THE DUCHY OF LANCASTER JUBILEE TRUST
Registered Charity Number 1085881
REPORT OF THE TRUSTEES
AND ACCOUNTS FOR THE YEAR
TO 31st MARCH 2024

THE DUCHY OF LANCASTER JUBILEE TRUST
FOR THE YEAR TO 31st MARCH 2024
CONTEKrs
LEGAL AND ADMINISTIIATIVE INFORMATION
REPORTOFTHE TRUSTEES
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES
STATEMENT OF FINANCIAL ACTIVITIES
BALANCE SHEET
10
CASH FLOW STATEMENT
11
NOTES TO THE ACCOUNTS
15
STATEMENT OF INVESTMENT PRINCIPLES

THE DUCHY OF LANCASTER JUBILEE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trusteas
Sir James Leigh-Pemberton CVO
Nalhan Thompson CVO
Hugh Bullock
Sir Mi¢ha81 Stevens KCVO
Lord Downshire
Sonia Tolaney KC
Lucy Macdonald
Jill May
Alistair Elliott
Alastair Martin CVO
Secretary
Hugh BrucE-Watt
Registered Office
1 Lancaster Place
Strand
London
WC2E 7ED
Charlty number
1085881
Auditors
Saffery LLP
71 Queen Ifictoria Stréét
London
EC4V 4BE
BankerJ
Coutts & Co.
440 Strand
London
WC2R OQS
Inveslmènt manag6r
Cazenove Capital
1 London Wall Pla
London
EC2Y SAU
Sollc6tor8
Farrer & Co. LLP
66 Lincoln's Inn Field5
London
WC2A 3LH

THE DUCHY OF LANCASTER JUBILEE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR TO 31st MARCH 2024
1. ObJe¢tive$ of tho Trust
The objectives of the Trust are..
The mainlenance and preservation for the public benefit of any monument, castle or other propety of
historical or architectural interest in the Mcinity of the Duchy lands.
The advancement of the Christian faith by maintaining and supporting the King's Chapel of the Savoy
and clergy whose limngs are within the gift of the Duke of Lancaster. Foll¢)wing the death of the Qu&n
on the 8th September 2022 The Queen's Chapel of the Savoy is now known as the King's Chapel of the
SavDy.
Such other charitable purposes as the Trust895 think fit.
Applications for grants should be addressed to the Secretary.
Donations from His Majesty The ￿"ng in Right of His Duchy of Lancaster may be given to the Trust with the
request that they are. for the time being, invested to provide an income to support the objects of the Trust The
Trustees have accordingly placed the donations received into a separate investsnent fund, the Expendable
Endowment Fund. Donations of £746,904 have been pledged in the year of which £532,749 has been
received and £214,155 1$ in debtors at the year ended 31 March 2024 (2023., £nil).
The Truste8s have refe￿ed to the guidan￿ contain8d in the Charity Commission's general guidance on public
benefit when reviewing the aims and objectives and in planning the ftjture aclivities. In pailcular the Trustees
consider how planned donalions will contribute to the aims and objeGtives théy have set. Th• Trustees
nsider that the current policy for making donations delivers public benefit. Details of thè obj8CtiV8s which
form thè basis of this policy are given above.
2. Grant making policy
The Trust has established its grant making policy to achieve its objècts for thè public benefit. The Trust invites
8pplicats.ons for grants that wll meet the stated objéctives of the Trust and these will be assessed on a merit
basis SS to value for mon8y and impact in achieving thè aims of the Trust.
3. Achlevements and perforniance
The Trustees have reviewed and are content that the Objectiv￿ of the charity as highlighted have been
achieved during the course of the year. The Trustees are content that the income generated ovér thè course
of the year has been utilised in accordance with the objectiv8s.
During the year thé Trust made S grants totalling £351,446 (2023.. 5 grants £351.446) as set out in Nots 5 to
the financial statements. This indudes a grant for £350,000 to the King's Chapel of the Savoy- this has been
spent supporting the running and upkeep of the Chapel and dergy.
The Trust continues to fijlfrl its objects through its grant-making policy and it is the Trustees. intention to
continue doing so.
The Trustees aim is to gift sufficient funds to the King's Chapel of the Savoy to allow the Chapel to meet any
shortfall in its fvnding and this has been achieved in the year.
The investknent aim is for the portfolio to generate In￿Me of circa £500,000. whilst preserving capital value in
real temis. Due to the performance of thè markets in the year the portfolio has rnet the inwme target.
Financlal revlew
Investments have been acquired wthin th8 powers set out in the Trust Deed and in aGcordance wth the
statement of Investrnent Prinaples set out on pages 15 and 16.
Over the year, the Trust's investment ass@ts increased in value by £1,588,565 {6.1 %).
During the year the investrnent income genorated was £672,320 (2023 .' £576,026).

