Prince Charles' Duchy of Cornwall could suffer 'significant' drop in income, report warns
The Prince of Wales on a television program about the Duchy of Cornwall - ITV
The Duchy of Cornwall's income in Prince of Wales will decrease by a "significant amount" due to the corona virus, the annual report warns, admitting that it is a "difficult and anxious time".
The Duchy, which reports a three percent increase in the Prince's annual income to £ 22.2 million this year, is likely to suffer from Covid-19 and its economic consequences, which are already affecting tenant livelihoods in tourist-dependent areas to have.
The Duchy warned that it was too early to predict the exact impact since its investment portfolio was not "significantly affected" yet. "Pessimistic, expected and optimistic" cases were planned and "short-term overdraft facilities should be set up to cover temporary liquidity problems".
As the heir to the throne, the prince is entitled to the surplus generated by the duchy's vast portfolio of land, buildings and financial investments.
In 2019-20, the Prince's annual income from the genome increased from £ 21,627,000 in 2018-19 to £ 22,244,000.
The total value of the Duchy's assets has decreased by almost £ 29m to £ 1,070,809,000, largely due to the valuation of the Duchy's investment property at the end of March during the Covid-19 outbreak.
Prince Charles walks with Alastair Martin (L) and Michael Galsworthy (C) during a duchy visit to Nansledan in Cornwall - Getty
In the Duchy's annual report released on Thursday, Alastair Martin, the secretary and custodian of the records, predicted a decline next year and said, "We expect the excess sales to decrease largely due to our trading. Companies will be closed. "
Mr Martin said the coronavirus crisis has caused "considerable personal and financial disruption" for many Duchy tenants, particularly in the Isles of Scilly and Cornwall, where the economy relies on tourism and hospitality.
"It is unclear how the year ahead will develop. During this difficult and anxious time for the duchy family, we will continue to maintain and work closely with all of our tenants to restore their livelihoods where possible," he said .
Regardless, the prince will be featured on the Rethink project on BBC Radio 4s Farming Today and the World Service Newsday program to investigate how the world could change after the coronavirus pandemic.
The prince will speak of his hopes that Britain could use its "spirit of victory" to make its home-grown food the best in the world.
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