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Clarence House has issued the following statement regarding the story about the finances of The Prince’s Charities in The Times today (Friday 10th September):

“It is completely wrong to say that The Prince’s Charities face “turmoil”. The story is based on a financial snapshot taken at a particularly difficult economic time a year or so ago when many charities were finding it tough. The Prince’s Charities as a group are in solid financial health and they continue to deliver crucial services and support to people at home and abroad.

As for the social enterprises, as a group they are making more money than ever before. Duchy Originals is having its best year on record and the Highgrove shops, which generate hundreds of thousands of pounds for charity, are going from strength to strength.”

From The Prince's Trust

"In response to recent media coverage, The Prince’s Trust would like to clarify that it is not a beneficiary of The Prince’s Charities Foundation. As a large, established charity, The Prince’s Trust is able to raise its own funds to support disadvantaged young people into work, training and education.

The Trust’s income fell when the recession first hit in 2008, but the charity took the decision to draw upon its reserves to support unemployed young people in a time of great need. Today, thanks to the ongoing commitment of its donors and supporters, The Trust is in a strong financial position, with reserves in line with best practice. Due to effective financial planning between 2005 and 2010, The Trust has made a net contribution to its reserves while supporting more than 150,000 young people. It is on course this year to deliver a break-even budget and support more than 40,000 young people."