Crown Estate
Encyclopedia
In the United Kingdom, the Crown Estate is a property
portfolio owned by the Crown
. Although still belonging to the monarch and inherent with the accession of the throne, it is no longer the private property of the reigning monarch and cannot be sold by him/her, nor do the revenues from it belong to the monarch personally (as upon accession, the monarch decides to surrender the surplus revenues, in return for an annual grant). It is managed by an independent organisation headed by the Crown Estate Commissioners. The surplus revenue from the Estate is paid each year to HM Treasury
. The Crown Estate is formally accountable to Parliament
, to which it makes an annual report.
The Crown Estate is one of the largest property owners in the United Kingdom with a portfolio worth £7.0 billion, with urban properties valued at £5.179 billion, and rural holdings valued at £1.049 billion; and an annual profit of £230.9 million, as at 31 March 2011. The majority of the estate by value is urban, including a large number of properties in central London
, but the estate also owns 144,000 ha (356,000 ac) of agricultural land and forest, more than half of the UK's foreshore, and retains various other traditional holdings and rights, for example Ascot racecourse
and Windsor Great Park
.
and Queen Anne
was one of continuous alienation
of lands. When William I died, the land he had acquired by right of conquest
was still largely intact. His successors, however, granted large estates to the nobles and barons who supplied them with men and arms. The Crown lands were augmented as well as depleted over the centuries: Edward I
extended his possessions into Wales
, and James VI & I
had his own Crown lands in Scotland which were ultimately combined with the Crown lands of England and Wales. However, the disposals outweighed the acquisitions: at the time of the Restoration
in 1660, the total revenue arising from Crown lands was estimated to be £263,598 (equal to £ today). By the end of the reign of William III
(1689–1702), however, it was reduced to some £6,000 (equal to £ today).
Before the reign of William III all the revenues of the kingdom were bestowed on the monarch for the general expenses of government. These revenues were of two kinds:
After the Glorious Revolution
, Parliament retained under its own control the greater part of the temporary revenues, and relieved the sovereign of the cost of the naval and military services and the burden of the national debt
. During the reigns of William III, Anne, George I and George II the sovereign remained responsible for the maintenance of the civil government and for the support of the royal household and dignity, being allowed for these purposes the hereditary revenues and certain taxes.
As the state machinery expanded, the cost of the civil government exceeded the income from the Crown lands and feudal rights: this created a personal debt for the monarch.
On George III's accession he surrendered the income from the Crown lands to parliament, together with abrogating responsibility for the cost of the civil government and the clearance of associated debts. As a result, and in order to avoid pecuniary embarrassment, he was granted a fixed civil list
payment and the income retained from the Duchy of Lancaster
. The King surrendered to parliamentary control the hereditary excise duties, post office revenues, and "the small branches" of hereditary revenue including rents of the Crown lands in England, (which amounted to about £11,000, or £ today) and was granted a civil list annuity of £800,000 (equal to £ today) for the support of his household, subject to the payment of certain annuities to members of the royal family.
Although the King had retained large hereditary revenues, his income proved insufficient for his charged expenses because he used the privilege to reward supporters with bribes and gifts. Debts amounting to over £3 million (equal to £ today) over the course of George's reign were paid by parliament, and the civil list annuity was then increased from time to time.
Every succeeding sovereign has renewed the arrangement made between George III and parliament and the practice has, since the nineteenth century, been recognised as "an integral part of the Constitution [which] would be difficult to abandon", especially as resuming control of the income from the Crown Estate would cause the monarch to be liable for the cost of the civil government, civil and diplomatic services.
As in Scotland, the Crown lands in Ireland comprised a miscellany of feudal dues, land acquired for forts, and forfeitures especially after 1688. In the early 1830s the Crown Estate resumed possession of land in Ballykilcline following the insanity of the head lessee. The occupational sub-lessees were seven years in arrear with their rent and the result was the Ballykilcline "removals" – free emigration to the new world in 1846. There is evidence of Crown Estate public work schemes to employ the more distressed in improving drainage etc. In 1854 a select committee of the House of Lords concluded that the small estates in Ireland should be sold. 7000 acres (2,832.8 ha) were subsequently sold for circa. £25,000 (equal to £ today) at auction and £10,000 (equal to £ today) by private treaty: a major disinvestment
, with reinvestment in Great Britain.
