30th June 2025

The Duchy of Cornwall has released its 2025 Integrated Impact Report, which highlights the activities of the Duchy of Cornwall estate during the year ending 31st March 2025.

Marking the second full year of leadership by the 25th Duke of Cornwall, His Royal Highness The Prince of Wales, and the start of Will Bax’s tenure as new Secretary and Keeper of the Records, the period has been one of both change and evolution for the Duchy, particularly in its organisational strategy to focus on positive impact for people, places and planet.

Building upon the strong foundations established in the 25th Duke of Cornwall’s first year, the Duchy’s four strategic priorities remain unchanged. The Duchy is focused on supporting continuous improvement through: becoming a net zero estate by the end of 2032; working with partners to address homelessness in the areas in which it operates; becoming an exemplary estate for mental health provision for rural tenants and staff; and maintaining real value across the estate for its communities whilst growing income.

This financial year saw the Duchy launch a policy review on its charitable and community lettings, meaning that a number of charity and community lease and licence holders will see a significant rent reduction, to further align with the Duchy’s purpose of positive impact for people, places and planet.

This year the Duchy invested over £10m capital in its community development projects, including at Nansledan and Poundbury. Further investments included over £2.8m in environmental initiatives, including net zero, future farming and woodland programmes. Throughout the year, the Duchy completed many property improvement projects, which include key environmental elements such as solar panels, EV charging points, air source heat pumps, and farm infrastructure.

"I’ve spent my first few months at the Duchy listening and learning; from colleagues, stakeholders and tenants across the estate. Working hand in hand with The Duke, this is a time of reflection and transformation. We are bringing positive change to the Duchy, and this comes in many forms, the first has been refocusing our organisational strategy."

The Duchy has continued to make progress towards its ambitious net zero goal. Notable successes include: creating 400 hectares of new habitat through the year, working closely with partners such as the South West Peatland Partnership to restore and reinvigorate the peatlands of Dartmoor, and the efforts of its seven focus farms in innovating their farming practices, with one farm now achieving net zero status.

The Duchy has also seen success in its ongoing work to build healthy communities. In partnership with the Fields In Trust, a new study found 99% of people living in communities where the Duchy has a significant presence have good access to nature. Work has also continued to address homelessness in Duchy communities, notably with St Petrocs, in Nansledan, where building has now commenced on a project that will provide homes for individuals with wrap-around care. The Duchy is awaiting planning determination of a new 2,500 home community at South East Faversham in Kent, which, if approved, will deliver nearly 1,000 much needed affordable homes.

The Duchy has continued to balance its social objectives with driving strong commercial outcomes, and this year had a distributable surplus of £22.9 million. While marginally down on the previous year, the Duchy is pleased to have remained resilient amid continued economic uncertainty. To support this updated framework, the Duchy welcomed two new members to the Council in March. Kate Holborow, a communications professional born and raised in Cornwall, brings insight from her work in business, community and charity sectors and previously served on the Rural Committee. The second new member is Rob Perrins, CEO of Berkeley Homes and Trustee of the Berkeley Foundation, who was previously a member of the Commercial Property and Development Committee.

Across the year, The Duchy of Cornwall team has continued to enjoy working with Kensington Palace, The Royal Foundation and The Earthshot Prize, to ensure The Duke’s priorities are implemented consistently across the organisations.

It is clear we have entered an era of change. We are making the most of the opportunity to step back and reflect: reflect on what society requires of us, reflect on how we support our people, our communities and our places to thrive, and reflect on how we communicate our mission to deliver positive impact for people, for places and for the planet. These are the themes you will discover within this year’s report – the same themes we seek to amplify further in the years ahead.”