Duchy of Cornwall

Duchy of Cornwall

The Duchy of Cornwall

The Duchy of Cornwall is a well-managed private estate which funds the public, charitable and private activities of The Prince of Wales and The Duchess of Cornwall and proportion of the costs of Princes William and Harry.  The Duchy consists of around 54,521 hectares of land in 23 counties, mostly in the South West of England, and includes agricultural, residential and commercial property holdings. It also has an investment portfolio.

The Duchy estate was created in 1337 by Edward III for his son and heir, Prince Edward, and its primary function was to provide him and future Princes of Wales with an income from its assets. A charter ruled that each future Duke of Cornwall would be the eldest surviving son of the Monarch and the heir to the throne.

The current Duke of Cornwall, HRH The Prince of Wales, is actively involved in running the Duchy and his philosophy is to improve the estate and pass it on to future Dukes in a stronger and better condition.

About the Duchy

The principal activity of the Duchy is the sustainable and commercial management of its land and properties.  It also has a financial investment portfolio.

The agricultural estate consists of arable and livestock farms let to tenant farmers including some smallholdings. The Duchy promotes high quality residential and commercial building programmes when its land is designated for development by local authorities. Where possible it converts its redundant farm buildings to work places in order to encourage small businesses within the countryside.

Conservation is particularly important and the Duchy encourages its farming tenants to pursue practical conservation measures alongside commercial farming. The estate invests considerably in environmental projects, and The Prince has created the organic Duchy Home Farm at Highgrove in part as an example for others to visit. 

The Prince has established a Habitat Award Scheme for Duchy farm tenants to encourage and recognise good environmental management and husbandry practices while maintaining financial viability.

The Prince of Wales is well-known for his views on urban planning, design and regeneration and believes that more should be done to create urban areas with a human scale that encourage a sense of community and pride of place. 

Poundbury, the urban extension of Dorchester in Dorset built on Duchy land and the Newquay Growth Area, a 100 hectare site to the east of Newquay in Cornwall that has been allocated for development, have both been  established or are being taken forward with this in mind.

At Poundbury and at Newquay one of the main objectives is to create sustainable communities that are safer and healthier for residents; where the pedestrian takes priority over the car; where communities are mixed-use with workplaces integrated with housing, providing local jobs and community facilities; and where private and affordable are again mixed rather than segregated.

In respecting the past, The Prince continues to support the recovery and redevelopment of abandoned or neglected built heritage. The Duchy has regenerated a number of derelict cottages and farm buildings for local communities which have been used to provide a variety of rented houses, cottages and rural workplaces.

Management

The Prince of Wales takes a long-term stewardship approach to the running of the Duchy and has demonstrated that environmental and agricultural best practice are compatible with a sound financial return.  For example, The Prince has helped to increase the Duchy’s capital value – to which he has no access – by 80 per cent in the last six years.

The Prince of Wales is not entitled to have or to spend any of the Duchy’s capital (but is only entitled to its annual income) and because of this the Duchies of Lancaster and Cornwall (Accounts Act) 1838 gave the Treasury a role to ensure that actions taken by any Duke when managing the Duchy do not compromise the long term value of the estate. For this reason the Treasury must, for example, approve all property capital transactions with a value of £200,000 or more.

The Duchy’s accounts, which are audited by a professional external auditor, are, through the Treasury, laid before the House of Commons and the House of Lords so that Parliament can be satisfied that the Treasury is fulfilling its statutory responsibilities.

The “board” of the Duchy is The Prince’s Council which is chaired by The Prince of Wales. It meets twice a year. The “chief executive” is The Secretary and Keeper of the Records.

With the exception of the Secretary and Keeper of the Records, The Prince’s Council is a non-executive body which provides advice to His Royal Highness with regard to the management of the Duchy. The management of the Duchy operates under the overall guidance of The Prince’s Council and subject to the Treasury supervision referred to above.

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