From 1 April 1923, as regards the Irish Free State
, Irish land revenues have been collected and administered by the Irish government
. At the time of handover to the Irish Free State, quit rents
totalled £23,418 (equal to £ today) and rent from property £1,191 (equal to £ today). The estates handed over mostly comprised foreshore.
, were transferred to the Commissioners of Woods, Forests, Land Revenues, Works and Buildings and their successors under the Crown Lands (Scotland) Acts of 1832, 1833 and 1835. These holdings mainly comprised former ecclesiastical land (following the abolition of the episcopacy in 1689) in Caithness
and Orkney, and ancient royal possession in Stirling
and Edinburgh, and feudal dues. There was virtually no urban property. Most of the present Scottish estate excepting foreshore and salmon fishing is due to inward investment, including Glenlivet Estate
, the largest area of land managed by the Crown Estate in Scotland, purchased in 1937, Applegirth, Fochabers and Whitehill estates, purchased in 1963, 1937 and 1969 respectively.
After winning the 2011 Scottish election, the Scottish National Party
(SNP) called for the devolution
of the Crown Estate income to Scotland. In response to this demand, the UK Government has developed plans to allocate some of the Crown Estate income to the Big Lottery Fund
, which would then distribute funds to coastal communities. These plans have also been criticised by the SNP.
Chief executives (Second Commissioner)
The chairman (formally titled "first commissioner") is part-time. The chief executive (the "second commissioner") is the only full-time executive member of the Crown Estate's board.
run on commercial lines by the Crown Estate Commissioners under the provisions of the Crown Estate Act 1961. Under the Crown Estate Act 1961 the Crown Estate Commissioners have a duty "while maintaining the Crown Estate as an estate in land [...] to maintain and enhance its value and the return obtained from it, but with due regard to the requirements of good management". The Act provides among other things that (Section 1(5)) "The validity of transactions entered into by the Commissioners shall not be called in question on any suggestion of their not having acted in accordance with the provisions of this Act regulating the exercise of their powers, or of their having otherwise acted in excess of their authority, nor shall any person dealing with the Commissioners be concerned to inquire as to the extent of their authority or the observance of any restrictions on the exercise of their powers".
Summary of the Act
In 2010 a UK Parliament Treasury Committee report on the Crown Estate, the first for 20 years, reported that
Crown Estate chief executive Roger Bright said: “We welcome the Committee’s recognition that we run a successful business operation.”
The Windsor Estate consists of:
Marine Estate
The Marine estate consists of:
Other rights and Interests
Other rights and interests include:
Property
Property is any physical or intangible entity that is owned by a person or jointly by a group of people or a legal entity like a corporation...
portfolio owned by the Crown
The Crown
The Crown is a corporation sole that in the Commonwealth realms and any provincial or state sub-divisions thereof represents the legal embodiment of governance, whether executive, legislative, or judicial...
. Although still belonging to the monarch and inherent with the accession of the throne, it is no longer the private property of the reigning monarch and cannot be sold by him/her, nor do the revenues from it belong to the monarch personally (as upon accession, the monarch decides to surrender the surplus revenues, in return for an annual grant). It is managed by an independent organisation headed by the Crown Estate Commissioners. The surplus revenue from the Estate is paid each year to HM Treasury
HM Treasury
HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy...
. The Crown Estate is formally accountable to Parliament
Parliament of the United Kingdom
The Parliament of the United Kingdom of Great Britain and Northern Ireland is the supreme legislative body in the United Kingdom, British Crown dependencies and British overseas territories, located in London...
, to which it makes an annual report.