THE DUCHY OF LANCASTER JUBILEE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR TO 31st MARCH 2024
5. Rlsk management
The principal risks faced by the Trust lie in the perfornan￿ of investmènts and operation21 risks from
ineffective grant making and the capacty of the Trust to make effective grants. The Trustees consider
variability of investment returns on the peTmanent endoMnent to constituts the charity's major financial risk.
This is mitigated by retaining expert investment managers and Stanhope Capital as our investment
consultants who regularly review the risk profile of the portfolio. The operational risk from ineffective grant
making is mitigated by the fact that the main recipient of the Charity is well understood by the Trustees who
are able to assess the effectiveness that the grant making has from the impact and benefil that the grants
have. Smaller grants are assessed on merit on an individual basis and wll only be granted if the Trustees
undetstand how these funds will benefit the recipient
6. Reserves
The Trustees, policy is to distribute invesknent income received and to maintain a reserve in the General
Fund. At the year end the balancé of the General Fund was a surplus of £1.504,665.
The Expendable Endowment fund had a balance of £27,770,219 at the year end. Although not fomiing part of
main reserves, the Trustees do have the power to transfer funds to the Unrestricted Fund to meet
shortfglls in funding when required.
7. Plans forfuture perlod5
The plan for future periods is to satisfy the charitys objectives and to maintain an inv8Stment portfolio in
accordanc8 with thè total retum objective as agreéd by the Trustees as s8t out in the Slalemenl of Investmènt
Principles.
8. Structuro, #overnance, management and administrallve datsll8
Goveming Instrument
Th6 Duchy of Lan¢asl8r Jubilee Trust was conslituted on 15th Marth 2001 under 8 declaration of trust. Tha
registered tharity number is 1085881.
Trustees andprincipal officers
Trusteès are appointsd by the Receiver General of th8 Duchy of Lancaster. The Trustees during the year
ointed
12 September 2023
Rati
Sir James Leigh-Pemberton CVO
Sir Alan Reid GCVO
Nathan Thompson CVO
Hugh Bullock
Sir Michael Stevens KCVO
Lord Downshire
Sonia Tolaney KC
Lucy Macdonald
Jill May
Alistair Elliott
Alastair Martin CVO
4 July 2023
Secr8tsry'.
Hugh Bruce-watt
The Trustees meet ￿1c8 a year to discuss the affairs of the Charity. The day to day administration of the Trust
is delegatsd to the staff of the Duchy of Lancaster through a SeN1￿ lev81 agreement that is rewewed
annually. Trustees are provided with 8déquate support and training wheré training needs are identifpd to allow
them to effectively conduct their role.

THE DUCHY OF LANCASTER JUBILEE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR TO 31st MARCH 2024
8. Structurg, govornance, managoment and admlnhtrallve detalls (continued)
Administr81ion
Administrab'v8 support for the charity is provided by The Duchy of Lancaster from its offI￿S at 1 Lancaster
Pla￿. Strand, London WC2E 7ED
Adviso
Bankers..
Coutts & Co.
440 StrarKJ
London
WC2R OQS
Solicitors..
Farrer & Co. LLP
66 Lincoln's Inn Field5
London
WC2A 3LH
Investment manager..
Caz8nov8 Capital
1 London Wall Plac8
London
EC2Y SAU
Auditors..
Saffery LLP
71 Queen WIGtoria Street
London
EC4V 4BE
The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance
with applicabl8 law and United Kingdom Accounting Standards {Unit8d Kingdom Generally Accepted
Accounting PraGti¢e).
The18w applicable to charities in England & Wales requirès the Trustees to prepare financial ststements ft)r
each financial year which give a true and fair view of the stats of affairs of the charity and of the incoming
resOU￿S and appliGation of résources of the charity for that peri￿3. In preparing these financial statements,
the Trustees are required to=
select suitable accounting policies and then apply them consistèntly-
observe the methods and principles in the Charities SORP.,
make judgements and estirnates that are reasonable and ptudent.,
state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements..
prepare the financial statements on the going concern basis unless il is inappropriate to presume that.
the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records thal disclose with reasonable accuracy at
any lime the finanGial position of the charity and enable them to ensure that the financial statements comply
V￿th the Charities Act 2011, the Charity (AGcounts and Reports) Regulations 2008 and Ihe provisions of the
trust deed. They ar8 also responsible for safeguarding thé assets of the charity and hence for taking
reasonable Steps for thè prevention and detection of fraud and other irregularities.
The Tnjstees have undertaken a r8vi&w of major risks facing the charity and taken stéps to mitigate th8m.
Approved by the Trustees on Ibloq l and sign8d on their behalf by..
Sir James Leigh-Pemberton CVO
Trustee

