guy Harlings Estate
Trustees, Report and Financial Statements
For the year ended 31st December 2024
GUY HARLINGS ESTATE
Registered Charity 1170653

Guy Harlings Estate
CONTENTS
Page
Reference and Administrative Details of the Charity, its Trustees and Advisers
Trustees, Report
Independent Examiner's Report
Statement of Financial Activities
Balance Sheet
Notes to the Financial Statements
10-14

Guy Harlings Estate
ADMINISTRATIVE DETAILS OF THE CHARITY AND ITS TRUSTEES
Guy Harllngs Estate
Reglstered Charlty Number 1170653
Trustees
The Bishop of Chelmsford
The Very Revd Dr J Martin (appointed 07.03.2025)
B Smith
The Venerable J Croucher (appointed 13.05.2025)
Canon M Southworth lappointed 13.05.2025)
J Horseman-sewell (appointed 20.05.2025)
D Edgar (appointed 20.05.20251
The Very Revd J P Kennington (resigned 18.12.20241
B M Greatrex (resigned 20.05.2025)
P Kemp (resigned 20.05.20251
The Venerable M Power (resigned 13.05.2025)
L R Rudd (resigned 13.05.2025)
Prlnclpal Office
The Cathedral Office, 53 New Street. Chelmsford, Essex CMI ITY
Secretary
J Horseman Sewell - Chief Operating Officer Chelmsford Cathedral
Independent Examlner
Emma Danlels
Banking Services
Barclays Bank
CCLA Investment Management Ltd

Guy Harlings Estate
TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report together wTrth the financial statements for the period l January
2024 to 31 December 2024.
Structure and Governance
The unlncorporated assoclatlon was created by a Charity Commission scheme dated 8 September 1977
and amended by subsequent schemes dated 23 October 1981 and 16 July 2001. The Charity wa5 restored
to the Charity Commission register on 9 December 2016 with a registratlon number of 1170653.
The Chelrnsford Diocesan Board of Finance acts as custodian trustee forthe land, buildings and investments.
Objectlves and Actlvltles
a. Pollcles and objertlves
The Managing Trustees may appropriate from time to time such part or parts of the land specified in
the schedule to the Trust Deed as they think fit as the 51te for a Diocesan and Cathedral Centre for the training
and care of the clergy and laity and such other charltable purposes of the Church of England, prlmarily but not
exclusively in the said Diocese of Chelmsford, as the Managing Trustees with the consent of the Blshop
of Chelmsford.
The Managlng Trustees shall first defray out of the income of the Charity the cost of repairs and insurance and
all other charges and OLStgoings payable in respect of the property of the Charity and all the proper costs, charges
and expenses of and incidental to the administration and management of the Charity.
The Managing Trustees shall out of the yearly income of the Charity:
Pay the stipends or salaries of any suffragan bishops or asslstant bishops of the Diocese of
Chelmsford whose stlpends or salaries are no longer paid by the Church Commlssloners.
Supplement the Stipends or salaries of any such blshops or pay the reasonable expenses incurred bythem to
the extent that such stipends, salaries or expenses have not been paid by the Church Commissioners, provided
that the income of the Charity shall not be applied in such a way as to relieve the fund5 of the Church
Commissioners.
In setting objectives and plannlng for actlvities, the Trustees have given due consideratlon to Eeneral
guidance published by the Charlty Commlsslon relating to public benefit and in partlcular to its
supplementary publlc beneflt guldance.
b. Actlvltles for achlevlng objertlves
The organisation manages the endowment of the estate and uses Its income to maintain the
accommodation and activities of the Diocese and Cathedral. It does not pay stipends or expenses of any bishops
as these are paid by the Church Commlssloners.
Achlevements and performance
a. Revlew of artlvltles
The Trust continued to maintain the trees and grounds of the estate which 15 registered as a ConseNatlon
Area. The buildings had essential repairs completed but a full survey has been completed in March 2025.
Essential work wa5 carried out to the trees following a tree survey.
The grounds were once again hired to a local educational institution.
b. Investment pollcy and performance
The Trustees regularly review the performance of the investments which are currently invested with
CCLA Investment Management Ltd. The objective is to create sufflcient income and capital growth to meet
the purposes of the charity in maintainin8 the Diocesan and Cathedral Offices.
The trust invests in Ilne wlth the Church of England ethical guidelines.
It has a minimum target total return of CPI + 4% long term and in 2024 the total return in the year
was 5.1% (2023: 12.3%)

