Financial reports 2017-18
The Royal Household today published its annual financial statement, The Sovereign Grant Report. For the financial year 2017-18, the Sovereign Grant amounted to £76.1m. For the first time, it included a dedicated amount - £30.4m – to fund the Reservicing of Buckingham Palace, a major 10 year overhaul of essential building services including electrical wiring, pipework, boilers and generators.
The Sovereign Grant was supplemented by additional income of £17.3m, generated from sources including facilities management charges and property rental. Official expenditure met by the Sovereign Grant in 2017-18 amounted to £47.4m. The excess of the Sovereign Grant and other income over expenditure of £28.7m was transferred to the Sovereign Grant Reserve. This includes £26.3m to meet future commitments for the Reservicing Programme.
Other highlights of the 2017-18 Report include:
- An increase of 16% in income generated to supplement the Sovereign Grant.
- A 7% reduction in greenhouse gas emissions and a 2% fall in energy consumption, as part of a broader commitment to environmental sustainability.
- Details of Reservicing Programme activity in 2017-18 and forthcoming plans for 2018-19 - including High Priority Works (replacement of boilers and generators) and the decant of the East Wing of the Palace.
- Official duties: in 2017-18 The Queen undertook 154 official engagements, while some 3000 engagements were carried out by the Royal Family as a whole.
Reflecting on the year 2017-18, the Keeper of the Privy Purse, Sir Michael Stevens, said:
"For the first time since the reign of Queen Victoria, there are three generations of the royal family at work together in support of The Queen. Each generation brings its own style and personality. What everyone shares is a desire for the monarchy to reflect and serve all parts of our country and the wider Commonwealth."
Commenting on the Reservicing of Buckingham Palace, Sir Michael added:-
"The programme addresses the urgent need to overhaul the Palace's essential services – some of which have not been updated since the 1950s. These important works will help avert the very real danger of a catastrophic building failure such as a flood or fire. During the first year of Reservicing, we removed the oldest and highest-risk electrical cabling. We set up a programme office and appointed key roles including the architect, design team and surveyors. We also commissioned a 3D survey of the building which has given us an unprecedented level of detail about the Palace."
For further information on Reservicing, please visit our Reservicing feature.
Download the 2017-18 documents below:
The wedding of Princess Eugenie and Jack Brooksbank: Carriage and Horses
The wedding of Princess Eugenie and Jack Brooksbank: Wedding Dress and Bridal Party outfits
The wedding of Princess Eugenie and Jack Brooksbank: Bridal Car
The wedding of Princess Eugenie and Jack Brooksbank: Official Photographer
The wedding of Princess Eugenie and Jack Brooksbank: Flowers
A speech by The Duke of Cambridge at the Elephant Protection Initiative Consultative Group Meeting, Battersea
President Bongo, Your Excellencies, Ladies and Gentlemen. Good afternoon. I am delighted to be here today at your first meeting. Ever since the Elephant Protection Initiative...
The Official Order of Service for the Wedding of Princess Eugenie and Jack Brooksbank
A speech by The Duke of Cambridge at the Illegal Wildlife Trade Conference, Battersea Evolution, London
Thank you, Rageh and thank you, Aidan. Your Excellencies, Ministers, Ladies and Gentlemen – welcome to London. It is heartening to see so many of you here today, united by a...
A speech by The Duke of Cambridge at the Illegal Wildlife Trade Conference Opening Reception
This is a global summit because the urgent challenge of the illegal wildlife trade is one we face as a global community.
The wedding of Princess Eugenie and Jack Brooksbank: The Bridal Party
The Duke of Cambridge unveils new United for Wildlife declaration to tackle illegal wildlife trade
A speech by The Duke of Cambridge at the United for Wildlife Financial Taskforce Declaration Signing
This trade has become the fourth largest criminal trafficking enterprise in the world, with billions of pounds flowing into the black market.
An update on the wedding of Princess Eugenie of York and Mr Jack Brooksbank
The Earl and Countess of Wessex visit the Baltic States
The Duke and Duchess of Sussex's visit to Australia, Fiji, Tonga and New Zealand
A message from Her Majesty The Queen to the President of Indonesia:
A speech by The Duke of Cambridge at the British High Commissioner's residence, Windhoek
I was humbled by the dedication of the rangers who protect the unique population of desert rhino from poachers
The Queen's message following the tragic accident on Lake Victoria, Tanzania
The Duchess of Sussex attends the opening of Oceania at the Royal Academy of Art25 September 2018
The Duke of Sussex's speech at the Coach Core Awards
The people ready to coach the stars of the future are right here in this room
The Queen has sent the following message to the people of Vietnam
The Queen's message of condolence following the devastation caused by Typhoon Mangkhut
The Duke of Cambridge will visit Namibia, Tanzania and Kenya
The Duke of Cambridge's speech during the inaugural SkillForce Prince William Award Graduation Ceremony
If we work together, we can find answers to the problems faced by this generation.
The Wedding of Princess Eugenie and Mr Jack Brooksbank: An update
A speech by The Duke of Cambridge at the Opening of Japan House, London
Minna sama. Konichi-wa. Thank you Deputy Prime Minister, Ambassador and the Japan House team for your warm welcome. First of all, a word of condolence if I may for the series...
The Duke of Cambridge's speech at the launch of the 'Mental Health at Work' initiative
The positive impact of a mentally healthy workplace will last longer than any shift
A speech by The Duke of Sussex at the 2018 WellChild Awards
Every one of you is truly amazing. You have shown all of us what it means to be a champion – whether for yourself, your family, your community, or someone in need.