THE DUCHY OF LANCASTER JUBILEE TRUST
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES
Opinion
We have audited the financial statemenls of The Duchy of Lancaster Jubilee Trust for the year ended 31 March
2024 which comprise Statement of Financial Activilies, Balance Sheet, Cash Flow Statement and notes to the
financial statements, including significant accounting policies. The financial reporting framework that has been
applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial
Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland {United
Kingdom Generally Accepted Accounting Pra¢ti¢e).
In our opinion the financial ststements-
give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming
resources and application of resources for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practi￿. and
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We ¢onducted our audit in accordanc£ with Intemational Stsndards on Auditing (UK) {ISAs (UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities
for the audit of the financial statements section of our report. We are independent of the charity in accordance
with the ethical requirem8nts that are relevant to our audit of the financial statements in the UK, including the
FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan¢e with these
requirements. We believe that the audit evidence we have obtained is sufficient and appropriale to provide a
basis for our opinion.
Conclusions relating to going ¢oncem
In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of
accounling in the preparation of the financial ststem8nts is appropriate.
Based on the work we have perf0M￿d, we have not identified any material uncertainties relating to events or
nditions that, individually or collectively, may cast significant doubt on the chari￿$ ability to continue as a
going concern for a period of at least twelve months from when the financial statements are authorised for
issue.
Our responsibililies and the responsibilities of the trustees with respect to going concern are described in the
relevant sections of this report.
Other Infornvatlon
The trustees are responsible for the other information. The other infomiation Comprises the information
included in Ihe annual report, oth8r than the finanaal slatements and our auditorfs report th8reon. Our opinion
on the financial statements does not cover the other information and, except to the extent othemise explicitly
stated in our reporl, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other infomiation and, in doing so, consider whether the other information 1$
materially inconsistent wilh the financial statements or our knowledge obtained in the Course of the audit or
othe￿ise appears to be materially misstated. If we identify such material inconsisten¢ies or apparent material
misslatements, we are required to determine whether this gives rise to a material misstatement in the financial
statements themselves. If, based on the work we hav8 perfomed, we conclude that there is a material
misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matt8rs on which we aro requlred to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and
Reports) Regulations 2008 require us to report to you rf, in our opinion:
the inforniation given in the Trustees, Annual Report is inconsistent in any material respect with th8
financial statements; or
the charity has nol kept sufficient accounting records., or
the financial statements are not in agreement with the ac£ounting records and retums. or
we have not received all the information and explanations we require for our audit.

