Financial reports 2010-11

The Queen’s Official Expenditure for 2010-11 funded by the equivalent of the new Sovereign Grant has decreased by 5.3%. The total expenditure in the year was £32.1m. 

Sir Alan Reid, Keeper of the Privy Purse, said: 

“The Queen is very keen that the Royal Household should continue to reduce its expenditure in line with public expenditure reductions.”

“The decrease in expenditure is due mainly to increased income generation, the deferral of property maintenance expenditure and the implementation of a pay freeze. This pay freeze will continue onto this year.

“Over the past five years The Queen’s Official Expenditure has reduced by 19% in real terms and while the Royal Household will continue to identify efficiencies it will be very difficult for overall expenditure to reduce very much further without impacting on the Royal Household’s activities in support of The Queen and the long term health of the estate.”

In October 2010 the Chancellor of the Exchequer announced a new system of funding The Queen’s Official Expenditure to be known as the Sovereign Grant and the proposed legislation is currently before Parliament. Therefore, it is appropriate to report on Royal Finances for the year to March 2011 on the Sovereign Grant basis.

annual_summary_2010-11.pdf (158.5 KB)

full_report_2010-11.pdf (450.16 KB)

Notes to Editors:

1. As the Sovereign Grant Bill is currently before Parliament it is not appropriate for the Royal Household to make further comment at this time. However, following enactment of the Bill it is intended to respond to any questions on these accounts and the future funding of The Queen’s Official Expenditure.

2. The Sovereign Grant is met from public funds in exchange for the surrender by The Queen to the Government of the revenue from the Crown Estate and other hereditary revenues. The Treasury’s gross receipts in respect of the Crown Estate were £210 million in 2009-10.

3. The 1972 Civil List Act requires the Royal Trustees to report on the Royal finances at least once every ten years. Royal Trustees Reports are required by law to be laid before Parliament. The last Royal Trustees Report was presented on 22 June 2010. This Annual Report is not a Royal Trustees Report, and it is being published for information only. The Annual Report is not being laid formally before Parliament and its publication does not compromise the principles set out in the 1972 Act.

4. The Queen’s Official Expenditure excludes the costs of Police and Army security and of Armed Services ceremonial, as figures are not available. Expenditure which is incurred by Government departments in support of The Queen but falls outside of the Sovereign Grant is also not included in this report.