The royal finances for the fiscal year 2015-16 have been released. The short version: The Queen‘s income and expenses were up; Prince Charles‘ expenses were down; Prince William, Kate Middleton, and Prince Harry‘s expenses were up; it now costs “62p per person in the UK” to fund the royals.
During the financial year 2015-16 (ending March 31), the Queen received £40.1 million from the Sovereign Grant (up from £37.9 million the year before). The Queen also received £13.9 million from income generated from property rentals and such. That’s a total of £54 million total income. The total expenditure, including funding the royal family and repairing royal palaces, was £53.7 million.
The Queen spent an extra £4.6 million on much-needed property maintenance this past year – going from £11.7 million in 2014-15 to £16.3 million in 2015-16.
Travel costs were down, though, from £5.1 million in 2014-15 to £4 million in 2015-16. The Queen’s visits to Malta and Germany cost £64,000 and £40,000, respectively. Charles and Camilla’s visit to Malta cost £37,000. Charles and Harry’s visit to Turkey cost £75,000. And Harry’s visits to Lesotho and South Africa and Nepal cost £38,000 and £33,000, respectively. Side note: I can’t wait until next year to find out just how much it cost William and Kate to travel to India and Bhutan.
Helicopter journeys for the royal family, of which there were 221 (including William and Kate’s trips), cost £569,483. The Royal Train also racked up the expenses, costing £600,000 per year to maintain – not including the cost of individual trips. The Queen’s trip from London to Aberdeen cost an extra £20,034 and Charles’ trip from Ayr to Yorkshire to Aberdeen cost an extra £33,249.
Charles saw a rise in income from the Duchy of Cornwall – from £19.845 million in 2014-15 to £20.467 million in 2015-16 – but saw a decrease in income from the Sovereign Grant and Government Departments which put him at a decrease in overall income – from £22.079 million to £21.902 million – and a decrease in official expenditure – from £11.678 million to £10.565 million.
William, Kate, and Harry saw a 9.5% rise in expenditure last year. In fiscal year 2014-15, the funds which cover the official activities of William, Kate, and Harry had a total expense of £2.965 million. In fiscal year 2015-16, the total expense was £3.249 million. Granted, we don’t know just how much of that £3.249 million is actually spent on William, Kate, and Harry since their office is lumped together with other things as “Other expenditure including capital expenditure and transfer to reserves and funding for the official activities of The Duke and Duchess of Cambridge and Prince Harry” on Charles’ financial report and the expenses are not itemized.
Currently, the amount the Queen receives from the Treasury, known as the Soveriegn Grant, is calculated as 15% of the Crown Estate profits from two years prior. For the current financial year, the Queen will receive £42.8 million, and could receive £45.6 million next year. That’s a 47% jump in income from the £31 million she was given in 2012-13. However, the current fiscal year, 2016-17, is the final year for the existing funding period for the Soverign Grant and the Royal Trustees are set to review the levels of funding. So the Queen may not get as large of an increase in the future, but she will not receive less than the £42.8 million she’s getting this year as the rules state she cannot receive less income than the previous year.
Buckingham Palace said it now costs 62p per citizen of the UK per year to fund the Royal Family – up from 58p last year – based on that £40.1 million Sovereign Grant number. That’s slightly misleading, though, since children aren’t paying taxes and the cost of security for the Royal Family is not included.
You can find the Sovereign Grant report here and Prince Charles’ report here. Other coverage at the Mirror and Telegraph.
PS. William played co-pilot yesterday, June 27 (that’s the day the photo was posted).
Not everyday I see Prince William landing on green at bottom of my Littleport road for @EastAngliAirAmb! @BBCCambs pic.twitter.com/v4HBfg7IZb
— Tom Horn (@tomhorn8) June 27, 2016
Photos: ITV / Twitter embed / Clarence House @ClarenceHouse / Kensington Palace @KensingtonRoyal / Governor-General of NZ @GovGeneralNZ