THE DUCHY OF LANCASTER JUBILEE TRUST
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES contlnued
Responslbllltles of trustses
As 8xplain8d more fully in the Truslees, Responsibilities Statement set out on page 4. the trustees are
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair
view, and for such internal control as the trustees detemiine is necessary lo enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements. the trustees are responsible for assessing the charity's abilty to conlinue
as a going concem. disclosing. as applicable, matlers related to going concern and using the going concem
basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no
realistic alternative but to do so.
We have been appointed as audilors under the Charities Act 2011 and report in accordance with regulations
made under that Act.
Our objectives are to obtain reasonable assuran￿ at)out whether the financial statements as a whole are free
from material misstatement. whether due to fraud or error. and to issue an auditorfs report that includes our
opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in
accKJrdance with ISAS (UK) will always detect a matetial misstatement when it exists. Misstatements can arise
from fraud or error and are considered material rf, individually or in the aggregate, they.could reasonably be
expeded to influence the e¢onomic decisions of users taken on the basis of these finan¢ial statements.
I￿egUlaritIes, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respecl of-
irregularities, including fraud. The specrfic procedures for this engagement and the extent to which these are
capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related lo ir￿gUIaritieS.
We assessed the susceptibility of the charty's financial statements to material misstatement and how fraud
might occur, including through discussions with the trustees, discussions within our audit team planning
meeting, updating our record of intemal controls and 8nsuring these controls operated as intended. We
evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We
identified laws and regulations thal are of significance in the wnt8Xt of the charity by discussions with trustees
and updating our underslanding of the sector in which the charity operates.
Laws and regulalions of direct significance in the context of the charity include the Charities Act 2011, the
Charities (Accounts and Reports) Regulations 2008 and guidan￿ issued by the Charity Commission for
England and Wales.
Audit response to risks identified..
We considered the exlent of compliance with these laws and regulations as part of our audit p￿)CedureS on the
related finanaal stslement items including a review of financial statement disclosures. We reviewed the
charity's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant
authorities to identify potential material misstatements arising. We discussed the charity's policies and
procedures for compliance with laws and regulations with members of management responsible.for
compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which
might involve non-compliance with laws and regulations or fraud. We enquired of management whether they
were aware of any instances of non-compliance with laws and regulations or knowledge of any actual,
suspected or alleged fraud. We addressed the risk of fraud through management override of controls by lesting
the appropriateness of journal entries and identifying any significant transactions that were unusual or OLrtside
the normal Gour5e of business. We assessed whether judgements made in making aGcounting estimates gave
rise to a possible indication of management bias. At the completion stag8 of the audit, the engagement
partnerfs review in¢luded ensuring thal the team had approached their work with appropriate professional
scepticism and thus th8 capacity to identify non-compliance wilh laws and regulations and fraud.

THE DUCHY OF LANCASTER JUBILEE TRUST
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES continued
There are inherent limitations in the audit pro¢edures de$￿Ibed above and the further removed non-
compliance with laws and regulations is from the events and transactions reflected in the financial statements,
the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud
is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment
by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at: www.frc.or
klaudito
res
on
ibiliti8s. This description forms part of our
auditors, report.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities
(A¢¢ounts and Reports) Regulations 2IXI8. Our audti work has been undertaken so thal we might state to the
trustees those matters we are requir8d to state to them in an auditor's report and for no other pu￿oSe. To the
fullest extent pemiitted by law. we do not accept or assume responsibilty to anyone other than the Charity and
the trustees as a body, for our audit work, for this report, or for the opinions we have formed.
mie Younger
Saffery LLP
Chartered Accountants
Statutory Auditors
71 Queen Victoria st￿et
London
Date:
Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

THE DUCHY OF LANCASTER JUBILEE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR TO 31st MARCH 2024
Untestricted
Fund
Expendable
Endowmgnt
Fund
Total
2024
Total
2023
NotsE
Incomo and gndowrngnts from:
Donations
Investments
Total
746,904
746,904
672,320
1,419,224
672,320
672.320
576,026
576,026
746,904
Expendi￿re on:
Raising Funds
Charitable activities
Total
104,111
104,111
363,052
467,163
99,665
360,601
460,266
363,052
363,052
104,111
Net gains Illosses} on investrents
Net income
1,666,677
2.309.470
1,666,677
2.618.738
53,171
62.589
309.268
Transfer be￿een funds
506,750
506,750
Net mov¢mont in funds
816.018
1.802.720
2,618,738
Reconciliation of funds:
Total fvnds broughl fomard
25.967 499
26 656 146
26 593 557
Total funds carried forward
1,504,665
27,770,219
29,274,884
26,656, 146
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR TO 31st MARCH 2023
Unrestricted
Fund
Expendable
Endowment
Fund
Total
2023
Notes
Income and endowments from:
Donalions
Invesknents
Tt)tal
576.026
576,026
576.026
576,026
Expenditure on:
Raising Funds
Charitable adivities
Total
99,665
99,665
360,601
460,266
360,601
360,601
99,665
Net (l¢)sses} on investments
Not in¢omoll•xpondlturo
53,171
152,836
53,171
62,589
215,425
Transfer between funds
Net movement in funds
215.425
152,836
62,589
Reconclliatlon of funds:
Totsl funds brought forward
473.222
26,120,335
26,593,557
Total funds ¢arriod fornard
25.967 499
26656 146
The notes on page$ 1110 14 form part of these accounts.

