Duchy of Lancaster Annual Report and Accounts for Year Ended 31st March 2020
The Duchy of Lancaster has today published its financial results for the year ended 31st March 2020.
During the year:
- Net surplus increased by 7.0 % to £23.2m
- Net asset value fell by 1.8% to £538.m
Nathan Thompson, CEO and Clerk of the Duchy Council, said: “This has been another year of steady revenue growth for the Duchy with a positive performance in almost all of our business sectors.
“Although these results include only one week of the Covid-19 outbreak, the pandemic has had an early impact on capital values. The fall of 1.8% in net asset value is largely due to a deterioration in the value of our financial portfolio following market reaction to Covid-19. We also recognise that, while it is too early to predict the eventual outcome, many of our tenants’ businesses will be adversely affected, particularly those in the leisure and retail sectors.
“Next year is therefore likely to present significant challenges. However, by controlling costs carefully, being prudent with our capital expenditure and working collaboratively with our tenants, we believe we can protect the portfolio while continuing to support the most vulnerable in our communities.”
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 2020, please visit the Financial Reporting page on our website (www.duchyoflancaster.co.uk).