Royal Family's Expenses Exceed Sovereign Grant in 2022-23, With Help from Duchies
The Royal Family receives an annual sum of money from the government, known as the Sovereign Grant, which is used to pay for expenses related to their official duties.
In 2022-23, the Sovereign Grant was worth £86.3m, but the costs of repairs to Buckingham Palace, the King's succession, and higher-than-expected inflation led to a total spending of £107.5m, with a shortfall of £20.7m covered by drawing on reserves.
The Sovereign Grant is calculated based on 15% of the profits of the Crown Estate, a property business owned by the monarch, and is reviewed every few months.
The King also receives money from a private estate, the Duchy of Lancaster, which generates about £20m in profits.
The main points and crucial information from the article are: 1.
The Duchy of Lancaster and the Duchy of Cornwall, owned by the King and Prince William, respectively, generated a net surplus of £24m in 2022-23.
2.
The profits from the duchies go to the King and Prince William personally, but any proceeds from the sale of estate assets must be reinvested.
3.
The monarch also owns the royal palaces, but they are not part of the Crown Estate and do not generate income.
Some are looked after by the Royal Family, while others are managed by Historic Royal Palaces, an independent charity.
4.
The Royal Collection, which includes art and other items, is run by a charity called the Royal Collection Trust, which reinvests income.
5.
The Queen and other members of the Royal Family can generate income from their personal art, jewelry, and stamp collections.
6.
Members of the Royal Family pay tax on any income generated from privately-owned assets.
7.
The true cost of the Royal Family is greater than the size of the Sovereign Grant and does not cover security arrangements, which are usually picked up by the Metropolitan Police.
8.
It is difficult to estimate the scale of the Royal Family's contribution to the UK economy.
The Sovereign Grant is calculated based on 15% of the profits of the Crown Estate, a property business owned by the monarch, and is reviewed every few months.
The King also receives money from a private estate, the Duchy of Lancaster, which generates about £20m in profits.
The main points and crucial information from the article are: 1.
The Duchy of Lancaster and the Duchy of Cornwall, owned by the King and Prince William, respectively, generated a net surplus of £24m in 2022-23.
2.
The profits from the duchies go to the King and Prince William personally, but any proceeds from the sale of estate assets must be reinvested.
3.
The monarch also owns the royal palaces, but they are not part of the Crown Estate and do not generate income.
Some are looked after by the Royal Family, while others are managed by Historic Royal Palaces, an independent charity.
4.
The Royal Collection, which includes art and other items, is run by a charity called the Royal Collection Trust, which reinvests income.
5.
The Queen and other members of the Royal Family can generate income from their personal art, jewelry, and stamp collections.
6.
Members of the Royal Family pay tax on any income generated from privately-owned assets.
7.
The true cost of the Royal Family is greater than the size of the Sovereign Grant and does not cover security arrangements, which are usually picked up by the Metropolitan Police.
8.
It is difficult to estimate the scale of the Royal Family's contribution to the UK economy.