The Crown Estate is one of the largest property owners in the United Kingdom with a portfolio worth £7.0 billion, with urban properties valued at £5.179 billion, and rural holdings valued at £1.049 billion; and an annual profit of £230.9 million, as at 31 March 2011. The majority of the estate by value is urban, including a large number of properties in central London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, but the estate also owns 144,000 ha (356,000 ac) of agricultural land and forest, more than half of the UK's foreshore, and retains various other traditional holdings and rights, for example Ascot racecourse
Ascot Racecourse
Ascot Racecourse is a famous English racecourse, located in the small town of Ascot, Berkshire, used for thoroughbred horse racing. It is one of the leading racecourses in the United Kingdom, hosting 9 of the UK's 32 annual Group 1 races...
and Windsor Great Park
Windsor Great Park
Windsor Great Park is a large deer park of , to the south of the town of Windsor on the border of Berkshire and Surrey in England. The park was, for many centuries, the private hunting ground of Windsor Castle and dates primarily from the mid-13th century...
.
Crown land in England
The history of the Crown lands in England begins with the Norman conquest. The period between the reigns of William IWilliam I of England
William I , also known as William the Conqueror , was the first Norman King of England from Christmas 1066 until his death. He was also Duke of Normandy from 3 July 1035 until his death, under the name William II...
and Queen Anne
Anne of Great Britain
Anne ascended the thrones of England, Scotland and Ireland on 8 March 1702. On 1 May 1707, under the Act of Union, two of her realms, England and Scotland, were united as a single sovereign state, the Kingdom of Great Britain.Anne's Catholic father, James II and VII, was deposed during the...
was one of continuous alienation
Alienation (property law)
Alienation, in property law, is the capacity for a piece of property or a property right to be sold or otherwise transferred from one party to another. Although property is generally deemed to be alienable, it may be subject to restraints on alienation....
of lands. When William I died, the land he had acquired by right of conquest
Right of conquest
The right of conquest is the right of a conqueror to territory taken by force of arms. It was traditionally a principle of international law which has in modern times gradually given way until its proscription after the Second World War when the crime of war of aggression was first codified in the...
was still largely intact. His successors, however, granted large estates to the nobles and barons who supplied them with men and arms. The Crown lands were augmented as well as depleted over the centuries: Edward I
Edward I of England
Edward I , also known as Edward Longshanks and the Hammer of the Scots, was King of England from 1272 to 1307. The first son of Henry III, Edward was involved early in the political intrigues of his father's reign, which included an outright rebellion by the English barons...
extended his possessions into Wales
Wales
Wales is a country that is part of the United Kingdom and the island of Great Britain, bordered by England to its east and the Atlantic Ocean and Irish Sea to its west. It has a population of three million, and a total area of 20,779 km²...
, and James VI & I
James I of England
James VI and I was King of Scots as James VI from 24 July 1567 and King of England and Ireland as James I from the union of the English and Scottish crowns on 24 March 1603...
had his own Crown lands in Scotland which were ultimately combined with the Crown lands of England and Wales. However, the disposals outweighed the acquisitions: at the time of the Restoration
English Restoration
The Restoration of the English monarchy began in 1660 when the English, Scottish and Irish monarchies were all restored under Charles II after the Interregnum that followed the Wars of the Three Kingdoms...
in 1660, the total revenue arising from Crown lands was estimated to be £263,598 (equal to £ today). By the end of the reign of William III
William III of England
William III & II was a sovereign Prince of Orange of the House of Orange-Nassau by birth. From 1672 he governed as Stadtholder William III of Orange over Holland, Zeeland, Utrecht, Guelders, and Overijssel of the Dutch Republic. From 1689 he reigned as William III over England and Ireland...
(1689–1702), however, it was reduced to some £6,000 (equal to £ today).
Before the reign of William III all the revenues of the kingdom were bestowed on the monarch for the general expenses of government. These revenues were of two kinds:
- the hereditary revenues, derived principally from the Crown lands, feudal rights (commuted for the hereditary excise duties in 1660), profits of the post office, with licences, &c.
- the temporary revenues derived from taxes granted to the king for a term of years or for life.
After the Glorious Revolution
Glorious Revolution
The Glorious Revolution, also called the Revolution of 1688, is the overthrow of King James II of England by a union of English Parliamentarians with the Dutch stadtholder William III of Orange-Nassau...
