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."