The Prince of Wales' annual income from the Duchy of Cornwall has risen by almost three percent to £22.2million in the past year, accounts have revealed. However, he is expected to see a "significant" drop in that figure in 2021 due to the impact of the coronavirus pandemic.
As heir to the throne, Prince Charles is entitled to the surplus generated by the Duchy's vast portfolio of land, buildings and financial investments. In 2019-20, Charles' private annual income from the estate rose by £617,000, reaching £22,244,000, the Duchy's annual report, released on Thursday, showed.
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Prince Charles' income has increased 3% in the past 12 months
However, Alastair Martin, the secretary and keeper of the records, has predicted a drop in income for the Prince next year. "The lockdown resulting from COVID-19 was only in place for one week of the financial year that this report covers," he said. "There is therefore very limited financial impact on these results.
"As to 2020-21, it is too early in the new financial year to be able to say with any confidence what the impact on our financial performance will be, but, despite having a particularly well-diversified asset base, we fully expect the revenue surplus to be down by a significant amount, in large part due to our trading enterprises being closed."
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He added: "We have not availed ourselves of the various government pandemic support schemes but have continued to pay all staff."
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The Duchy Estate was created in 1337 by Edward III to support his son and heir Prince Edward, and all his subsequent heirs. It extends across 23 counties in England and Wales and includes the Oval cricket ground and 67,000 acres of Dartmoor.
Prince Charles uses his Duchy income to pay for his official duties, his London office and charitable work. He also funds the public duties of Duke and Duchess of Cambridge and some of Prince William and Kate's private costs. He will have done the same for the Duke and Duchess of Sussex from his 2019-2020 income.
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Prince Harry and Meghan quit as senior royals in March at the end of the financial year. At the time, it was confirmed Charles would continue to make private financial contributions to Sussexes as they began their new life in the United States. But it is not known whether this is coming from Charles' Duchy money or his other private sources such as any inheritance or private investment.
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