, Parliament retained under its own control the greater part of the temporary revenues, and relieved the sovereign of the cost of the naval and military services and the burden of the national debt
Government debt
Government debt is money owed by a central government. In the US, "government debt" may also refer to the debt of a municipal or local government...
. During the reigns of William III, Anne, George I and George II the sovereign remained responsible for the maintenance of the civil government and for the support of the royal household and dignity, being allowed for these purposes the hereditary revenues and certain taxes.
As the state machinery expanded, the cost of the civil government exceeded the income from the Crown lands and feudal rights: this created a personal debt for the monarch.
On George III's accession he surrendered the income from the Crown lands to parliament, together with abrogating responsibility for the cost of the civil government and the clearance of associated debts. As a result, and in order to avoid pecuniary embarrassment, he was granted a fixed civil list
Civil list
-United Kingdom:In the United Kingdom, the Civil List is the name given to the annual grant that covers some expenses associated with the Sovereign performing their official duties, including those for staff salaries, State Visits, public engagements, ceremonial functions and the upkeep of the...
payment and the income retained from the Duchy of Lancaster
Duchy of Lancaster
The Duchy of Lancaster is one of the two royal duchies in England, the other being the Duchy of Cornwall. It is held in trust for the Sovereign, and is used to provide income for the use of the British monarch...
. The King surrendered to parliamentary control the hereditary excise duties, post office revenues, and "the small branches" of hereditary revenue including rents of the Crown lands in England, (which amounted to about £11,000, or £ today) and was granted a civil list annuity of £800,000 (equal to £ today) for the support of his household, subject to the payment of certain annuities to members of the royal family.
Although the King had retained large hereditary revenues, his income proved insufficient for his charged expenses because he used the privilege to reward supporters with bribes and gifts. Debts amounting to over £3 million (equal to £ today) over the course of George's reign were paid by parliament, and the civil list annuity was then increased from time to time.
Every succeeding sovereign has renewed the arrangement made between George III and parliament and the practice has, since the nineteenth century, been recognised as "an integral part of the Constitution [which] would be difficult to abandon", especially as resuming control of the income from the Crown Estate would cause the monarch to be liable for the cost of the civil government, civil and diplomatic services.
Crown land in Ireland
In 1793 George III surrendered the hereditary revenues of Ireland, and was granted a civil list annuity for certain expenses of Irish civil government.As in Scotland, the Crown lands in Ireland comprised a miscellany of feudal dues, land acquired for forts, and forfeitures especially after 1688. In the early 1830s the Crown Estate resumed possession of land in Ballykilcline following the insanity of the head lessee. The occupational sub-lessees were seven years in arrear with their rent and the result was the Ballykilcline "removals" – free emigration to the new world in 1846. There is evidence of Crown Estate public work schemes to employ the more distressed in improving drainage etc. In 1854 a select committee of the House of Lords concluded that the small estates in Ireland should be sold. 7000 acres (2,832.8 ha) were subsequently sold for circa. £25,000 (equal to £ today) at auction and £10,000 (equal to £ today) by private treaty: a major disinvestment
Disinvestment
Disinvestment, sometimes referred to as divestment, refers to the use of a concerted economic boycott, with specific emphasis on liquidating stock, to pressure a government, industry, or company towards a change in policy, or in the case of governments, even regime change...
, with reinvestment in Great Britain.
From 1 April 1923, as regards the Irish Free State
Irish Free State
The Irish Free State was the state established as a Dominion on 6 December 1922 under the Anglo-Irish Treaty, signed by the British government and Irish representatives exactly twelve months beforehand...
, Irish land revenues have been collected and administered by the Irish government
Irish Government
The Government of Ireland is the cabinet that exercises executive authority in Ireland.-Members of the Government:Membership of the Government is regulated fundamentally by the Constitution of Ireland. The Government is headed by a prime minister called the Taoiseach...
. At the time of handover to the Irish Free State, quit rents
Quit-rent
Quit rent , Quit-rent, or quitrent, in practically all cases, is now effectively but not formally a tax or land tax imposed on freehold or leased land by a higher landowning authority, usually a government or its assigns....
totalled £23,418 (equal to £ today) and rent from property £1,191 (equal to £ today). The estates handed over mostly comprised foreshore.
