In cold financial terms the Prince of Wales is in good shape. He is receiving more money from his range of civil, commercial and charitable activities and ended his 2007 financial year with a surplus 43 per cent larger than in 2006.

The total flowing into the princely coffers rose just over 9 per cent to £17.6 million. Some of that growth came because he received more cash from the State for performing official duties. But private revenues from the Duchy of Cornwall also climbed, albeit at 8 per cent, a slightly less impressive pace.

The Prince can be most encouraged by the increasing popularity of the Duchy Originals brand of foods. The total retail value of the sales climbed 15 per cent. It is a rate that would make Tesco jealous. That said, most of the additional cash came from increasing commercial property rents and fortunate financial investments. Critics will be tempted to ask whether the Prince, or his team, can take much credit.

Close examination of the numbers, meanwhile, suggests that the Prince may be going backwards in terms of financial efficiency. For every £100 of incoming revenue, the Duchy laid out £47.84 in overheads, while in 2006 it spent £46.68.

Moreover, the Duchy brand also appears to be making profits that are modest. The Prince did no more than say that Duchy Originals made profits in excess of £1 million. That, on sales of £53 million, mean the profit margins may be a low as 1.9 per cent. Tesco, in comparison, works on margins of 4.4 per cent.

The Prince might also have a look at the tax bill. The Duchy is paying tax at a rate of 43 per cent, when the average company would be disappointed to pay much more than 30 per cent. He might wonder whether his tax advice is all that it should be.

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