The Sovereign Grant Annual Report for 2014-15 states that net expenditure was £35.7m, the same figure spent by the Royal Household in the previous financial year.
The increase in Sovereign Grant funding received, meant that £2.2m was placed into the reserve fund. This is in line with PAC recommendations.
Sir Alan Reid, Keeper of the Privy Purse, said:
"The Queen, The Royal Family and the Household continue to provide excellent value for money: at 56p per person annually. We've worked hard this year to bear down on costs, to maintain revenue and to ensure that the additional funding in the 2014/15 Sovereign Grant has been placed into the reserve. Over the coming years, the maintenance of the Estate and in particular Buckingham Palace will present a significant financial challenge. We will continue to work closely with the Royal Trustees to ensure that the funding for the Royal Household reflects that challenge."