He ‘has some explaining to do’

Turns out, it pays to be Prince William.

The Prince of Wales reportedly received a cool $7.5 million from the Duchy of Cornwall in the 2022-2023 financial year.

The prince’s windfall comes after he inherited the estate from his father, King Charles, who was crowned king after the death of Queen Elizabeth II. In his new role, he’s now entitled to the Duchy’s surplus profits every year.

The Duchy is a private estate created by King Edward III in 1337 meant to “provide independence to his son and heir.” The tradition has carried on through the years and William is the 25th duke to receive funds “used to fund the public, private and charitable activities” of the current British royal heir.

The UK group Republic, which campaigns for abolishing the monarchy and electing a head of state, demanded the prince report his income and expenditure in full, calling for the Duchy income to be donated to local communities in the UK instead.

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

“As the recipient of public funds from the state-owned Duchy he should be reporting his income and expenditure,” he continued. “As Duchy profits appear to be growing to a record $30 million, it’s time we demanded the return of the Duchies (of Cornwall and Lancaster) to the people and for revenue to be spent on local communities.”

A statement published Thursday indicated the Duchy had a record surplus of $30 million during the 2022-2023 financial year — up $1.3 million from $29 million the year before, a jump of about 4.5%.

Usually, the prince would be allowed the full $30 million as his private income, but as he became the heir to the throne midway through the financial year, the situation is more complicated .

According to royal accountants, King Charles was entitled to $14.2 million of the surplus from the time when he was still the former Prince of Wales. Meanwhile, Prince William, whose title was changed to Duke of Cornwall for the last six months, is entitled to $16 million.

However, the Duchy of Cornwall team was asked as a “one-off” to keep a proportion of the surplus for “working capital purposes,” holding onto $8.5 million for operational expenses and leaving William with $7.5 million.

William, who launched his Homewards program aiming to end homelessness, vowed to continue in his father’s footsteps by targeting climate change and social challenges.

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

“If we can also help respond to social challenges such as mental health and homelessness, I will feel my term as Duke has been worthwhile.”

A statement from Buckingham Palace, as reported by several outlets, said Kensington Palace will not be releasing a report this year due to the major transition required following the Queen’s death in September 2022.

“Their royal highnesses have been working through with their Duchy and household team their plans and priorities for the Duchy and the household in the years to come, and how these support their work and charitable priorities, such as the Royal Foundation and its programs,” a Kensington Palace spokesman said. “And it’s why the household is not publishing a partial annual report.”

The Duchy is worth more than $1.2 billion, and is one of the largest and oldest landed estates in Britain.