Crown land in Scotland
The hereditary land revenues of the Crown in Scotland, formerly under the management of the Barons of the ExchequerCourt of Exchequer (Scotland)
The Court of Exchequer was formerly a distinct part of the court system in Scotland, with responsibility for administration of government revenue and judicial matters relating to customs and excise, revenue, stamp duty and probate...
, were transferred to the Commissioners of Woods, Forests, Land Revenues, Works and Buildings and their successors under the Crown Lands (Scotland) Acts of 1832, 1833 and 1835. These holdings mainly comprised former ecclesiastical land (following the abolition of the episcopacy in 1689) in Caithness
Caithness
Caithness is a registration county, lieutenancy area and historic local government area of Scotland. The name was used also for the earldom of Caithness and the Caithness constituency of the Parliament of the United Kingdom . Boundaries are not identical in all contexts, but the Caithness area is...
and Orkney, and ancient royal possession in Stirling
Stirling
Stirling is a city and former ancient burgh in Scotland, and is at the heart of the wider Stirling council area. The city is clustered around a large fortress and medieval old-town beside the River Forth...
and Edinburgh, and feudal dues. There was virtually no urban property. Most of the present Scottish estate excepting foreshore and salmon fishing is due to inward investment, including Glenlivet Estate
Glenlivet Estate
The Glenlivet Estate is located in Glenlivet, Scotland in the Cairngorms National Park. It measures and is part of The Crown Estate. The estate also boasts won of the most famous Scottish whisky Glenlivet. The visitor centre is open from April through to November.-External links:** **...
, the largest area of land managed by the Crown Estate in Scotland, purchased in 1937, Applegirth, Fochabers and Whitehill estates, purchased in 1963, 1937 and 1969 respectively.
After winning the 2011 Scottish election, the Scottish National Party
Scottish National Party
The Scottish National Party is a social-democratic political party in Scotland which campaigns for Scottish independence from the United Kingdom....
(SNP) called for the devolution
Devolution in the United Kingdom
In the United Kingdom, devolution refers to the statutory granting of powers from the Parliament of the United Kingdom to the Scottish Parliament, the National Assembly for Wales and the Northern Ireland Assembly and to their associated executive bodies the Scottish Government, the Welsh Government...
of the Crown Estate income to Scotland. In response to this demand, the UK Government has developed plans to allocate some of the Crown Estate income to the Big Lottery Fund
Big Lottery Fund
The Big Lottery Fund is a grant-making non-departmental public body in the United Kingdom created by the Government to administer the funding of "good causes" following the creation of the National Lottery. It has an annual expenditure of £630 million...
, which would then distribute funds to coastal communities. These plans have also been criticised by the SNP.
Governance
Previous officials responsible for managing what is now the Crown Estate were:- Surveyor General of Woods, Forests, Parks, and ChasesSurveyor General of Woods, Forests, Parks, and ChasesThe post of Surveyor General of Woods, Forests, Parks and Chases was an office under the English Crown, charged with the management of Crown lands...
and Surveyor General of the Land Revenues of the CrownSurveyor General of the Land Revenues of the CrownThe post of Surveyor General of the Land Revenues of the Crown was an office under the English Crown, charged with the management of Crown lands...
(17th century to 1810) - Commissioners of Woods, Forests and Land Revenues 1810-1831
- Commissioners of Woods, Forests, Land Revenues, Works and Buildings 1832-1850
- Commissioners of Woods, Forests and Land Revenues 1851-1924
- Commissioners of Crown Lands 1924-1954
Chairmen and chief executives of the Crown Estate Commission
Chairmen (First Commissioner)- 1955-62 – Sir Malcolm Trustram EveMalcolm Trustram Eve, 1st Baron SilsoeArthur Malcolm Trustram Eve, 1st Baron Silsoe GBE, MC, TD, KC , known as Sir Malcolm Trustram Eve, 1st Baronet, from 1943 to 1963, was a British barrister and First Church Estates Commissioner....