Guy Harlings Estate
TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Icontlnued)
Flnancial revlew
. Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has
adequate resources to continue in operational existence for the foreseeable future. Forthis reason
they continue to adopt the going concern basis in preparing the financial statements. The Trustees have made
this assessment in ￿speCt of a period of at least 12 months from the date of approval of these financial
statements. Factors considered include:
- Investment returns are kept under review to ensure that, over time, they outperform the consumer prices
index to maintain a positive balance in the unapplied total return account {see note 10). Inflation has
fallen significantly since 2022-23 and the markets are improving following an unsteady start to 2025.
- Costs of building and garden Maintenan￿ are reviewed along with prioritisation of work to ensure safe
working conditions forthe Cathedral and Diocese.
- Use of profe55i0nal surveyors to advise on building and tree maintenance.
- Insuran￿ cover is sufficient for Unp￿dictable hazards.
b. Flnanaal review of 2024
Guy Harlings Estate recorded a deficit of £8k on its general fund and a £40k surplu5 on its endowment
fund for the year. The budgeted income of about £IOk for facilities hire and £20k for investment income
was on target, whilst expenditure was £3k more than budget mainly due to extra expenditure on tree
surgery. £23k was spent on essential building maintenance. The care of the buildings and grounds is essential
to the charitable provision of facilities and more will be expended in the coming years followinE a buildlng
survey in March 2025. The general fund closed the year with £30k in reserves which is about the level required
to cover a year of expenditure and give time to make any changes required.
There are two separate investments in the permanent endowment fund. Both maintained their value in 2024,
producing a 5.1% return before the total return calculation.
One investment is under a Charity Commission recoupment order and cannot be drawn upon until 2041.
Its value at end 2024 was £515k. The other investment is being used in a Total Return Account with a 3% share of
investment growth being allocated to income. see note 10. Its value at end 2024 was £715k.
The total endowment fund is £1,228k and a totsl of all funds of £1,258k.
The Trustees are limited by the Charity Commission recoupment order and the Charity Commission endowment
fund rules on the amount that can be drawn from the investments which makes any substantial improvements
or repalrs to the facilities difficult to finance. The Trustees are seeking advice on best use of funds in order
to carry out the 5 year building maintenance plan supplied in March 2025.
c. Investment Policv
The Trustees use the CCLA Investment Management Ltd to hold its investments as it requires them to be
managed using ethical, social, environmental and sustainable considerations when selecting companies for
investment.
d. Prlncipal Risks and Uncertainties
Flnancial: The risk posed by lack of available finance to payfor essential work on the buildings and land.
The trustees review the investment returns and use the option of Total Return Accounting which
incorporates a six-year funding plan for the building maintenance.
Building Failure: The risk of major structural failure in the buildings. The trustees have commissioned a survey of
the various building5 on site which shows that maintenance work on roots and wa115 15 required but has not
uncovered anything unexpected.
Health and Safety on slte: The risk of accident or injury on site caused by falling trees or masonary and uneven
surfaces. The trustees have the trees surveyed regularly and the building has a maintenance plan. The work Is
prioritised according to risk. Public liability insurance Is reviewed each year.

Guy Harlings Estate
5tructure• governance and management
. Constitution
The principal object of the charity is to appropriate such parts of the land and property as the site for a
Diocesan and Cathedral Centre for the training and care of the clergy and laity and such other
charitable purposes of the Church of England.
b. Method of appolntment or elertion of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted
under the terms of the Charity Cornmi55ion Scheme.
c. Organisatlonal structure and decFsion maklng
The Trustees include the Bishop of Chelmsford, and the Dean of Chelmsford Cathedral. There are a
furtherthree trustees appointed by the Diocese and two trustees appointed by the Cathedral Chapter.
The Trustees meet at least twice a year and their decisions are actioned by staff within the Cathedral or
Diocese as the trust has no employees.
Trustees. responsibilities statement
The Trustee5 are responsible for preparing the Trustees, Report and the flnancial statements in
accordance with appllcable law and United Kingdom Accounting Standards (United Kingdom
Generalty Accepted Accounting Pratticel.
The law applicable to charities in England & Wales requires the Trustees to prepare f inancial
statements for each financial year which give a true and falr view of the state of affairs of the charlty
and of the incoming resources and application of resources of the charity for that period. In preparing
these financial statements, the Trustees are required to:
• select suitable accountlng policies and then apply them consistentlvi
• observe the methods and principles in the Charities SORP;
• make judgments and accounting estimates that are reasonable and prudent;
• state whether applicable accounting standards and statements of recommended practice have been
followed, subject to any departures disclosed and explained in the financial statements,. and
prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that are sufficient to show and
explain the charity's transactions and 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, the Charity (Account5 and Reports) Regulations 2008 and the provisions of the
trust deed. They are also responsible for safeguarding the assets of the charity and hence fortaking
reasonable steps for the preventlon and detectlon of fraud and other irregularltles.
This report was approved by the Trustees on:
a02g
and signed on their behalf by:
Jkl (V￿Li{￿J.

