Queen's coffers are boosted again as income from her private Duchy of Lancaster estate rises by almost 5 per cent to just over £20million
- Queen's private income boosted by almost one million pounds to £20million
- Money from Duchy of Lancaster estate has increased by 4.9 per cent
- The 18,433 hectare estate of land and property was founded in the 13th century
The Queen's private income has been boosted by almost a million pounds to just over £20million, new accounts have revealed
The Queen's private income has been boosted by almost a million pounds to just over £20million, new accounts have revealed.
Money from the Duchy of Lancaster estate, which is used to fund her public and private activities, increased by 4.9 per cent.
Figures for the 2017 to 2018 financial year show the amount Her Majesty received has risen from £19.2million the year before to £20.1million.
The 18,433 hectare Duchy estate, which was founded in the 13th century is a unique portfolio of land, property and assets.
The assets range from office blocks in The Strand to holidays homes, Bolingbroke Castle and a swathe of the tidal mudflats in Lincolnshire - held in trust for the sovereign.
It also owns the Savoy Estate, a stretch of prime real estate in central London which houses the iconic Savoy Hotel.
The Queen is not entitled to touch the capital of the estate but profits from the property empire go into the Privy Purse, providing a ‘private’ source of income for the monarch.
The Queen is entitled to spend the money as she wishes but also uses it to help support members of her family like Prince Andrew, Prince Edward and Princess Anne.
Part of the Duchy of Lancaster portfolio is the Savoy Estate, a stretch of prime real estate in central London which houses the iconic Savoy Hotel (pictured)
The estate also includes the Queen's Chapel of the Savoy (pictured) a church dedicated to St John the Baptist, located just south of the Strand, London, next to the Savoy Hotel
The Queen is entitled to spend the money as she wishes but also uses it to help support members of her family like Prince Andrew, Prince Edward and Princess Anne (pictured with the Queen)
Nathan Thompson, chief executive officer and clerk of the Duchy Council, said: 'This has been another positive year for the Duchy with strong growth in almost all of our business sectors.
'The continued push on restoration and a more focused in-house approach to the management of our surveys has served us well this year and contributed significantly to further improving tenant relations, reducing voids and increasing efficiency.'
The Duchy of Lancaster has seen the value of its holdings increase by 2.9 per cent rising from £518.7 million to £533.8 million.
It is the custodian of thousands of hectares across England and Wales, including key urban developments, historic buildings, high-quality farm land and areas of great natural beauty.
Prince Andrew, left, and Prince Edward, with his wife Sophie, Countess of Wessex, also benefit from money from the Duchy estate
The estate owns 18,000 hectares of land, which includes a number of historical properties, like medieval Lancaster Castle, pictured
Other assets include Tutbury Castle in Staffordshire
It is divided into six units called surveys, five rural and one urban.
The rural surveys make up most of the assets and area but the urban survey generates a greater income.
The estate is not subject to corporation tax as it is not a separate legal entity for tax purposes, but the Queen voluntarily pays income tax on revenue she receives from the Duchy.
Royal accounts released last month showed the Queen's annual expenditure soared by around 13 per cent as a decade-long programme of renovations began at Buckingham Palace.
The taxpayer funds received by the monarchy to pay for official duties and other expenditure - the Sovereign Grant - rose from £42.8 million to £45.7 million, with payroll costs, travel and property maintenance all increasing compared with the previous year.
The Queen's expenditure also rose from £41.9 million to £47.4 million, while there was a 16% rise in the income generated by the royal household to supplement the core Sovereign Grant.