Summary
The Duchy of Lancaster and the Duchy of Cornwall
are landed estates whose annual surpluses provide an income for
Her Majesty The Queen and His Royal Highness The Prince of Wales[1]
respectively (Figure 1). The capital assets of the Duchies
are held in trust and The Prince of Wales and The Queen do
not have access to them, though The Prince of Wales plays an active
role in the management of the Duchy of Cornwall. The Duchies are
not responsible for the use made of the surpluses by The Royal
Household and the Prince of Wales's Household.
Figure
1: The Duchies in brief
| The Duchy of Cornwall
| The Duchy of Lancaster
|
| History | Created by charter in 1337 when Edward III created his son the Duke of Cornwall. The Duchy provides the Heir Apparent with an income independent of the Sovereign or the State.
| Since 1399 the Duchy has passed to each reigning Monarch to provide a source of income. The Duchy was incorporated by charter in 1461.
|
| Size of landed estate at 31 March 2004
| 56,229 hectares, comprising primarily agricultural, commercial and residential property.
| 18,916 hectares, comprising primarily agricultural, commercial and residential property.
|
| | |
| Location of estate |
Spread across 15 counties - just over half of the estate is in Devon, with large holdings also in Cornwall, Somerset and Herefordshire.
| Spread across 11 counties - over a third of the estate is in Yorkshire, with large holdings also in Lancashire and Staffordshire.
|
| Net revenue surplus generated in 2003-04 |
£11.9 million | £8.3 million
|
| Total capital value at 31 March 2004
| £463.1 million |
£267.8 million |
| | |
| Average number of employees during 2003-04
| 73 | 18
|
| | |
Source: The Report and Financial Statements of the Duchy of Cornwall
for the year ended 31 March 2004; The Report and Accounts
of the Duchy of Lancaster for the year ended 31 March 2004
Under the Duchy of Cornwall and Duchy of Lancaster
Act 1838, the accounts of both Duchies are required to be presented
to Parliament and they are therefore available for scrutiny by
the Committee of Public Accounts. The Treasury has a statutory
responsibility to direct the form of the Duchies' accounts and,
in respect of the Duchy of Cornwall, its approval is required
for major capital transactions.
The Committee's examination was not based on a Report
from the Comptroller and Auditor General, as the Comptroller and
Auditor General does not audit the accounts of the Duchies and
does not have access to the underlying books and records. The
Committee therefore based its examination on the accounts presented
to Parliament by the Duchies and an exchange of correspondence
during 2004 between the Chairman of the Committee and the Duchies,[2]
focusing on matters relating to management and governance, and
the clarity of the accounts.
1 Prince Charles became the 24th Duke of
Cornwall on The Queen's accession in 1952, and received the title
of The Prince of Wales in 1958 Back
2
Ev 26-38 Back
|