Guy Harlings Estate
Report to the Trustees of Guy Harllng5 Estate
On Accounts for the Year Ended 31st December 2024
Set out on pages:
8t014
Responsibilities and Basis of Report
I report to the trustees on my examination of the accounts of the above charity {"the Trust") for the year
ended 31112/2024
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the
requirements of the Charities Act 20111.the Act").
I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act
and in carrying out my examination, I have followed all the applicable Dlrertions gwen bythe Charity
Commission under section 145{5){bl of the Act.
Independent Examiners Statement
I have completed my examination. I confirm that no material matters have come to my attentlon In
connection with the examination which gives me cause to believe that in, any material respect:
the accounting records were not kept in accordance with sertlon 130 of the Charities Act. or
the account5 did not accord with the accounting records. or
the accounts did not comply with the applicable requirements concerning the form and content of
accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that
the accounts give a 'true and fairf view which Is not a matter considered as part of an independent
examinatlon.
I have no concerns and have come across no other matters in connection with the examination to which
attention should be drawn in this report in orderto enable a proper understanding of the accounts to be
reached.
Slgned:
Date:
Name:
Emma Daniels
Relevant Professlonal Quallftcatlon: ACCA
Address: Black Swan Cottage
Long Lane
Hullbridge
555 6BA

Guy Harlings Estate
Statement of Financial Activities
Year Ended 31st December 2024
Unrestricted Endowment
Funds
Funds
Total Funds Prior Year
Income From:
Charltable Artlvltles
Facilities Hire
10,925
10,925
13,400
Total Income from Activlties
10,925
10,925
13,400
Investment Income
Interest
Dividend Income
Total Income from Investments
809
809
19,397
20,206
162
19,420
19.582
19,397
19,397
809
Total Income
11,734
19,397
31,131
32,982
Expendlture on:
Charitable Activities
Garden Maintenance
Tree surgeon
Building maintenance
Building insurance
Legal & professional fees
Administration
Total Exp on Charltable Artivities
5,845
8,016
23,220
2,358
5,845
8,016
23,220
2,358
6,793
13,224
1,767
553
39,992
553
39,992
21,784
Net Incomel(Expenditurel before Investment Galns
Net G3insllLossesl on Investments
128.258)
19,397
40,882
(8.861)
40,882
11,198
114.593
Net Incomel(Expenditure) before Transfers
Transfers between funds
Transfer from unapplied total return
(28,2581
11,080}
20,959
60,279
1,080
{20,9591
32.021
125,791
Net Movement in Funds
18,379)
32,021
125,791
Reconclllatlon of Funds:
Total Funds Brought Forward
Total Funds Carrled Forward
38,287
29,908
1,187,987 1,226,274 1,100,483
1,228,387 1,258,295 1,226,274

Guy Harlings Estate
Balance Sheet
Year Ended 31st December 2024
Unrestrlcted Endowment
Funds
Funds
Total
Funds
Prior Year
Note
Flxed assets
Tangible Fixed Assets
Investments
Total flxed assets
1,692
1,692
1,228,387 1,230,079 1,188,117
1,228,387 1,230,079 1,188,117
Current assets
Debtors
Cash at bank and in hand
Total current assets
20,971
29.536
50,507
20,971
29,536
50,507
18.544
21,052
39,596
Credltors: amounts falllng due w6thln one year
122,2911
{22.291)
11,439}
Net Assets
29,908
1.228,387 1,258,295 1,226,274
Charlty Funds
Endowmentfunds
Unrestricted funds
Total funds
1,228,387 1.228.387
1,187,987
29,908
38,287
1,228,387 1.258,295 1,226,274
29,908
29,908
The financial Statements were approved by the Trustees on a8 aoa£
and signed on thelr behalf, by:

