Prince William received a private income of almost £6 million this year

Prince William received a private income from the Duchy of Cornwall of nearly £6 million this year, but could get more than £20 million next year.

The Prince of Wales inherited the dukedom estate after his grandmother, the late Queen Elizabeth II, died and his father, King Charles III, ascended the throne.

William is now entitled to his excess profit every year. The dukedom generated record profits of £24.048 million in 2022-23 – £1.02 million more than £23.024 million the previous year, an increase of around 4.5 per cent, the estate’s own accounts showed.

Usually, William would receive the £24 million as his private income, but his finances were complicated by his becoming heir apparent in the middle of the financial year.

The King, as a former Prince of Wales, was entitled to £11.275 million of the surplus prior to his accession. And William, who spent about six months of the last financial year as Duke of Cornwall and Prince of Wales, was entitled to £12.773 million.

But Kensington Palace explained that as a ‘one-off change in connection with the change of Dukes of Cornwall’, the Duchy’s team requested that some of the surplus be retained for ‘working capital purposes’ – the day-to-day running of the estate – this year.

The dukedom retained £6.873 million, leaving William with an income of £5.9 million.

However, William was criticized for not publishing an annual report in his first year as heir to the throne.

Republic, which is campaigning for an elected head of state, called on the prince to fully report his income and expenses and instead give his dukedom income to local communities across the country.

The figures were published today, the same week William Homewards launched its five-year campaign to eradicate homelessness in six locations across the UK.

As the Prince of Wales, Charles released a separate annual Clarence House Review each year, describing his wide-ranging income and expenditure of duchy money.

But Kensington Palace said last year had been a transitional year following the late Queen’s death and so they would not issue a report this year – William’s first as heir apparent.

“Their Royal Highnesses have worked out with their Duchy and Household team their plans and priorities for the Duchy and Household over the coming years, and how they support their work and charitable priorities, such as The Royal Foundation and its programmes,” said a Kensington Palace spokesperson. .

“And that’s why the household doesn’t publish a partial annual report.”

However, Republic chief executive Graham Smith said: “William has some explaining to do, because a change of monarch and heir is no excuse for rooting back on what little transparency there is.”

He added: “There is absolutely no reason why William’s household cannot provide full accounts for this financial year.

“As a recipient of government funds from the State Duchy, he should report his income and expenditure.

“With the duchy’s profits looking set to grow to a record £24 million, it’s time we demanded the return of the duchies (of Cornwall and Lancaster) to the people and that the revenues be spent on local communities.”

William, in the duchy’s own detailed financial accounts, paid tribute to his father for leaving an “indelible mark” on the duchy and his passion for driving change. He described that in his new role he wanted to make a difference himself.

“I am committed to tackling climate change and I am proud of the estate’s efforts to contribute to this challenge,” said William.

“If we can also help tackle societal challenges, such as mental health and homelessness, I will feel that my term as duke has been worthwhile,” he said.

He added: “I recognize that I have taken the helm at a challenging time for many tenants, businesses and communities in the Duchy.”

William, like his father, said he will ‘support the Duchy family through this, in an effort to ensure that the estate continues to evolve and move forward as a modern enterprise delivering on our vision of sustainable stewardship – for communities, business and nature’ .

He previously told the Sunday Times that he had plans for social housing on Duchy lands, but there were no clear details in the Duchy’s financial accounts.

Next year, William is expected to receive the entire £24 million duchy’s winnings.

But Alastair Martin, the duchy’s secretary and keeper of the records, suggested the estate may not reach those record numbers again.

He put the boost from £23m to £24m on some extra one-off revenue.

“This will not continue and the surplus for 2023/24 will not be at this level,” he said. “Revenues will return to current levels, there will be significant cost increases and a full repair program will need to be funded.”

William will also have received money from his father to fund his official duties and private life when he was Duke of Cambridge during the first six months of the 2022-23 financial year.

Charles’ account for the activities of William, Kate and their family, and other costs, including capital expenditure and transfer to reserve, was £4.38 million 2021-22.

But the figure has not been disclosed this year, nor is there a tax bill for Charles in relation to the Duchy.

William’s tax bill for any duchy money would be due in January 2024. He pays income tax on the surplus after deducting official expenses.

Kensington Palace has released the gender balance of its staff for the first time: 64 per cent female and 36 per cent male.

And it revealed that William and Kate’s household consists of 50 people, but a breakdown of their roles was not given.

Some 16.3 percent of the workforce belong to an ethnic minority, compared to 13.6 percent last year.

According to data from the 2021 census, around 18 per cent of people in the UK belong to a black, Asian, mixed or other ethnic group.