The value of the Queen’s private estate has bounced back from a significant fall two years ago to post an increase of £25 million, according to accounts.
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 eight to £348 million.
The figures for the 2009-10 financial year are in contrast to the preceding 12 months when the portfolio’s value dropped by £75 million – almost a fifth.
The net surplus the Queen received from the Duchy, which is used to fund her public and private activities, stayed virtually unchanged at £13.26 million.
The value of property – agricultural, residential and commercial – increased by £44 million to £324 million and financial investments were up just over £10 million to £53 million. Costs and other liabilities reduced the overall figure to £348 million.
But the funds generated by these investments fell by just over a £1 million, almost a third, to £2.4 million while the net income from property increased by just over £500,000 to £12.1 million.
Paul Clarke, the Duchy’s chief executive officer, said in the report: “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.”