to support the public, charitable and personal activities of The Duke of Cornwall and his immediate family.
KPI: Annualised growth in distributable revenue surplus
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
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.
while maintaining the quality and integrity of the estate
KPI: Capital cash flow
KPI: Maintain a cohesive, quality, core property portfolio
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
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
by listening and responding to local needs and priorities, and by promoting economic and social well-being
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
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.
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.
to maintain the estate for future generations
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
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.
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.
by working with farmers and other partners, and reducing the impact of the Duchy’s in-house operations
KPI: Renewable energy installed capacity and projects facilitated
KPI: Natural capital assets
KPI: Direct greenhouse gas (GHG) emissions
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.
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.
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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