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A private estate established in 1337 which funds the public, charitable and private activities of the Prince of Wales and his family.

How we create and share value: our strategic objectives

Strategic objective

Provide income

to support the public, charitable and personal activities of The Duke of Cornwall and his immediate family.

Sheep in a field

How it is measured

KPI: Annualised growth in distributable revenue surplus

Our progress

Income provided to The Duke of Cornwall this year is, as anticipated, marginally down on last year – there were a number of one-offs in 2017/18. Next year should see growth in line with inflation, and we expect to reach our target of an average of 2.6% annual growth over the period 2015 to 2020

Future focus

Uncertainties in the farming sector (see External context, page 12) mean that future growth in income is difficult to predict. The existing portfolio, both rural and commercial, is generally fully rented. Strategic reinvestment of surplus capital will be required to drive real increases.

Strategic objective

Generate capital and rebalance capital assets

while maintaining the quality and integrity of the estate

row of houses

How it is measured

KPI: Capital cash flow
KPI: Maintain a cohesive, quality, core property portfolio

Our progress

Capital cash flow from the property portfolio was in deficit again this year, as sales of development land have taken longer to come to market than hoped. The restructuring of our borrowings has meant that capital cash availability is no longer a risk issue 

Future focus

Disposals will continue to focus on off-lying and poorer quality land, and on releasing the substantial investment in property at the Duchy development at Poundbury. No material purchases are planned, but we continue to look for opportunities to diversify the portfolio

Strategic objective

Engage with and actively support communities

by listening and responding to local needs and priorities, and by promoting economic and social well-being

people walking on farm track

How it is measured

KPI: Jobs created at urban extension projects
KPI: Tenant perception
KPI: Length of Farm Business Tenancies (FBTs) for equipped holdings
KPI: Community engagement on major development projects

Our progress

The long-term nature of the estate means we prize the long-term relationships we develop with our tenants and communities. We continue to let farms on longer-term tenancies, put effort into job creation at our development sites and respond to our tenants’ feedback.

Future focus

To support this objective we have begun an ambitious project to assess natural capitals across the estate. Already, 24 management plans have been completed. This coming year we will also finish collating data on the quality of our homes and workplaces to ensure the standard of property improves over time.

Strategic objective

Cherish, protect and enhance land and property

to maintain the estate for future generations

country lane

How it is measured

KPI: Quality homes standard
KPI: Safe buildings and places
KPI: Tenant satisfaction
KPI: The proportion of land that is covered by a new Natural Resource Management Plan

Our progress

Improved key performance indicators are now in place to capture the outcome of the investment we make to protect and enhance the estate. We have made real progress this year in determining what data will be needed. And we now have baseline results on tenants’ satisfaction with their properties. 

Future focus

To support this objective we have begun an ambitious project to assess natural capitals across the estate. Already, 24 management plans have been completed. This coming year we will also finish collating data on the quality of our homes and workplaces to ensure the standard of property improves over time.

Strategic objective

Improve environmental outcomes

by working with farmers and other partners, and reducing the impact of the Duchy’s in-house operations

wild horses in field

How it is measured

KPI: Renewable energy installed capacity and projects facilitated
KPI: Natural capital assets
KPI: Direct greenhouse gas (GHG) emissions

Our progress

Working with our tenants to improve environmental outcomes will be achieved through our Natural Capitals Project, which has gained momentum during the year. New farm lettings specifically address environmental issues. We have also increased the installed renewable energy capacity across the estate and further reduced the carbon footprint of our in-house operations.

Future focus

We plan to complete a further 80 natural capital assessments in 2019/20. Direct GHG emissions are down 60% on baseline, but we still need to do more to address emissions from travel by Duchy staff. A project to capture CO2 is planned for the coming year, with a view to producing ‘bioCO2’ for the food and drinks sector from a renewable energy plant.

Discover more

The Duke of Cornwall

The Duke of Cornwall

The Duchy of Cornwall is a private estate established by Edward III in 1337 to provide independence to his son and heir, Prince Edward.

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Poundbury

Poundbury

Poundbury is an urban extension to the Dorset county town of Dorchester, built on the principles of architecture and urban planning as advocated by The Prince of Wales in ‘A Vision of Britain’.

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