Duchy of Cornwall publishes 2025 Integrated Impact Report, marking new chapter under Prince of Wales

The Duchy of Cornwall has released its 2025 Integrated Impact Report, detailing a year of strategic evolution, environmental investment, and strengthened community partnerships under the leadership of His Royal Highness The Prince of Wales, the 25th Duke of Cornwall.

Covering the year ending 31 March 2025, the report reflects a time of transition and renewed focus, as Will Bax began his tenure as the Duchy’s new Secretary and Keeper of the Records, succeeding Alastair Martin.

The 2025 report underscores the Duchy’s growing commitment to delivering positive impact for people, places and the planet, continuing the strategic direction set in the Prince of Wales’ first full year at the helm.

“I’ve spent my first few months at the Duchy listening and learning; from colleagues, stakeholders and tenants across the estate,” wrote Will Bax in his introductory letter.
“Working hand in hand with The Duke, this is a time of reflection and transformation. We are bringing positive change to the Duchy, and this comes in many forms, the first has been refocusing our organisational strategy.”

The Duchy maintained its four strategic priorities for 2025:

1. Becoming a net zero estate by 2032

2. Tackling homelessness in Duchy communities

3. Setting a benchmark for mental health support for rural tenants and staff

4. Supporting real value for communities while growing estate income

A key development this year was a policy review of charitable and community lettings, resulting in significant rent reductions for some leaseholders. The move aligns with the Duchy’s aim to prioritise social impact over profit in specific community contexts.

In the 2024–25 financial year, the Duchy invested more than £10 million in community development projects across its estate, with notable progress at Nansledan in Newquay and Poundbury in Dorset. A further £2.8 million was directed toward environmental initiatives, including woodland expansion, sustainable farming, and clean energy infrastructure.

The Duchy also completed a range of property upgrades incorporating solar panels, air source heat pumps, electric vehicle charging points, and farm infrastructure, each aligned with the estate’s environmental goals.

The Duchy made meaningful strides toward its 2032 net zero goal, including the creation of 400 hectares of new habitat. The estate worked with partners such as the South West Peatland Partnership to restore Dartmoor’s peatlands, a key carbon sink. Meanwhile, the Duchy’s seven ‘focus farms’ have continued trialling climate-smart practices, with one farm now net zero certified.

As part of its community focus, the Duchy worked with Fields In Trust on a new study that found 99% of residents in Duchy communities have good access to nature.

The Duchy also advanced its homelessness work, including a joint project with St Petrocs in Nansledan, where construction is underway on housing that will include wrap-around care for individuals at risk of homelessness.

Despite a turbulent economic climate, the Duchy maintained strong financial performance, reporting a distributable surplus of £22.9 million. While slightly down on the previous year, the estate described the results as a testament to its balanced approach, delivering social outcomes without compromising commercial performance.

This year also saw a significant governance overhaul, with the dissolution of several specialised committees in February 2025. In their place, strategic oversight now resides with an expanded Council, supported by a new Audit and Risk Committee and enhanced Executive Committee structures.

Two new Council members were appointed in March - Kate Holborow, a communications expert with deep roots in Cornwall and a background in business and community sectors, and Rob Perrins, CEO of Berkeley Homes and a trustee of the Berkeley Foundation, who brings expertise from his previous role on the Duchy’s Commercial Property and Development Committee

Throughout the year, the Duchy continued to work closely with Kensington Palace, The Royal Foundation, and The Earthshot Prize to align The Prince of Wales’s personal and professional priorities across all platforms.

“It is clear we have entered an era of change,” added Bax. “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, and reflect on how we communicate our mission to deliver positive impact for people, for places and for the planet. These are the themes you will discover within this year’s report – the same themes we seek to amplify further in the years ahead.”

As the Duchy continues to navigate its modernisation under the Prince of Wales, the 2025 report serves as both a benchmark of impact and a roadmap for future change, rooted in environmental stewardship, community development, and royal legacy.