Since its foundation in the 14th Century the Duchy's main purpose has been to provide an income, independent of the Monarch and the State, for the present and future Dukes of Cornwall, whilst ensuring that the value of the Capital is maintained for future beneficiaries.
The Prince of Wales chooses to use a large proportion of the income from the Duchy of Cornwall to meet the cost of his public and charitable work.
The Prince of Wales, The Duchess of Cornwall and Princes William and Harry do not receive an allowance from the Civil List.
The land, property and other assets of the Duchy, are subject to the terms of the original charter of 1337 and the Duchy of Cornwall Management Acts 1863 to 1982, the joint effect of which is to place the Duchy’s assets in trust for the benefit of the present and future Dukes of Cornwall, and to govern the use of the assets. As Duke of Cornwall, His Royal Highness The Prince of Wales is entitled to the annual net income of the Duchy, but is not entitled to the proceeds or profits from the sale of the Duchy’s Capital assets, which are retained and re-invested by the Duchy.
The financial strategy for the Duchy is determined by the Prince’s Council on advice from the Finance and Audit Committee