Financial reports 2017-18
Published
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:
Related content
A speech by Her Majesty The Queen on her first visit to The Royal Lancers (Queen Elizabeths’ Own), having been appointed as Colonel-in-Chief
My father described the Regiment as a “highly efficient entity, highly skilled, and full of personalities”, I have no doubt that your upcoming deployments will be...
A message from The King on the 75th Anniversary on the Founding of N.A.T.O.
Message from The King for the 2024 Royal Maundy Service
It is my special prayer today that Our Lord’s example of serving one another might continue to inspire us and to strengthen all our communities.
The Queen's speech at a reception to mark the results of The Queen’s Reading Room study
We share a very special bond, ladies and gentlemen – our love of books. Thank you for helping to spread the word.
Message from The King to mark the 70th anniversary of the end of the Korean War
It is our duty to remember what was once called “the Forgotten War”.
The Duke and Duchess of Sussex
A speech by Her Majesty The Queen at a reception to celebrate International Women’s Day and to mark the end of the WOW Girls Festival Bus tour
Let your lives be the stones that will shatter glass ceilings everywhere and inspire generations to come.
The King's Commonwealth Day Message 2024
The Commonwealth family is strongest when we are connected, through friendship.
A speech by The Duchess of Edinburgh at the Community Sport and Recreation Awards, at Headingley Stadium, Leeds, ahead of The Duke of Edinburgh’s 60th birthday.
He is the best of fathers, the most loving of husbands and still is my best friend.
A speech by Her Majesty The Queen at the Grand Final of BBC's 500 Words, Buckingham Palace
Between you, you have created more than a million stories of thought-provoking adventure for future generations to study and enjoy. Thank you to everybody who has taken part...
A message of condolence from The King to the President of Tanzania following the passing of former Tanzanian President, Ali Hassan Mwinyi
My thoughts and prayers are with former President Mwinyi’s family and the Tanzanian people at this time.
A speech by The Duchess of Edinburgh, via video message, at the Restoration of the Conflict-Related Sexual Violence Survivors’ Rights Conference, Ukraine
We must stand shoulder to shoulder with all survivors to secure justice and holistic redress, and ensure that this crime isn’t an accepted part of conflict.