26 July 2026
The Duchy of Lancaster has today published its financial results for the year ended 31st March 2026. During the year:
· Adjusted Net Surplus increased by 3.4 per cent to £25.2m (2025: £24.4m)
· 49% reduction in Scope 1 and 2 CO2 emissions from 2022 baseline
· Net Asset Value increased by 1.3 per cent to £687.3m (2025: £678.7m)
Alastair Martin CVO, CEO and Clerk of the Duchy Council, said: “Over the past year, the Duchy has continued to advance its long-term sustainability ambitions while delivering a stable financial performance.
We have made significant progress in reducing carbon emissions, advancing sustainable farming practices and preserving our heritage buildings, creating long-term environmental, social and economic value. This work reflects the enduring principles of stewardship and sustainability championed by His Majesty The King.
The value of the Duchy’s assets remains strong, reflecting the quality and strength of our diversified portfolio. During the year, the surplus increased modestly to £25m, supported by continued robust performance from the urban estate and disciplined asset management across the portfolio.
Our objective remains clear: to provide appropriate revenue for the Privy Purse while managing the estate in a progressive and sustainable manner that serves both current stakeholders and future Monarchs.
Maintaining this balance between financial performance and long-term stewardship requires judgement and discipline, and it is a responsibility we approach with care, prudence and a clear sense of duty.”
To view/download a copy of the Annual Report and Accounts for the year ended 31st March 2026, please click here or visit the Financial Reporting page.