Financial reports 2025-26

The report also sets out how Sovereign Grant funding was spent in the ninth year of the Buckingham Palace Reservicing Programme – a major ten-year project to modernise essential building services within the Palace and ensure it is protected for future generations.

Key details from the 2025-26 Sovereign Grant Report include:

• The Sovereign Grant for 2025-26 rose to £132.1 million, increasing after remaining flat since 2021-22. The increase in funding was benchmarked against the revenue of The Crown Estate, in line with the formula for calculating the level of funding for the Royal Household as set out in the Sovereign Grant Act.
• Over half of the total Sovereign Grant in 2025-26 (£67.5 million) was allocated to the preservation and protection of the Occupied Royal Palaces, some of the nation’s most iconic heritage buildings.
• Their Majesties undertook 708 engagements – an increase of more than 100 engagements on the previous year. Together, in supporting The Sovereign’s official duties, The Prince and Princess of Wales and the other working Members of the Royal Family have completed 2,273 engagements across the UK and overseas
• Almost 97,000 guests attended 827 Palace events.
• The Royal Trustees, including the Prime Minister and the Chancellor, confirmed in March that the Sovereign Grant for 2026-27 would be set at £137.9 million, to deliver funding for the final year of the Buckingham Palace Reservicing Programme, after which it will be reduced.

On the completion of the Reservicing Programme, The King and Queen will not make Buckingham Palace a personal residence, reflecting Their Majesties’ wishes that the Palace remains the ceremonial centre of Royal life, the primary workplace of the Royal Household and a national heritage asset with increased opportunities for public access.

On the publication of the Sovereign Grant Report, the Keeper of the Privy Purse, James Chalmers, said:

“Just as previous reigns helped steady the nation through moments of profound change, so too does the role of the modern monarchy continue to adapt to meet the demands of our evolving world, one in which the soft power of the Royal Family plays an increasingly vital diplomatic role.

“In this and every aspect of his duty, His Majesty is guided by a singular purpose – to serve with constancy, devotion and unwavering resolve. So, while much changes, our central principles remain: to deliver value for money and to support the Royal Family as they seek to help shape a better world, here in the United Kingdom, across the Commonwealth and beyond. A future in which tradition and modernity work hand-in-hand for the benefit of all.”

The Report of the Royal Trustees on the Sovereign Grant Review, concluded today (25th June) funding for the next grant period, 2027-2032, will be reset to a lower figure of £99.9 million each year. This figure reflects the Household’s future funding requirements for the next five years following the completion of the Buckingham Palace Reservicing Programme.

Buckingham Palace has confirmed the amount of tax payable by His Majesty since Accession is more than £30 million. In the two full tax years since becoming King, His Majesty’s tax bill was £11.7 million in 2023-24 and £12.9 million in 2024-25 respectively. This is the first time the Sovereign’s personal tax payment has been published, alongside a new document summarising the various sources of Royal Finances, as part of the Royal Household’s commitment to transparency.

The Keeper of the Privy Purse, James Chalmers, said:

“While Royal finances can sometimes appear complex, the underlying system is clear in principle, structured in law and refined over time to ensure the Monarch can serve with independence, accountability and in the long-term interests of the nation.”

You can download the documents using the following links:

Sovereign Grant summary (PDF)

The Sovereign Grant Annual Review (PDF)

Sovereign Grant Royal Travel appendix (PDF)