Duchy of Lancaster Annual Report and Accounts for Year Ended 31st March 2019
The Duchy of Lancaster has today published its financial results for the year ended 31st March 2019.
During the year:
• Net surplus increased by 7.6 % to £21.7m
• Net asset value increased by 2.8% to £548.6m.
Nathan Thompson, CEO and Clerk of the Duchy Council, said: “We continue to develop a robust and sustainable business aimed at delivering attractive long-term returns while protecting the capital value of the Duchy inheritance. A focus on quality and sustainability supported by our decision to bring the management of our Surveys in house has served us well in the year, further improving our tenant relationships, reducing our voids and increasing our overall efficiency.
“Over the last 12 months the Duchy purchased £2.3m of land and property and invested £6.8m in repairs and improvements. Our strategic land business is a growing area of focus as we seek to respond to urgent housing need across the country.
“Once again I would like to offer my personal thanks to our tenants and to all members of the Duchy team for helping to make this another positive year of growth.”
The Duchy of Lancaster is a historic portfolio of land and assets held in trust for the reigning Sovereign. It provides the Monarch with a source of income that is independent of Government and the public purse. The Duchy is self-financing and does not receive any public funds in connection with its activities.
To view/download a copy of the Annual Report and Accounts for the year ended 31st March 2019, please visit the Financial Reporting page on our website (www.duchyoflancaster.co.uk).