If you're not hip to British parlance, the Commonwealth of Nations - formerly known as the British Commonwealth - is an intergovernmental organization of 53 member states, most of which are former territories of the British Empire, such as Canada, India, and Australia.
The question of who will follow Britain's 91-year-old monarch into the role was raised in the run-up to the summit.
Queen Elizabeth, who celebrates her 92nd birthday on Saturday, had made clear her preference for Charles to succeed her.
"It is my honest wish that the Commonwealth will continue to offer stability and continuity for future generations".
No vote was required as 46 heads of Commonwealth governments and foreign ministers from the remaining seven countries came to a consensus in favour of the proposal.
"For when numerous greater challenges we face are global in nature, the breadth of the Commonwealth, spanning six continents and a third of the world's population, offers a unique perspective in helping to forge the global solutions we need", she said.
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Canadian Prime Minister Justin Trudeau also gave his support to Prince Charles earlier this week.
Although the fund is open to people from all Commonwealth countries, the UK's contribution will target students who are eligible for Overseas Development Assistance (ODA) and looking to study at universities in low and middle income countries.
Assessing the planet's oceans is high on the schedule in the Commonwealth assembly, along side issues such as cybersecurity along with also trade.
This will be the first CHOGM held following the UK's decision to withdraw from the European Union, a decision which has resulted in calls for Britain to strengthen its economic ties with and play a greater role in the Commonwealth.
During her press conference address Mrs May said that the Chogm summit had "demonstrated that the Commonwealth is united not only by a common history but by a common future - a future in which we work together for the benefit of all our citizens and for the wider world".
The prince has been conducting his own subtle diplomacy in recent years, talking about his passion for the Commonwealth and highlighting the achievements of his charities working in Commonwealth countries.
But the summit has been overshadowed by uproar over the treatment by United Kingdom immigration authorities of some long-term British residents from the Caribbean.