The monarchy is set to receive an extra £45m in funding thanks to a surge in profits from the Crown Estate, driven by profits from six new offshore wind farms. The increase in profits to £1.1bn will lead to a rise in the Sovereign Grant, which covers the Royal Family’s running costs. This boost will help fund the final stages of renovating Buckingham Palace.
Additionally, the annual finance report revealed plans for the Royal Family to purchase two new helicopters and highlighted that Frogmore Cottage, the former home of the Duke and Duchess of Sussex, remains empty a year after they left. Last year, the monarchy’s funding was reduced from 25% to 12% of the Crown Estate’s net profits due to expected income from offshore wind farms.
The Crown Estate, a property business owned by the monarch but run independently, aims to use its profits for the wider public good. The Sovereign Grant, based on funds two years in arrears, will increase to £132m in 2025/2026. Legislation in 2026/27 will review the Royal Family’s funding to ensure it remains at an appropriate level.
The annual accounts also highlighted the Royal Family’s commitment to sustainability, with plans to convert the King’s state Bentleys to run on biofuel and eventually switch to a fleet of electric cars. Despite efforts to reduce emissions, overall greenhouse gas emissions increased slightly due to business travel.
The accounts, covering the period from April 1, 2023, to March 31, 2024, also reflected the impact of the King and Princess of Wales’s cancer diagnoses on their public engagements. Despite this, the King and other members of the Royal Family carried out over 2,300 official engagements in the UK and overseas, with Charles undertaking 464 official engagements, including a state visit to Kenya costing £167,000.
Overall, the monarchy’s funding and sustainability efforts are under scrutiny, with plans to ensure that taxpayer funds are used appropriately and efficiently.
