The Duchy of Lancaster
The Duchy of Lancaster is the private estate of the British Sovereign consisting of land holdings and other assets. As the Duchy is held in perpetual trust for future generations of Sovereigns, the Monarch is not entitled to the estate’s capital, however the revenue profits of the Duchy are presented to the Sovereign each year to form part of the Privy Purse, providing income for both the official and private expenses of the monarch. In the financial year ending 31 March 2018, the Duchy, a 45,000-acre landed estate with property in central London, the Midlands, Lancaster and in the north of England, saw its net value increase by 2.9 per cent to £533.8 million, providing £20.2 million in income for Her Majesty.
The Duchy of Cornwall
The Duchy of Cornwall is a Crown entity (private holding) of land and other assets to produce an income for the monarch’s eldest son. H.R.H. Charles, The Prince of Wales and Duke of Cornwall, receives revenue which he applies towards charitable work and official activities, supported by the Queen’s grant-in-aid funding to provide assistance with official travel and property. These financial arrangements also cover the official expenditure of some members of his immediate family. The Duchess of Cornwall, The Duke and Duchess of Cambridge, and the Duke and Duchess of Sussex all have their official expenses paid from Duchy income, with official expenditure assisted by funds from the Queen’s Sovereign Grant. For the fiscal year 2018/2019 the Duchy was valued at £1.09b with an annual profit of £21.63 million paid to the Prince. This figure was down .05% from 2017/2018. It is of interest to note that the Duchy is only valued at its current estimate due to the consolidation of the portfolio, improvements and deep investments made by the Prince of Wales.
The Privy Purse
The Privy Purse is the Queen’s private income, mostly from the Duchy of Lancaster. This amounted to £20.1 million in net income for the year to 31 March 2018. The Duchy is a landed estate of approximately 46,000 acres (200 square kilometres) held in trust for the Sovereign since 1399. It also has 190 miles (306 kilometres) of foreshore. The Duchy was valued at approximately £533 million in 2018. The land is organised into the Lancashire Survey, the Yorkshire Survey, the Crewe Survey, the Nedwood Estate and the South Survey. The Sovereign is not entitled to the Duchy’s capital, but the net revenues of the Duchy are the property of the Sovereign in right of the Duchy of Lancaster. While the income is private, the Queen uses the larger part of it to meet official expenses incurred by other members of the Royal family. Only the the Palace and The Queen’s husband, Prince Philip, receive payments from Parliament in the form of the Sovereign Support Grant (not paid by public funds) that are not reimbursed by the Queen.