Published 1 July 2014

The Sovereign Grant Annual Report for 2013-14 states that net expenditure was £35.7m, an increase of 2.4m (7.2%) on the previous year.

The increase in Sovereign Grant funding received and in revenue generated was spent on additional property maintenance which rose by £4.2m.

Sir Alan Reid, Keeper of the Privy Purse, said

"We continue to focus on value for money and performance monitoring which has enabled us to reduce Sovereign Grant expenditure, excluding property maintenance, in real terms and has allowed us to increase the funds allocated to bringing the property estate up to target condition by 47%."

"We have also been able to increase our reserve and are in a good position to reach our target reserve of 5% of the Sovereign Grant received."

The Queen's Communications Secretary said:

To put these costs into context, when the net expenditure of £35.7m is divided by the UK population (63.7m, latest ONS census) the result is an annual cost of monarchy of 56p per person. So just over 1 penny per person per week.