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:
New wildlife conservation Patronages announced for The Duke of Cambridge
The Duchess of Cambridge's work on the Early Years
An announcement regarding large scale events for the rest of 2020
The Queen's message following the death of Sheikh Sabah Al Ahmed Al Jaber Al Sabah
Financial reports 2019-20
The Royal Household today published its annual financial statement, the Sovereign Grant Report, for the financial year 2019-20. The Sovereign Grant is the funding provided to...
A speech by The Duke of Cambridge at the Police Training College, Northern Irelan
At one point or another, each and every one of us will meet you or one of your colleagues, speak to you, be comforted by you and benefit from the care and protection you...
An open letter written by The Duke of Cambridge to mark Air Ambulance Week 2020
Your tireless dedication to saving lives and helping those in times of greatest need is a source of huge pride for our country.
The Queen's message following the train derailment in Aberdeenshire
The Princess Royal – 70 facts at 70
A speech by King George VI on VJ Day
From the bottom of my heart I thank my Peoples for all they have done, not only for themselves but for mankind.
A message from Her Majesty The Queen on the 75th anniversary of VJ day
May the memory of their sacrifice and bravery remain with us always.
A message of condolence from Her Majesty The Queen to the President of the Republic of Lebanon
Prince Philip and I were deeply saddened by news of the explosion at the Port in Beirut yesterday. Our thoughts and prayers are with the families and friends of those who have...
A message of condolence from The Countess of Wessex to the President of the Republic of Lebanon.
I was shocked to hear of the explosion at the port in Beirut and the surrounding area. I have fond memories of the people of Lebanon after visiting your country last year in...
A message from Her Majesty The Queen to the British Red Cross
As Patron of the British Red Cross I send my warmest congratulations to the staff and volunteers of the Society of the occasion of its one hundred and fiftieth anniversary.
The Queen and Diplomacy
A speech by The Duke of Cambridge at a virtual meeting of the United for Wildlife Taskforces
Right now, there is a real chance to ensure that the urgent steps that the world must take to prevent future zoonotic disease pandemics are designed in a way that also helps...
A message from Her Majesty The Queen on Armed Forces Day
Today provides an opportunity for thanks, and a recognition of the dedication and risks faced by those serving our nation.
A statement by The Countess of Wessex at the Elimination of Sexual Violence in Conflict virtual UN event
“I believe Civil Society is central to enabling real and meaningful global action. Local communities are able to share local knowledge and understanding. Let local realities...
A message from Her Majesty The Queen to the British Chambers of Commerce
As many organisations around the country are reopening, I send my warmest best wishes and support to business communities throughout the United Kingdom, Commonwealth and...