The Royal Household today published its annual financial statement, The Sovereign Grant Report 2015-16.
During the Financial Year in question, the Sovereign Grant amounted to £40.1m. This was supplemented by additional income of £13.9m, generated from sources including property rental and facilities management charges. Total expenditure amounted to £53.7m, with the residual £0.3m transferred to the Sovereign Grant Reserve.
Highlights of the 2015-16 Report include:
- An increase of 4.5% in income generated to supplement the Sovereign Grant. Income from own resources accounted for a quarter of total expenditure.
- A 21% reduction in expenditure on official royal travel. This was accompanied by a 9% fall in greenhouse gas emissions.
- Additional investment of £4.6m in property maintenance, to address the long-term challenge of preserving the Estate.
Commenting on the Sovereign Grant Report 2015-16, the Keeper of the Privy Purse, Sir Alan Reid, said:
"This has been a positive and important year for the Sovereign Grant, during which we have signalled our priority for the future by increasing the amount spent on property maintenance. The Occupied Royal Palaces are a vital part of our national heritage, and can only be preserved through sustained investment. Additionally, I am encouraged by the increase in income generated outside the Sovereign Grant; this shows that we are meeting a key recommendation of the Public Accounts Committee. We have also been able to reduce expenditure on official travel, with the consequence that greenhouse gas emissions have fallen."
The current financial year, 2016-17, is the final year of the existing funding period for the Sovereign Grant. In line with the Sovereign Grant Act 2011, the Royal Trustees (Prime Minister, Chancellor of the Exchequer, Keeper of the Privy Purse) will review whether the level of funding remains appropriate.