Duchy of Lancaster Annual Report and Accounts for Year Ended 31st March 2024

The Duchy of Lancaster has today published its financial results for the year ended 31st March 2024. During the year:

  • Net Asset Value increased by 1 per cent to £647.6m (2023: £641.2m)
  • Adjusted Net Surplus payable to the Privy Purse increased by 5 per cent to £27.4m (2023: £26.2m)

Nathan Thompson CVO, CEO and Clerk of the Duchy Council, said: “The diverse nature of the portfolio continues to provide the business with resilience and strength. While agricultural and residential rents have remained broadly flat over the last 12 months, we have seen strong growth in our Urban Survey, where revenue from our let commercial and industrial properties has increased by 8.7 per cent.

“The net asset value of the Duchy’s investment properties rose by just over £6m this year. This was largely due to a strong performance across the agricultural sector, where the valuation of our holdings increased by 3.6 per cent. We continue to respond to the demand for well designed, energy efficient homes and offices by refurbishing any disused or redundant properties across the estates, improving their sustainability credentials and repurposing them in response to local need.

“Continuing to build strong tenant relationships, our ongoing commitment to the improvement and restoration of the portfolio and increasing levels of investment in sustainability initiatives and environmental improvements remain critical to our success and will continue to be key areas of focus in the year ahead.”

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 2024, please click here or visit the Financial Reporting page on our website (www.duchyoflancaster.co.uk).

Editor’s Note:

Earlier this year, after 11 years at the helm, Nathan Thompson CVO announced his intention to step down from his post in September 2024. He will be succeeded by Alastair Martin CVO, the current Secretary and Keeper of the Records of the Duchy of Cornwall. Alastair has been a member of the Duchy of Lancaster’s Rural Committee since 2019 and has served as a member of Council and Chair of the Rural Committee since early 2023.