The Duchy of Cornwall has today published its Integrated Annual Report which summarises activity on the Duchy of Cornwall estate for the year ended 31st March 2023.
It is a time of transition at the Duchy of Cornwall. After more than five decades under the passionate, focused guidance of the 24th Duke of Cornwall, the duty of care for this land, its communities and its natural environment is passing to the next generation. In 2022, the new Prince of Wales proudly assumed responsibility for the Duchy, its essential work for positive impact and the safeguarding of its unique legacy.
Over the past nine months, The Prince of Wales has stepped into his father’s shoes as the 25th Duke of Cornwall. Looking forward, the Duke is keen to continue to evolve and deliver the Duchy’s vision, as well as tackling climate change and responding to social challenges such as mental health and homelessness. The Duchy’s vision – Sustainable Stewardship – remains unchanged. More than ever, the estate views its role as protectors of a unique and precious heritage, which contains incredible biodiverse ecosystems and natural resources, as well as the communities who live and work across the estate.
Turning to financial results, this year’s distributable surplus for the Duchy of Cornwall estate was £24m, increased from £23m last year.
Alastair Martin, Secretary and Keeper of the Records, shares this year’s financial results in more detail: “Following an exceptional but understandable fall in 2020/21 as a result of the COVID-19 pandemic, the income generated for The Duke of Cornwall in 2021/22 returned to more normal levels, at £23million. Last year I said that I expected little increase on this figure for the current year, the result of both downward pressure on agricultural rents and increasing costs – both staff salaries and significant repair cost inflation. Had it not been for some additional one-off income this year, that would have been the case. In the event, we have generated a record surplus of £24million. This will not continue and the surplus for 2023/24 will not be at this level. Income will return to ongoing levels, there will be significant cost increases and a full repairs programme to finance.”
This is the Duchy’s seventh Integrated Annual Report that seeks to comply with the Framework created by 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.
The Duchy of Cornwall 2022/23 Integrated Annual Report is available in full here.
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