THE DUCHY OF LANCASTER JUBILEE TRUST
BALANCE SHEET AT 31st MARCH 2024
2024
2023
Notes
Flxed Assets
Investments
27.556,064
25,967 499
Current Assets
Debtors
Cash and deposits
10
228.451
1.522,249
1,750.700
1.757
692,410
694, 167
Creditors: amounts falling du• within one year
Accruals
Net Current Assets
12
31,880
1718,820
688.647
Not Assets
29,274,884
26 656, 146
Capital Fund
Expendable Endowment
13
27.770,219
25,967,499
Income Fund
Unrestricted General Fund
13
1,504,665
688,647
29,274,884
26,656,146
Approved by the Trustees on l o(oq Ico£4 and signed on their beha￿ by.
Sir James Leigh-Pemberton CVO
Trustee
Registered Charity Number 1085881
The noles on pag8s 11 to 14 fomi part of these accounts.

THE DUCHY OF LANc￿TER JUBILEE TRUST
CASH FLOW STATEMENT
FOR THE YEAR TO 31st PMRCH 2024
Total
2024
Total
2023
Notes
Net ¢ash Inflow l (outhowl from operating a¢tiviti*s
14
157,519
361,435
Cash flows from investing activities
Dividends
Interest
637,162
35,158
573,479
2,547
Net ¢ash inflow from Inve8tlng activitiès
672,320
576,026
Change in cash and cash equivalents Iri the year
829.839
214.591
Cash and cash equivalents •t $tsrt of year
692,410
477.819
Cash and rAsh equivalents atend ofyear
1,522.249
692,410
Cash Comprfsos:
Cash at bank
1,522.249
692.410
The notes on pages 11 to 14 fo￿￿ part of th8S8 accounts.
10

THE DUCHY OF LANCASTER JUBILEE TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR TO 318t MARCH 2024
1. Accounting Poli¢1
(a) Basis of Accounting
The finanaal ststements have been prepared in accordance with the Ststement of Recommended Pra¢ti¢e:
Accounting and Reporting by Charities preparing their accounts in acCOrdanr￿ with the Financial Reporting Stsndard
applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014, the Financial Reporting Standard
applicable in the United Kingdom and Republic of I￿land IFRS 1021, the Charities Act 2011 and UK Generally
Accepted Practice as it applies from 1 January 2015.
The Trust constitules a public benefrt entity as defined by FRS 102.
The trustees consider that the￿ are no m*erial uncertainties aboLrt the Trust's ability to continue as a going concem.
Th• most significant key assumptions that affect items in the accounts are the carrying value of assets held by the
Trust and the level of investmenl retuin due to th8 performance of investment markets (see the investrnent policy and
perfomance and risk management sections of the trustees, annual report for more infom)ation).
The functional currency is Sterling. Monetary amounts in these financial ststements a￿ rounded to the
nearest £.
{bl Signif￿ant judgements, key assumptions and estimates
Accounting estimates and judgements are continually evalualed and ar• based on past experience and other factors,
including expe¢tstions of future events that are believed to be reasonable under the circumstsnce$.
The Duchy makes estimates and assumptions Con￿rning the fvlure. The ￿$￿Iting accounting estimates could, by
definition, differ from the actual outcome.
There are no estimates and a$sumption$ that have a risk of ¢ausing matsrial adjustment to the carrying amounts of
assets and liabilities within the next financial year.
(c) Incom8
Oonations are accounted for on an a¢¢ruals basis. Interest from banks and dividends are accounted for on an
a¢¢ruals basis.
(dl Grants
Grants a￿ a¢¢ounted for when the intention to make the payment is communicated to the ￿nefiCiary. If there are
condibons attached to the payment then the grant is accounted for once the conditions are no longer within the
control of the Twstees.
{e) Govemants costs
Goveman¢e costs comprise costs incurred in Trust administration and complianc8 wilh regutatory requiremenls.
{Q Taxation
The Trust Carries on aclivitios which are exempt from corporation tax and income tax. The Charity suffers Value
Added Tax which is included with the expenditure to whi¢h tl relates.
Ig) Fixed Asset Investments
FIX￿ Asset Investments are stated in the Balaft￿ Sheet at the quoled market valuation at the year end.
(h) Expendable Endowment Fund
Donations from the Duchy of Lancaster are invested to provide an income from which grants may be made in
accordance with the r85eNes policy Set out in the Report of the Trustees.

