Duchy of Cornwall’s total assets rise by nearly £93 million to £1.2 billion

The Prince of Wales receives the landed estate’s profits – which came to £23 million in 2021/22 – as his annual private salary.

Laura Elston
Thursday 30 June 2022 14:40 BST
The Prince of Wales and Duchess of Cornwall at the Duchy of Cornwall Nursery in Lostwithiel, Cornwall (Chris Jackson/PA)
The Prince of Wales and Duchess of Cornwall at the Duchy of Cornwall Nursery in Lostwithiel, Cornwall (Chris Jackson/PA)

The total assets of the Duchy of Cornwall’s landed estate have risen to more than £1.2 billion – a jump of nearly £93 million since last year, annual accounts have shown.

As heir to the throne, the Prince of Wales is entitled to the Duchy’s profits as his yearly private income, which came to £23 million in 2021/22.

The Duchy’s figures, published on Thursday – the same day as the Sovereign Grant and Clarence House’s – revealed it experienced a “record financial performance” and a quicker than expected “bounce-bank” from the pandemic.

The Prince of Wales makes a speech during a reception at the Duchy of Cornwall Nursery in Lostwithiel, Cornwall (Chris Jackson/PA)

The popularity of staycations amid the Covid crisis boosted income from the Duchy’s holiday cottages with higher than ever seen numbers of bookings, while the Duchy Nursery in Lostwithiel, Cornwall, with its plant nursery and cafe, also had a strong year.

The report said core activities and a record year for trading enterprises had delivered a higher than ever before level of revenue surplus for the Duchy.

The Duchy’s total assets rose by £92,838,000 from £1,115,850,000 in 2020/2021 to £1,208,688,000 in 2021/22.

The Duchy also had record net asset values – which strips out borrowing – of more than a £1 billion, with figures rising to £1,049,069,000, up from £953,823,000 the year before – a jump of £95,246,000.

The Prince of Wales and the Duchess of Cornwall, during a visit to the Isles of Scilly (Arthur Edwards/The Sun/PA)

Alastair Martin, the Duchy’s Secretary and Keeper of the Records, said in the report: “After the immense challenges of 2020/21, this year has seen a return to more normal conditions and a record financial performance.

“Indeed, the bounce-back from the pandemic has been quicker than anticipated for many of our tenants, and therefore for us.

“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.”

The Duchy of Cornwall – a portfolio of land, property and investments – owns more than 128,000 acres of land across 20 counties in England and Wales, and features £345 million worth of commercial property.

The Isles of Scilly and 67,000 acres of Dartmoor have been part of the Duchy since the 14th century.

It also owns The Oval cricket ground and Dartmoor Prison.

Created in 1337 by Edward III for his son Edward, the Black Prince, the Duchy’s main purpose is to provide an income, independent of the monarch, for the heir apparent.

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