Guy Harlings Estate
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024
Note l ACCOUNTING POLICIES
1.1 Basls of preparatlon of flnanclal statements
The financial statements have been prepared under the historlcal cost convention with items
recognised at cost or transaction value unless othenvise stated in the relevant notes to these
accounts. The financial statements have been prepared in accordance with the 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 1021
( effective l January 20191, and with the requirements of the Charities Act 2011.
Guy Harlings Estate constitutes a public benefit entity as defined by FRS 102.
1.2 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the charity and which have not been designated for other
purposes.
Endowment funds are funds for which the capital must be retained either permanently or at the
Trustees, discretion; the income derived from the endowment is to be used in accordance with the
conditions attached to the endowment.
1.3 Income
All income is recognised once the charity has entitlement to the income, it 15 probable that the
income will be received and the amount of income recefvable can be measured reliably.
For legacies, entitlement is taken as the earller of the date on which elther: the charity is aware that
probate has been granted, the estate has been finalised and notification has been made bythe
executorlsl to the Trust that a distribution will be made, or when a distribution is received from the
estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be
measured reliably and the charity has been notified of the executor's intention to make a distribution.
Where legacies have been notified to the charity, orthe charity is aware of the granting of probate,
and the criteria for income recognition have not been met, then the legacy is treated as a contingent
asset and disclosed if material.
Donated services or facilities are recognised when the charity has control over the item, any
conditions associated with the donated item have been met, the receipt of economic benefit from the
use of the charity of the item is probable and that economic benefit can be measured reliably. In
accordance with the Charities SORP IFRS 1021, the receipt of volunteertime is not recognised in the
accounts but the nature of their contribution would be referred to in the Trustees, Report and notes if
applicable.
On receipt, donated professional services and donated facllities are recognised on the basls of the
value of the gift to the charity which is the amount the charity would have been wllling to pay to
obtain services or facilities of equivalent economic benefit on the open market; a corresponding
amount is then recognised in expenditure In the period of receipt.
Income tax recoverable in relation lo donations received under Gift Aid or deeds of covenant is
recognised at the tlme of the donation.
io

Guy Harlings Estate
NOTES TO THE FINANCIAL STATEMENT5
FOR THE YEAR ENDED 31ST DECEMBER 2024
(continued)
1.4 Expenditure
Expenditure is recognised once there is a legal or constructlve obligation to transfer economic
benefit to a third party, it is probable that a transfer of economic benefits will be ￿qUIred in
settlement and the amount of the obligation can be measured reliably. Expenditure is classified by
activity. The costs of each activity are made up of the total of direct costs and shared costs,
including support costs involved in undertaking each activity. Direct costs attributable to a single
activity are allocated directly to that activity. Shared costs which contribute to more than one activity
and support costs which are not attributable to a single activity are apportioned between those
activities on a basis consistent with the use of resources.
Governance costs are those incurred in connection with administration of the charity and
compliance with constitutional and statutory requirements.
Charitable activities and governance costs are costs incurred on the charity's educational
operations, including support costs and costs relating to the governance of the charlty apportioned to
charitable actSVitie5.
1.5 Investments
Fixed asset investments are a form of flnancial instrument and are initlally recognised at their
transaction cost and subsequently measured at fair value at the Balance Sheet date, unless fair
value cannot be measured reliably in which case it is measured at cost less impairment. Investment
gains and losses, whether realised or unrealised, are comblned and shown in the heading
'Gainsl{lossesl on investments, in the Statement of Financial Activities.
1.6 Interest receivable
Interest on funds held on deposlt Is included when receivable and the amount can be measured
reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
1.7 Debtors
Trade and other debtors are recognised at the settlement amount.
Prepayments are valued at the amount prepaid.
1.8 Cash at Bank and in hand
Cash at bank and in hand includes cash and Short terrn highly liquid investments with a short
maturity of three months or less from the date of acquisition or opening of the deposit or sirnilar
account.
1.9 LlabS1ities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past
event, it is probable that a transfer of economic benefit will be required in settlement, and the
amount of the settlement can be estimated reliably. Liabilities are recognised at the arnount that the
charity anticipates it will pay to settle the debt or the amount It has received as advanced payments
for the goods or servlces it must provide. Provisions are measured at the best estimate of the
amounts required to settle the obligation.
li