THE DUCHY OF LANCASTER JUBILEE TrUST
NOTES TO THE ACCOUNTS
FOR THE YEAR TO 31st MARCH 2024
2. Donations
2024
2023
Hi5 Majesty the King IHer Majesty The Queen in Right of His l Her
Duchy of Lancaster
746.904
3. Investment incomo
2024
2023
Div#Jends
Bank interest
637,162
35,158
672,320
573,479
2,547
576,026
4. Raising Funds
2024
2023
Investment Manag8m8nt Fees
104,111
104.111
99,665
99,665
5. Charitsble activities
Grants to
Inslitutions
Grants to
Individuals
2024
2023
The King's Chapel of the Savoy
Other grants
Governance ¢08ts (see Note 61
350,000
1,196
11,606
362,802
350,000
1,448
11,608
363,052
350,000
1.446
9, 155
360,601
250
250
A total of 5 grants were paid12023.. 51 induding 1 to an individual for £250 {2023.' 1 for £250)-
6. Govemance costs
2024
2023
Auditors fees- for audit
Other administration costs
5,880
5,726
11,606
5,520
3,635
9, 155
The administration of the Trust is managed by the Trustees and the oflice of the Duchy of Lancaster. The Duchy of
Lancaster Jubilee Trust contributed £4,200 during the year (2023: £3.6001 to the Duchy of Lancaster towards these
administration costs.
7. Trustee and Stsff Costs
None of the Trustees recgived any ￿mUneratiOn or expenses during tho year (2023.. £nill. The charity has no directly
employed staff.
12

THE DUCHY OF LANCASTER JUBILEE TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR TO 318t MARCH 2024
B. Invostments
2024
2023
Authorised unit Irusts..
Cazenove
Newton
27.556.064
25,967,499
25,967,499
27,556,064
The historic cost of investments at 31st March 2024 was £27,670,659 (2023: £19,538,850}.
The significance of financial instruments to the ongoing financial sustainability of the Trust is considered in the Trustees,
Annual Report.
g. Roconciliatlon of movement of investments
2024
2023
Auihorised unit trusts..
Market value at 1st April 2023
Management fee
Gains l (Losses) in value of investments
Market value at 31st March 2024
25,967,499
(78,112)
1,666,677
27.556,064
26. 120.335
(99.665)
(53, 171)
25,967,499
All investments are in authorised unit trusts.
Newlon charges investment management fees of 0.4% per annum whith are taken from Capital, except the linal quarter.
Following the move in the portfollo lo Cazenove these were settled by cash.
10. Debtors
2024
2023
Donations from His Majesty the King IHer Majesty The Queen in
Right of His l Her Duchy of Lancaster
Deposit Interest
214,155
14,296
228,451
1,757
1,757
11. Relatsd Parties
Certain of The Duchy of Lancaster Jubilee Trust's expenses are incurred initially by the Duchy of Lancaster and then
recharged lo the Trust. The arnount of such expenses relating to the year ended 31 st March 2024 was £7.01012023:
£4.620).
Donations from His Majesty The King in Right of His Duchy of Lancaster may b8 given to the Trust with the ￿qUest that
they are, for the time being, invested to provide an incom8 lo support the objects of the Trust. The Trustees have
accordingly placed the donations received into a separate investment fund, the Expendable Endowment Fund. Donations
of £746,904 have been pledged in Ihe year of which £532.749 has been r￿1Ved and £214,155 is in debtors at the year
ended 31 March 202412023.. £nil).
12. Accruals
2024
2023
Investment Management Fees
Audit
26,000
5,880
31,880
5,520
5,520
13

