pound(s)25m private estate boost for Queen
pound(s)25m private estate boost for Queen
0 Comments | Herald, The; Glasgow (UK), Jul 28, 2010
THE value of the Queen’s private estate has bounced back from a significant fall two years ago to post an increase of pound(s)25 million, accounts have shown.
The Duchy of Lancaster – a portfolio of land, property and assets held in trust for the sovereign – has benefited from the fragile economic upturn and seen the value of its holdings increase by 8% to pound(s)348m.
Figures for the 2009/10 financial year are in contrast to the preceding 12 months when the portfolio’s value dropped by pound(s)75m – almost one-fifth.
The net surplus the Queen received from the Duchy, which is used to fund her public and private activities, stayed virtually unchanged at pound(s)13.26m.
The value of property -agricultural, residential and commercial – increased by pound(s)44m to pound(s)324m and financial investments were up just more than pound(s)10m to pound(s)53m.
However, costs and other liabilities reduced the overall figure to pound(s)348m.
The funds generated by these investments fell by just in excess of pound(s)1m, almost one-third, to pound(s)2.4m while the net income from property increased by just more than pound(s)500,000 to pound(s)12.1m.
Paul Clarke, the Duchy’s chief executive, said: “With a prudent approach to investment, it is my strong belief that we can weather the current economic uncertainties and prepare for better times ahead.
“We have experienced a rebound in capital values over the last year but the challenge is to maintain the current income levels. Inactivity is not an option.”
The Duchy of Lancaster is custodian of 18,700 hectares across England and Wales, including urban developments, historic sites, farm land and areas of great natural beauty.