The palace said this year’s accounts cover a period of “significant transition” as King Charles III acceded to the throne after the passing away of his mother, Queen Elizabeth II, in September.
The expenditure of the UK’s royal household rose 5 per cent last year even as the taxpayer funding towards official royal expenses remained unchanged at GBP 86.3, according to the annual accounts for 2022-23 released by Buckingham Palace on Thursday.
The palace said this year’s accounts cover a period of “significant transition” as King Charles III acceded to the throne after the passing away of his mother, Queen Elizabeth II, in September.
The royal household receives an annual taxpayer-funded Sovereign Grant, which has been calculated to be the equivalent of GBP 1.29 per person in the UK. It also includes a dedicated amount to fund a 10-year “reservicing” of Buckingham Palace, a major overhaul of essential building services.
“This year’s statement covers a period of significant transition for the royal household, reflecting the Platinum Jubilee and State Funeral of Queen Elizabeth II, the accession of the King, the lead up to Their Majesties’ Coronation, and the coming together of staff from two households,” Buckingham Palace said.
“The total Sovereign Grant for 2022-23, amounted to GBP 86.3 million, which is made up of a core grant of GBP 51.8 million which funds official travel, property maintenance and the operating costs of the Sovereign’s household,” it said.
Additionally, income earned through royal investments and property to supplement the Sovereign Grant was GBP 9.8 million last year, a decrease of 1 per cent from GBP 9.9 million in 2021-22.
“Like other organisations, the Royal Household has not been immune to the impacts of the joint challenges of the pandemic and inflationary pressures, which have resulted in a flat Sovereign Grant. The figure for the year remained unchanged at GBP 86.3 million, with a significant proportion funding the reservicing of Buckingham Palace, which is now in its seventh year. This figure will remain unchanged at GBP 86.3 million for the year 2023-24,” said Sir Michael Stevens, the Keeper of the Privy Purse.
The palace also revealed that targeted initiatives such as reducing heating across the royal palaces of the country have resulted in a 19 per cent decrease in natural gas and heating emissions.