(later Lord Silsoe) (b. 1894, d. 1976) - 1962-77 – The Earl of PerthJohn Drummond, 8th Earl of PerthJohn David Drummond, 17th Earl of Perth PC was a Scottish peer, banker and politician. Because of the history of the Earldom of Perth , he is sometimes considered the 8th Earl of Perth....
(b. 1907, d. 2002) - 1977-80 – Lord Thomson of MonifiethGeorge Thomson, Baron Thomson of MonifiethGeorge Morgan Thomson, Baron Thomson of Monifieth, KT, PC, DL, FRSE, was a journalist and British politician belonging to the Labour Party. In the 1980s, he joined the Social Democratic Party. Following the SDP's merger with the Liberal Party, he became a Liberal Democrat and sat as a Liberal...
(b. 1921, d. 2008) - 1980-85 – The Earl of Crawford and BalcarresRobert Lindsay, 29th Earl of CrawfordRobert Alexander Lindsay, 29th Earl of Crawford and 12th Earl of Balcarres, , styled Lord Balniel between 1940 and 1975, is a Scottish hereditary peer and Conservative politician. The elder son of the 28th Earl of Crawford and 11th Earl of Balcarres, he succeeded to the titles in 1975...
(b. 1927) - 1985-95 – The Earl of Mansfield and MansfieldWilliam Murray, 8th Earl of Mansfield and MansfieldWilliam David Mungo James Murray, 8th Earl of Mansfield and Mansfield, DL, JP , styled Lord Scone until 1970, is a Scottish nobleman and Conservative politician....
(b. 1930) - 1995-2002 – Sir Denys Hartley HendersonDenys HendersonSir Denys Henderson was chairman of ICI from 1987 to 1995.-Early life:Henderson was born on 11 October 1932, in Colombo, Sri Lanka, where his father was a tea planter. The family returned to Scotland and Henderson went to school in Aberdeen and graduated from the University of Aberdeen in 1955 in...
(b. 1932) - 2002–2009 – Sir Ian David Grant (b. 1943)
- 2010– Sir Stuart HampsonStuart HampsonSir Stuart Hampson, is current Chairman of The Crown Estate and former chairman of the John Lewis Partnership. He was the fourth person to be appointed and held the position since 1993...
(b. 1947)
Chief executives (Second Commissioner)
- 1955-60 – Sir Ronald Montague Joseph Harris (b. 1913, d. 1995)
- 1960-68 – Sir Jack Alexander Sutherland-Harris (b. 1908, d. 1986)
- 1968-78 – Sir William Alan Wood (b. 1916, d. 2010)
- 1978-83 – Sir John Michael Moore (b. 1921)
- 1983-89 – Dr Keith Dexter (b. 1928, d. 1989)
- 1989-2001– Sir Christopher Kingston HowesChristopher HowesSir Christopher Kingston Howes KCVO, CB, FRICS, FRIBA, DLitt, MPhil, BSc is a leading figure in the world of land and buildings with a career in the public, private and academic sectors.-Early life:...
(b. 1942) - 2001– Roger Martin Francis Bright (b. 1951)
The chairman (formally titled "first commissioner") is part-time. The chief executive (the "second commissioner") is the only full-time executive member of the Crown Estate's board.
Crown Estate Act 1961
The Crown Estate now is a statutory corporationStatutory Corporation
A statutory corporation or public body is a corporation created by statute. While artificial legal personality is almost always the result of statutory intervention, a statutory corporation does not include corporations owned by shareholders whose legal personality derives from being registered...
run on commercial lines by the Crown Estate Commissioners under the provisions of the Crown Estate Act 1961. Under the Crown Estate Act 1961 the Crown Estate Commissioners have a duty "while maintaining the Crown Estate as an estate in land [...] to maintain and enhance its value and the return obtained from it, but with due regard to the requirements of good management". The Act provides among other things that (Section 1(5)) "The validity of transactions entered into by the Commissioners shall not be called in question on any suggestion of their not having acted in accordance with the provisions of this Act regulating the exercise of their powers, or of their having otherwise acted in excess of their authority, nor shall any person dealing with the Commissioners be concerned to inquire as to the extent of their authority or the observance of any restrictions on the exercise of their powers".
