Royal Finances: William And Kate Visit Family Assets

The Duke and Duchess of Cambridge are spending two days in the West Country visiting projects and property that help fund their family and will continue to in the future.

Prince William and Kate made their first official visit to Cornwall on Thursday, and spent the day visiting housing estates built on Duchy of Cornwall land and taking a trip Towan Beach in Cornwall to watch a surfing demonstration.

Today they are due to travel to the Isles of Scilly, where the Duchy owns most of the land and nearly a third of the residential buildings.

In the future the couple will take on the titles of Duke and Duchess of Cornwall when Prince William becomes heir to the throne.

The region is seen as hugely significant when it comes to its association with the Royal finances.

Currently Prince Charles is Duke of Cornwall and responsible for the Duchy of Cornwall which was established in the 14th century to provide money for the heir separately from the monarch.

The estate which funds Prince Charles and his children goes well beyond the boundaries of Cornwall with land and buildings in 23 different counties.

That includes farming land, residential and commercial properties, including the oval cricket ground in London, and other assets including ancient monuments, coastline and quarries all worth around £1bn.

Last year the Duchy of Cornwall made £20.5m profit for Prince Charles - £10m was used to fund the official and charitable works carried out by him and his sons. He voluntarily paid £5m in income tax.

William and Kate met residents on the Tregunnel Hill housing estate in Newquay, developed on Duchy of Cornwall land in the last few years.

It is built using local materials, with a mixture of housing styles, green spaces and units available for small businesses.

Lisa Camps and her family moved down to live there from Salisbury.

She said: "We wouldn't have been able to afford anything if we didn't have the opportunity of the shared ownership scheme. Because of the fishing village aspect and the lovely colours of the houses everyone knows where I live."

The Duchy of Cornwall does not pay corporation tax because it is a private estate and not a company.

Lawyer John Kirkhope believes it should be more accountable to the public and has put in dozens of freedom of information requests.

He said: "This is a billion pound organisation, it generates in excess of £20m a year, it owns something like 132,000 acres of which 13,000 is in Cornwall.

"People that I speak to often don't want to go on the record but they will tell me that frankly the scariest the organisation they deal with is the Duchy of Cornwall.

"That's not everybody's perception but I think people should just move away from the idea that this is the Duchy of Cornwall clotted cream, surf all that."

Prince Charles sees it as his duty to make the Duchy successful for generations to come.

While he is still responsible for the estate he is encouraging Prince William to take an interest, and invites his son to attend Duchy Council meetings.