Prince William has unveiled sweeping reforms to the Duchy of Cornwall's rental policies, waiving charges for grassroots organisations and offering discounts of up to 50 per cent for local charities who are tenants of the estate.
The Prince of Wales is understood to be conscious of the “media scrutiny” that some elements of the Duchy of Cornwall have faced.
The changes form part of the Prince of Wales's comprehensive plan to transform the 688-year-old Duchy, shifting its focus towards social impact.
The reforms follow recent scrutiny of the estate's financial arrangements with public institutions, including the armed forces and the NHS.
Prince William responds to 'media scrutiny' with major new policy.
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The new rental policy will support various charities, community groups and facilities such as village halls and sports venues. Beneficiaries include an orchard utilised for therapeutic gardening and the homelessness charity St Petroc's, which will pay no rent for new accommodation in Nansledan, Cornwall.
Will Bax, the estate's new secretary and keeper of records, declared that the Duchy was entering "an era of deep change," adding: "We are making the most of the opportunity to step back and reflect. Reflect on what society requires of us. Reflect on how we support our people, our communities and our places to thrive."
He continued: "And reflect on how we communicate our mission; to deliver positive impact for people, for places and for the planet." Bax emphasised that William wanted to ensure the duchy operated in a "modern, socially minded way" and confirmed that the rents being saved amounted to a "very significant sum".
The Prince is reportedly comfortable with the financial impact his decision will have on the Duchy's finances, viewing it as part of a broader strategy to prioritise social impact.
The Duchy's total assets rose to a value of more than £1.26billionPAThe Duchy provides William with a private income of nearly £23million annually, which funds his charitable, private and official activities, as well as those of the Princess of Wales and their children, Prince George, Princess Charlotte and Prince Louis.
Profits from the extensive land and property portfolio decreased by £700,000 to £22.9million in the financial year to April.
The income also covers staffing costs for William and Kate's household, with employee numbers increasing from 66 to 68 during the year to April.
William pays tax on his Duchy income but has opted not to disclose the amount. "The Prince of Wales pays the highest rate of income tax," his private secretary Ian Patrick confirmed.
The Duchy of Cornwall is a private estate that funds the Prince of Wales.PALATEST ROYAL NEWS:
Prince William took over the Duchy of Cornwall after Queen Elizabeth II's death.PASt Petroc's homelessness charity will benefit significantly from the reforms, paying no rent for new accommodation currently under construction in Nansledan, Cornwall. The facility will support up to 24 homeless people when completed.
The Prince has also intervened to assist Mousehole AFC, a struggling Cornish football club, by assembling a coalition to resurface the potholed road leading to the ground.
William, who learned about the club's difficulties through a newspaper report, stated: "I have seen time and time again that community hubs are essential in providing the spaces for people to come together, to build stronger communities and to allow people to thrive."
He added: "It is a privilege to be able to help the local community access Mousehole AFC. I'd like to personally add my thanks for all the hard work that's gone into making it happen. I look forward to seeing the new road for myself as soon as I can."
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