The Duchy of Cornwall has today published its Integrated Annual Report for year ending March 31st 2021.
In a year that has presented significant challenges for so many and in which the Duchy’s revenue surplus has decreased more than 8% on last year, the estate has continued to support its tenants and their communities without availing itself of government support funding. Rent deferrals were agreed for those suffering the greatest financial hardship as a result of loss of tourism and hospitality in areas such as the Isles of Scilly and Cornwall, and Duchy Land Stewards maintained close contact with businesses and residents throughout the year to offer help and advice.
In his introductory letter to the report, Alastair Martin, Secretary and Keeper of the Records says, “I am very grateful to all Duchy staff for their work under such difficult circumstances. They showed great versatility in adapting remarkably quickly to new working arrangements, from home, at the office or at one of our trading enterprises. We have delivered against our strategic objectives, supported our tenants, protected our income and developed our net-zero carbon agenda. Looking forward, with the pandemic restrictions lifting, we have a positive outlook and are optimistic about the year ahead.”
This is the Duchy’s fifth Integrated report and complies with the Framework of the International Integrated Reporting Council (IIRC). This framework helps the Duchy explain how it creates value in the short, medium and long term, for a range of stakeholders. It includes details of how the decisions made in the course of meeting commercial responsibilities also create positive, long term value for local communities, the economy and the natural environment.
Notes to Editors
The Duchy of Cornwall is a private estate established by Edward III in 1337 to provide an income for the heir to the throne. The Duchy has been run under the stewardship of The Prince of Wales, the current Duke of Cornwall, since 1969. He is the longest serving Duke of Cornwall in history and 2019 marked his 50th year in charge. The Duchy provides an annual income which The Prince uses to support himself, his immediate family, as well as his philanthropic work, which raises over £100m annually for a variety of good causes. The Prince voluntarily pays income tax on all revenue from the estate. The Duchy is run in accordance with The Prince’s own social and environmental values. He ensures that, as well as providing him with an income, the estate must also focus on supporting the communities who live and work there, as well as protecting the land itself for future generations. This dual strategy has been at the heart of The Prince’s vision for the last five decades and makes the estate unique amongst other similar organisations.
The Duchy of Cornwall 2020/21 Integrated Annual Report is available in full here: https://duchyofcornwall.org/integrated-annual-reports.html
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