London, Thanasis Gavos

The statement of financial transactions for the financial year 2023-24 (April to April) was published by British royal familyi.e. the so-called Ruler’s Grant Report (‘Sovereign Grant Report‘).

The ‘Sovereign Grant’ is the government grant from the respective monarch and the royal house to cover the costs of carrying out official royal duties, such as official travel, receptions and ceremonial events, but also to cover the running and maintenance costs of the palaces.

It is calculated and submitted to the monarch annually by the government as a share of the profits generated by the management of the Crown Estate, i.e. the hereditary royal property which is distinct from the personal property of the respective monarch. The Crown Estate comprises a huge portfolio of assets, mainly real estate with a total value of several billion pounds.

The period covered by today’s statement includes the coronation of Charles, but also his temporary absence from official duties due to the cancer diagnosis.

The amount of the Sovereign Grant was held steady for a third year at £86.3m. The sum comes from the basic grant of £51.8m for official duties and the running of the palaces and an additional interim grant (to be given over ten years) for the refurbishment of Buckingham Palace, which is hopefully in her eighth year.

The total Sovereign Grant is £1.29 per UK resident.

Income from the management of royal estates that topped up the Sovereign Grant came to £19.8m, more than double the £9.8m in the previous financial year. This was as a result of the full recovery of visitor numbers to Buckingham Palace and Windsor Castle after the downturn due to the pandemic.

Total revenue for the British state from the Crown Estate amounted to £1.1 billion. This also means that in the next financial year 2025-26 the royal grant is expected to increase significantly, by £45m.

Overall spending funded by the Sovereign Grant fell in 2023-24 by 17% to £89.1m.

According to the statement, despite health problems in the royal family, members of the family performed more than 2,300 duties in Britain and abroad. More than 400 receptions and ceremonies were held in the royal residences, while they were honored with the presence of more than 105,000 guests.

Treasurer Sir Michael Stevens pointed out that it was the third year in a row that the Sovereign’s Grant “has not increased by a single penny, despite the extra costs arising from the change in the throne and despite double-digit inflation”.