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
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.
The Duchess of Edinburgh visited the volunteer team at The Lighthouse in Woking.
02 February 2024The Queen opened Maggie's new cancer support centre at the Royal Free Hospital
01 February 2024A 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...
The Queen hosts authors and illustrators of the new Modern-Day Miniature Library
30 January 2024The 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...
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...
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.
The King and Faith
A speech by His Majesty The King at the opening of COP28, Dubai, U.A.E
Change will come by working together and making it easier to embrace decisions that will sustain our world, rather than carry on as though there are no limits – or as though...
Explore Your Archive 2023
The King's speech at the State Banquet for the Republic of Korea
As our nations strive towards a harmony between progress and preservation, between the past and the present, we can look to the future with great confidence as our peoples...
The Queen's speech at the Foreign Press Association Awards 2023
Yours is an awe-inspiring responsibility: you question, debate and analyse and thus protect what is so easy for us to take for granted – true freedom of expression.
The Queen's speech at The Queen’s Commonwealth Essay Competition 2023
Well done to each and every one of you – you are quite brilliant and I have, as ever, enormously enjoyed reading your entries.