Financial reports 2016-17

Published

The Royal Household today published its annual financial statement, The Sovereign Grant Report 2016-17. During the financial year in question, the Sovereign Grant amounted to £42.8m. This was supplemented by additional income of £14.9m, generated from sources including property rental and facilities management charges. Total expenditure amounted to £56.8m, with the residual £0.9m transferred to the Sovereign Grant Reserve.

 

Highlights of the 2016-17 Report include: 

  • An increase of 7% in income generated to supplement the Sovereign Grant. Income from own resources accounted for 26% of total expenditure. 
  • Additional investment of £1.5m (9%) on property maintenance, as part of a long-term strategy to address the challenge of preserving the Estate.
  • Preparations for the forthcoming reservicing of Buckingham Palace, a major ten-year project to overhaul one of Britain's leading heritage assets.

Commenting on the Sovereign Grant Report 2016-17, the Keeper of the Privy Purse, Sir Alan Reid, said: 

"During the year to 31 March 2017, over 3,000 official engagements were undertaken across the United Kingdom and overseas by Members of the Royal Family. These included major national events including the centenary of the Battle of the Somme, the unveiling of the Iraq and Afghanistan Memorial on Victoria Embankment, and celebrating the success of Team GB at the Olympic and Paralympic Games in Rio. As the Report states, the activities of the wider Royal Family are vital in bringing the Monarchy into direct and personal contact with all sections of society. We can expect to see other members of the family doing even more to support The Queen in the years ahead. In 2016-17 the Sovereign Grant equated to a cost of 65p per person in the United Kingdom – the price of a first-class stamp. When you consider that against what The Queen does and represents for this country, I believe it represents excellent value for money."

Related content

The King's message marking two years of conflict in Ukraine

My heart goes out to all those affected, as I remember them in my thoughts and prayers.

24 February 2024

A message from His Majesty The King to Grenada marking their 50th year of Independence

On the occasion of the fiftieth Anniversary of the Independence of Grenada, it gives me great pleasure to send you all my congratulations and warmest good wishes.

07 February 2024

A message from His Majesty The King for the launch of Big Help Out 2024

I have long believed that one of the greatest strengths of our nation is our ability to come together and help each other through times of hardship. Throughout my life, I have...

31 January 2024

The Queen's Introduction to Queen Mary's Dolls' House's Modern-Day Miniature Library

It has continued to enchant generations of children and adults who come to marvel at its perfect proportions, extraordinary attention to detail and, perhaps above all, the...

30 January 2024
Press release 29 January 2024

A statement from Buckingham Palace

Read more
Press release 26 January 2024

A message from The King on Holocaust Memorial Day 2024

Read more
Press release 25 January 2024

The King's Gold Medal for Poetry 2023

Read more
News

The Queen visits Swindon

22 January 2024
Queen Camilla smiles after unveiling a plaque during a visit to the Swindon Domestic Abuse Support Service's (SDASS) in Wiltshire, to mark the charity's 50th anniversary and highlight their work in support, prevention, education and early intervention, including work with perpetrators of domestic abuse.
Press release 17 January 2024

A statement from Kensington Palace

Read more

A message from His Majesty The King to Their Majesties King Frederik X and Queen Mary of Denmark

I look forward to working with you on ensuring that the enduring bond between our countries, and our families, remains strong, and to working together with you on issues which...

15 January 2024

The King's Christmas Broadcast 2023

And at a time of increasingly tragic conflict around the World, I pray that we can also do all in our power to protect each other.

25 December 2023