Summary of the Act
- The Crown Estate is an estate in land only, apart from cash and gilts holdings necessary for the conduct of business.
- The Crown Estate Commissioners, who comprise the main board, are appointed by the Queen. They are limited to eight persons.
- The board of Commissioners have a duty to:
- maintain and enhance the capital value of the estate and its revenue income; but at the same time –
- take into account the need to observe a high standard of estate management practice.
- When selling or letting its property the Crown Estate should always seek to achieve the best consideration (i.e. price) which can reasonably be obtained in all the circumstances, but discounting any monopoly value (mainly from ownership of the foreshore and seabed).
- The Crown Estate cannot grant leases for a term of longer than 150 years.
- The Crown Estate cannot grant land options for more than 10 years unless the property is re-valued when the option is exercised.
- The Crown Estate cannot borrow money.
- Donations can be made for religious or educational purposes connected with the estate or for tenants’ welfare. Otherwise, charitable donations are forbidden.
- The character of the Windsor estate (Park and Forest) must be preserved; no part of the estate may be sold.
- A report should be submitted to the Queen and to Parliament annually, showing the performance of the estate over the previous year.
- The Crown Estate should observe professional accounting practices and distinguish in its accounts between capital and revenue.
- Money received as a premium from a tenant on the granting of a new lease should be allocated between capital and revenue as follows:
- where the lease is for a term of 30 years or less it must be treated as revenue;
- for leases of more than 30 years it must be treated as capital.
In 2010 a UK Parliament Treasury Committee report on the Crown Estate, the first for 20 years, reported that
- it is “alarmed” that the Crown Estate in 2007 started investing in joint ventures such as the Gibraltar Limited Partnership, which it says is in “grave” financial difficulties. The Crown Estate owns 50% of the partnership, which owns the Fort KinnairdFort KinnairdFort Kinnaird is a large outdoor retail park, which is located in the village of Newcraighall, just off the A1 in the southeast of Edinburgh, Scotland...
retail park near Edinburgh; - the Crown Estate has a monopoly over the marine environment, and has focused too strongly on collecting revenues rather than acting in the long-term public interest around ports and harbours;
- the quality of residential property management in the urban estate falls short. Consultation processes have lacked transparency, and the Committee was “particularly concerned” that the Crown Estate had failed to consult local bodies which had rights to nominate key workers;
- some non-commercial historic properties should be reviewed with a view to transferring management to conservation bodies such as English Heritage;
- Ministers should take a greater interest in the Crown Estate, because its overall management struggles to balance revenue generating with acting in the wider public interest.
Crown Estate chief executive Roger Bright said: “We welcome the Committee’s recognition that we run a successful business operation.”
Holdings
Windsor EstateThe Windsor Estate consists of:
| Commercial and residential | Offices, retail and hotel | 250 hectares |
| Leisure | Golf clubs/Ascot Racecourse Ascot Racecourse Ascot Racecourse is a famous English racecourse, located in the small town of Ascot, Berkshire, used for thoroughbred horse racing. It is one of the leading racecourses in the United Kingdom, hosting 9 of the UK's 32 annual Group 1 races... |
250 hectares |
| Agriculture | Farms | 1,200 hectares |
| Parkland | Home Park/Great Park Windsor Great Park Windsor Great Park is a large deer park of , to the south of the town of Windsor on the border of Berkshire and Surrey in England. The park was, for many centuries, the private hunting ground of Windsor Castle and dates primarily from the mid-13th century... |
1,600 hectares |
| Forestry | Woodland areas | 3,100 hectares |
Marine Estate
The Marine estate consists of:
