The Duchy of Cornwall has today published its Integrated Annual Report for the year ending March 31st 2022.
Exceptionally, last year the Duchy reported a fall in the income generated for The Duke of Cornwall. That £1.83million reduction, a fall of 8.2%, has been reversed this year, and the surplus generated this year is £23.0million, an improvement on the last “normal” year (2019/20). This includes a record spend on property repairs.
Indeed, the bounce-back from the pandemic has been quicker than anticipated for many of our tenants, and therefore for The Duchy. Our trading enterprises at the Nursery in Lostwithiel, Cornwall, and our portfolio of directly let holiday cottages, had a very strong year. Many people chose to remain in the UK for their holidays and sought out the quality offer we provide, resulting in record bookings and visits.
In his foreword last year, Alastair Martin, Secretary and Keeper of the Records, expressed optimism about the future. This year, he notes: "That the Duchy has bounced back so well after a difficult year in 2020/21 is due in no small part to the efforts of all staff. They continued to adapt to new ways of working, while maintaining the close relationships with our tenants that are so valued. I was delighted to see the outcome of workshops on what it means to work for this unique organisation. Staff continue to put into practice the values and behaviours they identified: we are visionary, we lead with integrity, we act responsibly, we encourage inclusivity. This year, we have progressed significantly in our efforts to protect and enhance natural capital and work towards net zero carbon – vital work supporting, and supported by, our ongoing financial viability. As ever, the knowledge, interest and involvement of The Duke of Cornwall and The Duke of Cambridge have been vital to all that we do. I thank all staff for their contributions in delivering these results.”
This is the Duchy’s sixth Integrated Annual Report that 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.
The Duchy of Cornwall 2021/22 Integrated Annual Report is available in full here.
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