The Duchy of Cornwall is a private estate established in 1337 which provides an income to the Duke of Cornwall. This income funds the public, charitable and private activities of the Prince of Wales and his family. It is managed in harmony with His Royal Highness’s ethos, and so that it can be passed on with pride. The Duchy of Cornwall estate is sui generis – one of a kind. It is neither a corporation or company, nor trust or settlement. The landed estate of 53,390 hectares extends across 23 counties of England and Wales.
Our 2014/15 Annual Report was an initial step towards integrated reporting <IR>. It was informed by the International <IR> Framework developed by the International Integrated Reporting Council and reflected discussions about our mission and strategy with our staff and key stakeholders. We summarised our business model, provided an overview of strategic objectives, outlined the key factors influencing performance and described our governance structure in more detail.
In our 2015/16 Annual Report we built on this work by providing more information on strategic risk and by describing the financial and non-financial resources we produce and use – known as capitals. In particular, we discussed the initial results from a corporate natural capital account that we have produced, one of the first largescale applications of this method in the UK. We also considered how our strategic objectives align with the UN Sustainable Development Goals, launched in September 2015.
For our 2016/17 report we aim to have developed our discussion of stakeholder engagement and key performance indicators, and to have achieved full compliance with the International <IR> Framework.