Charles’s annual income rises to £22.2 million

The Prince of Wales's annual income from the Duchy of Cornwall has risen by nearly 3% to £22.2 million, but is expected to fall "by a significant amount" next year due to the coronavirus pandemic, accounts show.

As heir to the throne, Charles 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 private income from the hereditary estate rose by £617,000 – 2.9% – from £21,627,000 in 2018-19 to £22,244,000.

In the Duchy's annual report published on Thursday, Alastair Martin, the secretary and keeper of the records, predicted a drop income for Charles next year.

"The lockdown resulting from Covid-19 was only in place for one week of the financial year that this report covers," he said.

"There is therefore very limited financial impact on these results.

"As to 2020-21, it is too early in the new financial year to be able to say with any confidence what the impact on our financial performance will be, but, despite having a particularly well-diversified asset base, we fully expect the revenue surplus to be down by a significant amount, in large part due to our trading enterprises being closed."

He added: "We have not availed ourselves of the various government pandemic support schemes but have continued to pay all staff."