Guy Harling5 Estate
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024
(continued)
Note 2 NET INCOMING RESOURCESIIRESOURCES EXPENDED)
This is stated after charging:
Fees for examination of the accounts
This year
Last year
Independent examinerfs fees
Note 3 STAFF COSTS
This year
Last year
Arnounts paid to Chelmsford Cathedral for secretarial work
Durlng the year, no Trustees received any remuneration, benefits-ln-kind or reimbursement
of expenses (2023 - £Nill
Note 4 TANGIBLE FIXED ASSErs
The Trustees are effectively caretakers forthe land and buildings at 53 New Street, Chelmsford which are to be
Used for the purpose5 described in the ChariWs objectives. The value of this Asset is not recognised in the
Balance Sheet as the covenants and agreements attaching to the land make its valuation impracticable to
determine.
Note 5 FIXED ASSEf INVESTMENTS
This Year
Last Year
Market value
At l January 2024
Additions
Sales
Revaluations
At 31 December 2024
1,188,117
1,080
1,085,104
1,080
{12,660
114,593
1,188,117
40,882
1,230,079
Endowment
Fund
Investments held by fund
At 31st December 2024
Listed Investments
General Fund
Total Funds
Total Funds
1,692
1,228,387
1,230,079
1,188,117
Investments at market value comprlse of unlts or shares purchased in common Investment
funds administered by CCLA Investment Management Limited in the UK.
The Funds are actively managed, diversrfied portfolios of assets with an emphasis on equities but will also
Include propety, bonds and other asset classes, which may be elther liquid or illiquid in nature. Exposure to
these assets may be via direct holdings or through investment funds, including those managed by the
Manager. The Funds are managed in accordance with the policies of the Church of England's Ethical
Investment Advisory Group.
12

Guy Harlings Estate
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024
(continuedl
Note 6 DEBTORS
This year
Last year
Debtors
Prepayments
10,000
8,544
18,544
20,971
20,971
Note 7 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
This year
Last year
Accruals
22,291
1,439
Nots 8 STATEMENT OF FUNDS
Brought
Forward
Gains/
(Losses)
Carried
Forward
Income
Expenditure
Transfers
Unrestrlcted Funds:
General Fund
38,287
11,734
(39,9921
19,879
29,908
Endowment Funds:
1,187,987
19,397
(19,879)
40,882
1,228,387
1,226,274
31,131
(39,9921
40,882
1,258,295
Note 9 RELATED PARTY TRANSAcfioNS
As described in the Trustees Report, the Charity makes available office space to both Chelmsford
Cathedral {the Cathedral) and the Chelmsford Dlocesan Board of Finance (CDBF}. Day to day
maintenance expendlture ts the responsibility of the Cathedral and the CDBF.
Members of the Cathedral Chapter:
The Very Revd J P Kennington {resigned)
The Very Revd Dr J Martin.
D Edgar
B Greatrex {resigned 20.05.20251
Trustees of the CDBF
The Bishop of Chelmsford
The Venerable M Power (resigned 13.05.20251
The Venerable J Croucher
13

Guy Harlings Estate
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024
{continued}
Note 10 TOTAL RETURN ACCOUNTING
From l January 2021 the trustees of Guy Harlings Estate adopted a total return approach to one of its
investments in its Endowment Fund5.
This change treats fund growth as part of the overall income of the investment along with the dividends. The
income Stays within the fund in the'unapplied Total Return, (UTR) until it 15 transferred to the General Fund
in accordance with agreed principle5. The original investrnent value will be protected by allocating cpi
indexation from the UTR. The balance of the UTR will remain with the investment until a share sale bs required
to release the income to the General Fund.
The difference in practice is that the dividends are already being transferred to the General Fund and shares
will be sold to top up this amount to match 'the amount allocated to income,.
The initial base value for implementlng total return was determined at l January 2021, using the value known
at 1999. This value belng £538,948. The unapplied total return was calculated to be £111,669.
The principles were resolved for application in 2021. The annual percentage to transferto the General Fund to
supplement revenue was agreed at 3.8% for 2021 and 3.0% for future year5, unless a particular project
requires rnore funding.
The indexation of the base values is calculated using the National CPI index.
2024
Unapplied Total
Return
Trust for
investment
Total
endowment
Investment narne: GUYHAOI
As at l January
Base Value of the permanent endowment
Unapplied total return
652,462
652,462
46,163
698,625
46,163
46,163
652,462
Movements In the year:
Investment income.. dividends & interest
Investment return: realised and unrealised gains
Management fees
Add indexation to original endowment
Unapplied total ￿tUrn allocated to income
19,397
15,993
19,397
15,993
16,780
(16,780)
{20,959)
{20,9591
Net movements in the year
16,780
12,349)
14,431
As at 31 December
Base Value of the permanent endowment
Unapplied total return
Valuation as at 31 December
669,242
669,242
43,814
713,056
43,814
43,814
669,242
14