| Foreshore | Approximately 55% of the UK's foreshore is owned by the Crown Estate; other owners of UK foreshore include the Duchy of Cornwall Duchy of Cornwall The Duchy of Cornwall is one of two royal duchies in England, the other being the Duchy of Lancaster. The eldest son of the reigning British monarch inherits the duchy and title of Duke of Cornwall at the time of his birth, or of his parent's succession to the throne. If the monarch has no son, the... and the Duchy of Lancaster Duchy of Lancaster The Duchy of Lancaster is one of the two royal duchies in England, the other being the Duchy of Cornwall. It is held in trust for the Sovereign, and is used to provide income for the use of the British monarch... . In Orkney and Shetland, the Crown does not claim ownership of foreshore. |
| Territorial seabed | The Crown Estate owns virtually all of the UK's seabed from mean low water to the 12 nautical miles (22.2 km) limit |
| Continental shelf and extraterritorial rights | Sovereign rights of the UK in the seabed and its resources vested by the Continental Shelf Act 1964 (the subsoil and substrata below the surface of the seabed but excluding oil, gas and coal) |
Other rights and Interests
Other rights and interests include:
| Blue Water and Solihull shopping centres | The Crown Estate has a 4.97% share of Lend Lease Retail Partnership which provides an equity interest in the Bluewater shopping centre and the Touchwood Court Shopping Centre. |
| Retail parks | Fort Kinnaird shopping park, Gallagher retail park, The Shires Retail Park: Owned 50/50 through "The Gibraltar Limited Partnership" with The Hercules Unit Trust, a Jersey based property unit trust. Gibraltar Limited Partnerships are often used to avoid or reduce UK tax payments. |
| Retail park | Crown Point shopping park. |
| Retail/office buildings, Princes Street, London | 66.67% interest |
| Savoy Estate Appointment | right to receive 23% of the income from the Duchy of Lancaster's Savoy Estate in London. |
| Minerals | Gold and silver in mineral strata in the UK. Mineral rights in approx. 115,000 hectares of land where The Crown Estate does not own the 'surface interest'. |
| Salmon fishings in Scotland | Salmon fishings in tidal and non-tidal waters in Scotland, except where these have been granted to third parties. |
| Native mussels and oysters in Scotland | Wild crustaceans (does not include cultivated crustaceans) |
| reversionary and contingent interests | Some properties are sold by The Crown Estate for public benefit (such as educational or religious use) with a reverter clause, which means ownership may revert to the Crown Estate in the event of a change use. Hereditary properties of the Monarch currently in Government use will revert to The Crown Estate in the event of the Government use ceasing. |
| Escheated land - | Land that has no owner other than the Crown as lord paramount of the whole soil of the country. Escheat can result bankruptcy or the dissolution of companies. Freehold land owned by dissolved companies which were registered in England or Wales are dealt with by the Treasury Solicitor as Bona Vacantia Bona vacantia Bona vacantia is a legal concept associated with property that has no owner. It exists in various jurisdictions, with consequently varying application, but with origins mostly in English law.-Canada:... . |
| Licences and right granted at nil rent | Includes: water mains, cables, substations and war memorials. |
See also
- Duchy of CornwallDuchy of CornwallThe Duchy of Cornwall is one of two royal duchies in England, the other being the Duchy of Lancaster. The eldest son of the reigning British monarch inherits the duchy and title of Duke of Cornwall at the time of his birth, or of his parent's succession to the throne. If the monarch has no son, the...
- Windsor Great ParkWindsor Great ParkWindsor Great Park is a large deer park of , to the south of the town of Windsor on the border of Berkshire and Surrey in England. The park was, for many centuries, the private hunting ground of Windsor Castle and dates primarily from the mid-13th century...
- Crown Estate Paving CommissionCrown Estate Paving CommissionThe Crown Estate Paving Commission is the body responsible for managing certain aspects of the built environment of Regent's Park, London. It was established by statute in 1824. It fulfills local government functions, and is one of the few bodies in the United Kingdom still empowered to levy...
- Regent StreetRegent StreetRegent Street is one of the major shopping streets in London's West End, well known to tourists and Londoners alike, and famous for its Christmas illuminations...
- Prince's CovertsPrince's CovertsPrince's Coverts, including Great Oakes and Woodland Park, is an area of 864 acres of managed woodland in Oxshott, Surrey, UK. It is owned and managed by The Crown Estate.-History:...
- Area of managed woodland in Oxshott, Surrey
External links
- Crown Estate Official site
- Crown Estate annual report of assets