Annual Financial Statements

The Duchy of Cornwall is a private estate which funds the public, charitable and private activities of The Prince of Wales and his family. The current Duke of Cornwall, His Royal Highness The Prince of Wales, is actively involved in running the Duchy and his philosophy is to improve the estate and pass it on to future Dukes in a stronger and better condition.

As Duke of Cornwall, The Prince of Wales is entitled to the annual net revenue surplus of the Duchy. He is not entitled to the proceeds or profits from the sale of the Duchy’s Capital assets, which are retained in the Duchy so as to provide income for future beneficiaries.

In accordance with His Royal Highness’s directions, the long-term management approach for the Duchy seeks to balance the Duchy’s commercial objectives with its environmental and social responsibilities. This ensures that the Duchy meets its obligations as a business but also represents the interests of a wide range of stakeholders including the people who live and work on Duchy estates. The fundamental belief is that, by working in sympathy with the environment and in partnership with tenants and local communities, the Duchy will continue to thrive and prosper.

In 2013-14 the revenue surplus distributable to His Royal Highness increased by 2.4% to £19.5m. At the same time the capital account increased by £72.9m, arising predominantly from significant increases in agricultural holding values, which increased by 16%.

The Duchy continues to work closely with tenants and local communities as described elsewhere on this website. For example:

• New allotments created by the Duchy have proved a great success as plans for a sustainable urban extension to Newquay begins to take shape at Nansledan.
• The Duchy has joined forces with Women in Rural Enterprise (WiRE) to create a new initiative to support female entrepreneurs across the Duchy estates.
• In conjunction with Cranfield University the Duchy has been working with farmers and industry advisors to manage water and soil problems, including developing grass waterways to minimise surface run-off and soil erosion.
• Duchy of Cornwall Holiday Cottages has begun supporting a pilot scheme launched by The Prince of Wales to encourage tourists to support the work of The Prince's Countryside Fund.
• A new starter farm has been let to a young family in Nottinghamshire as part of an initiative to create suitable opportunities for new farmers to gain a foothold on the farming ladder, thus bringing new life into farming communities.
• The Duchy has been working with farmers and growers on the Isles of Scilly to try and overcome some of the disadvantages of farming in a remote location.

Also published today is the Duchy of Cornwall Carbon Report. The carbon footprint of the Duchy has fallen by 54% since baseline, and the Duchy offsets the remaining emissions from the assets and activities under its ownership and direct management through specific additional tree planting on Duchy land. In addition, Duchy woodlands sequestered an estimated 10,575 tonnes of carbon dioxide, 45 times the annual emissions from the assets and activities under the ownership and direct management of the Duchy.

The Duchy continues to invest in projects to reduce emissions: the award-winning anaerobic digester and biomethane injection plant at Rainbarrow Farm, Poundbury, generated enough renewable gas in one year for around 1,800 homes, and enough renewable electricity for over 800 homes. Solar photovoltaic panels on farm building roofs generated enough electricity for 110 homes. The majority of this energy is used by the farmers to power dairies, potato and grain stores, and farmhouses. The Duchy invested in two new substantial renewable heating projects during the year as part of property refurbishment projects – a large ground source heat pump heating system for a barn conversion and an air source heat pump system for its latest holiday cottage complex.