THE Queen’s annual income from her private Duchy of Lancaster estate has risen by £1.5million to more than £23million, new accounts show.
Extra money from the portfolio of land, property and assets held in trust for her amounted to a seven per cent increase.
But the Duchy’s net asset value fell more than £10million, or 1.8 per cent, to £538million — despite the accounts to March 31 covering only one week of lockdown.
Duchy CEO Nathan Thompson said the pandemic “is likely to present significant challenges” next year.
Mr Thompson said: “Although these results include only one week of the Covid-19 outbreak, the pandemic has had an early impact on capital values.
“The fall of 1.8% in net asset value is largely due to a deterioration in the value of our financial portfolio following market reaction to Covid-19.
“We also recognise that, while it is too early to predict the eventual outcome, many of our tenants’ businesses will be adversely affected, particularly those in the leisure and retail sectors.
“Next year is therefore likely to present significant challenges.”
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