THE DUCHY OF LANCASTER JUBILEE TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR TO 318t MARCH 2024
13. Nel assets by fund
2024
2023
Unrestricted
General
Fund
Unr8Strict8d
Gene￿1
Fund
Expendable
endowment
Expendable
8ndowm8nt
Investments
Cu￿ent assets
Current liabilities
Nel Ass8ts
27,556.064
214.155
25.967.499
1.536.545
31,880
1.504.665
694.167
5,520
688,647
27.770.219
25,967,499
During the year there was a transfer of £506,750, between the Expendable Endowment Fund and the Unreslrlcted
General Fund {2023 = £nil).
14. Roconclllatlon of net Income l (expendlture) to net cash oufflow from operatlng actlvltles
2024
2023
Net income as per statement of financial activilies
Adjusted for:
Net lossesl (gains} on investments
Investment income
Investment Management fees
Increase in receivables
Increase in payables
Nel cash oufflow from operaling activities
2.618.738
62,589
{1.666.677)
(672,320>
78,112
(226,694)
26,360
157.519
53,171
(576,026)
99.665
(1, 734)
900
361,435
14

THE DUCHY OF LANCASTER JUBILEE TRUST
STATEMENT OF INVESTMENT PRINCIPLES
Background and purpose of portFollo
Duchy of Lancaster Jubilee Trust was constituted in 2001 to fund charitable ￿USes, particularly the
maintenance of historic buildings within Duchy estates.
Investment obje¢tlves
The primary objective of the Trust's investment portfolio is to provide an increasing distributable income
while maintaining the real value ofthe Trust's assets over the long term.
Liquidity requirement
There is no requirement to hold a specrfic proportion of assets in cash or other short term asset classes
but all investment should be in relatively liquid vehicles.
EthirAI consideratlons
There are no specific Gonstraints on the Trust investment portfolio in terms of ethical, social or
environmental matters but the managers of the portfolio are expected to take into account best practice
in temis of corporate govemance and SRI factors when assessing any individual investment.
Return target
The current income requirement for the portfolio is ¢irca £500,C(IO p.a. The income target and the need
to preserve capital against long term inflation and ensure future income growth will require a total real
retum from the investmeni Portfolio of 3.50A p.a.
Risk tolerance
A reasonable level of capital volatility within the investment porttolio is acceptable given the Trusfs long
terni time horizon and relum objectives but to limit capital and other risks in the portfolio. the portfolio
should be well diversified across asset classes and individual investments in line with a standard
medium risk profile.
Invostment benchmark
The table below shows the benchmark against which the managefs performance will be monitored.
There are no asset allocation constraints placed on the manager.
Benchmark Indlcos
FTSE All Shar&
FTSE World lex UK
FTSE Govt. All Stocks
7-da
cash
Ben¢hmaTk %
50
26
20
Investment managoment arrangements
The Trustees will appoint investrnent managers to manage the assets of the portfolio in accordance with
the principles set oui in this statement and wilhin the guidelines set down from time to time by the
trustees.
The Trustees will monitor the performance of the manager against the stated investment benchmark on
a quarterly basis but it is anticipated that the manager will be given a period of tenure of between three
and five years.
Currency and hedglng
The Trust's liabiliiies are all in sterling and therefore the bulk of the portfolio should be held in sterling to
avoid unnecessary currency risk. Non sterling exposure should be limited to 300/0. Qualifying, sterling
denominated collective vehicles, where underlying, non-qualifying assets exceed 300kn, are not subject
to this restriction.
15

THE DUCHY OF LANCASTER JUBILEE TRUST
STATEMENT OF INVESTMENT PRINCIPLES
Restricted asset ¢las$es
There should be no investment in gold bullion and commodilies nor in private equity vehicles.
Other restrictions
a. No holding is to ex￿ed 1 ¥0 of the issued share capitsl of a company without prior pemiission of
the Trustees.
b. No acquisition should result in the relevant holding representing more than 5 % of the value of the
portfolio without prior consent of the Trustees, save in the case of a government security or
managed fund. This doe5 not preclude the retention of a holding ihal attains a value in eX￿$S of
of the Fund after purchase.
c. The manager is not permitt8d to enter into futur8S, Options and other derivative producls. including
forward foreign exchange transactions, other than when used as part of normal portfolio
management by the manager of the pooled fund(s) in which the Trust is invested.
d. The manager must have the prior approval of the Trustees before'.-
Investing in non readily realisable investments;
Effecting off-exchange transactions;
Entering underwriting or sutrpundèrwriting commitments.
Approval to carry out any restricted actiwty may be given by one Trustee and the Secretary of the Trust
upon receipt of a written recommendation from the manager. Any such approval must be reported to the
Trustees at their next meeting.
Review process
The Trustees will review th8 contents of this statement of investment objectives on an annual basis and
modify if it IF deerned appropriate.
Last reviewed: May 2024