Annual Report and Accounts Year Ended 31st March 2017

The Duchy of Lancaster has today published its financial results for the year ended March 31st 2017.

During the year:

  • Net surplus increased by 7.9 % to £19.2m
  • Net asset value increased by 4.8 % to £518.7m.

Nathan Thompson, CEO and Clerk of the Duchy Council, said:  “Today’s results are an endorsement of the quality and diversity of the Duchy’s portfolio. They also reflect the proactive approach taken by the team to both risk and asset management during a period of significant economic and geopolitical uncertainty.

“Working in partnership with our tenants and the communities in which we operate, we are pleased to have fulfilled our core aim of ensuring sustainable revenue growth, while preserving the capital value of the assets for future generations.”

The Duchy of Lancaster is a private landed estate which provides the Sovereign with a source of income that is independent of Government and the public purse. The Duchy is self-financing and does not rely upon public funds in connection with its activities.

To view/download a copy of the Annual Report and Accounts for the year ended 31st March 2017, please visit the Financial Reporting page of this website (

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New Residents Flock To Scalby Lodge

The newest tenants at the Duchy of Lancaster’s holiday cottages at Scalby Lodge have taken up residence on the cliff-top above Scarborough this month. Fencing has been erected to allow a flock of 30 sheep to graze in the grounds around the fifteen bespoke properties to keep the grass neat and tidy and the 10 ewes and 20 lambs are proving very popular with visitors of all ages.

“People just love to see the sheep grazing here,” said Scalby Lodge Manager Jayne Pickup. “It’s such a beautiful and tranquil setting anyway and the sheep just add to that feeling of being in the middle of the country and away from it all. The children are particularly delighted and are already naming them and trying to feed the little lambs – when they can catch them! We are really happy to have them here and the grass has never looked so well tended.”

Scalby Lodge is an exclusive collection of luxury holiday properties in one of the East Coast’s most spectacular locations, with clifftop views of the sea and of Scarborough Castle. Each of the properties is unique with its own individual fittings and furnishings, though all fifteen properties offer the same high standard of comfort and privacy. Each also has its own private garden and access to the Cleveland Way coastal path and the the Lodge sits within a few miles of Scarborough’s magnificent beaches, as well as  Europe’s newest and largest water park. There is also a cosy games or common room and a well-equipped children’s playground on site.

Earlier this month, Scalby Lodge was awarded a Certificate of Excellence by TripAdvisor for the third consecutive year. Our holiday cottages also regularly receive 4- and 5-star reviews from a broad range of national and international tourism organisations on the basis of positive customer feedback and mystery shoppers. To check availability or to book online please visit:

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Preserving the Past, Investing for the Future

The Duchy continues to repair, restore and upgrade its rural residential properties across all Estates, with record levels of capital investment and the ongoing roll-out of its quality specification and Design Standard.

 Over £2m has been spent on refurbishment projects in the year to March 2017, adding to a similar level of investment last year. More than 50 residential properties in Cheshire, Lancashire, Staffordshire and Yorkshire have now been restored and refurbished in line with the Duchy Standard, providing comfortable and contemporary living accommodation in historic rural settings.

 Commenting on the roll-out of the Duchy Design Standard published in 2015, Head of Rural Christopher Sparrow said: “The establishment of a common quality standard across our residential portfolio has been extremely well received. We see this reflected in higher numbers of viewings and even waiting lists on some of our Estates where people have already seen the improvements in design and finish that have been introduced.

 “In the last year, none of the properties refurbished to the Duchy Standard have been on the market for a single day. We start to receive expressions of interest as soon as work commences. This allows our tenants to get involved in the process and feel that the finished product is something in which they have played an active part.

 “We are also finding that tenants who have moved into a refurbished property tend to want to stay there. As a result, none of these properties have come back to us after the original letting, giving our tenants long-term security, peace of mind and a real sense of ownership and pride in their new home.”

 The Design Standard is applied to all large-scale refurbishment projects and is being rolled out across the Estates whenever possible. An annual repair and maintenance programme for rural residential properties is also ongoing to ensure that the assets are protected for future generations. 


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Newton Retained to Manage Financial Portfolio

Newton Investment Management has been reappointed to manage the Duchy of Lancaster’s financial portfolio for a further 3 years, following a full re-tender process.

The firm, which is the headquartered in London, is the global investment management subsidiary of investment bank BNY Mellon and provides a broad range of services to institutional investors, charities and corporations worldwide. As at 31st March 2017, Newton has assets of over £54 billion under management.

Commenting on the appointment, Chief Finance Officer of the Duchy Chris Adcock LVO said: “Although the majority of the Duchy’s assets are in land and property, we also maintain a small number of financial investments as part of our diversified portfolio. These take the form of equities, bonds and other investments. They are carefully managed to ensure a stable revenue stream and to safeguard the real capital value of the financial portfolio in the long term.

“We have developed an excellent working relationship with Newton over the years and are pleased to be able to continue to build on that partnership in the years ahead.”

Newton CEO Hanneke Smits added: “We have worked closely with the Duchy on its financial portfolio since 2004 and are delighted that the approach that we have taken and the results we have achieved warrant this appointment. We look forward to continuing our very good relationship with the Duchy and to helping to meet its financial objectives for the foreseeable future.”

The Duchy’s financial portfolio generally amounts to around 11 per cent of the estate’s total value and generates a similar proportion of the organisation’s annual income.

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Harrogate Homes Selling Off-Plan

Almost 50 per cent of a residential development built by Linden Homes in Harrogate as part of a Joint Venture with the Duchy of Lancaster has been sold off plan.

Local homebuyers have responded positively to the quality of the design and quality of finish on offer at the exclusive Kent Drive development in Harrogate. Of the 13 family homes being built here, no fewer than 5 have been snapped up by local homebuyers before the formal opening of the Show Home and Marketing Suite at the end of the month.

The Joint Venture agreement announced last July was the first of its kind for the Duchy of Lancaster which secured planning permission for the site before choosing Linden Homes as its development partner to bring the properties to market. As a historic landowner, the Duchy was acutely aware of the importance of partnering with a developer who could deliver the sympathetic scale and styling appropriate to the town, while delivering the quality required by the Duchy’s own Design Standard and specification.

The end result is proving popular and providing much-needed high quality housing for local people and their families.

Commenting on the public response to the scheme, Linden Homes Land Director Andrew Byrne said: “We have been delighted by the response from local homebuyers. Kent Drive is in a quiet, private spot on the site of the old Spa Lawn Tennis Club and within an easy walk of Harrogate town centre. We have worked closely with the Duchy to try to deliver a range of family homes that are well constructed and designed with an internal layout that reflects modern family living.”

For more information on the opening of the fully furnished Show Home on 30th June, please visit the website

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