Sovereign Grant’s recent report reveals a really high-cost year for King Charles and the British royal family.

On Thursday 29 June, the Palace published its annual financial account, covering the period from April 2022 to March 2023.

The report revealed that $136 million was spent, representing a 5% increase over the previous year.

The taxpayer-funded Sovereign Grant covered $108.9 million, with the remainder coming from reserve funds.

According to the royal family’s official website, this year’s financial report covers a period of significant change for the royal household. This includes Queen Elizabeth II’s Platinum Jubilee celebration and state funeral, the King’s accession to the throne, preparations for the inauguration of future heads of the family and meetings of staff from the two households.

In addition, the ongoing renovations at Buckingham Palace increased the overall cost.

Queen Elizabeth’s Platinum Jubilee celebrations, which included Trooping the Colour, the Platinum Party at the Palace concert and the Platinum Jubilee Pageant, marked her 70th anniversary on the throne.

According to the Sovereign Grant report, the palace spent about $883,000 on these events. However, the most expensive event of the year was Queen Elizabeth’s funeral in September, which cost around $2 million.

In fact, a published report stated that, “Following Her Late Majesty’s death in September 2022, members of the Royal Family participated in a series of major events as the world marked Her Late Majesty’s passing, including hosting a reception for chiefs states and official guests from abroad, the laying of a vigil in state, the funeral service at Westminster Abbey and the funeral service held at St George’s Chapel at Windsor Castle”.