The Royal Household today published its annual financial statement, the Sovereign Grant Report, for the financial year 2022-23.
The Sovereign Grant is the funding provided to support the official duties of The Sovereign and maintain the Occupied Royal Palaces. It also includes a dedicated amount to fund the ten-year Reservicing of Buckingham Palace, now in its seventh year – a major overhaul of essential building services to ensure the Palace is protected for future generations.
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.
You can download the documents using the following links:
The Sovereign Grant and Sovereign Grant Reserve Annual Report and Accounts 2022-23 (130.28 KB)
Sovereign Grant Report 2022-23(1.37 MB)
Sovereign Grant Report 2022-23 – Royal Travel Appendix (159.06 KB)
The key financial details reported today are:
- The total Sovereign Grant for 2022-23, amounted to £86.3 million (2021-22: £86.3 million), which is made up of a core grant of £51.8 million which funds official travel, property maintenance and the operating costs of The Sovereign’s household. The core grant equates to 77p per person in the UK.
- The Sovereign Grant for 2022-23 includes an additional dedicated amount for Reservicing of £34.5 million.
- The total Sovereign Grant for 2022-23 of £86.3 million, which remains unchanged from last year is equivalent to £1.29 per person in the UK.
- Income earned to supplement the Sovereign Grant was £9.8 million, a decrease of 1% from £9.9 million (2021-22). The figure is less than 50% of pre-pandemic levels.
- Official expenditure was more than the Sovereign Grant and the supplementary income earned, with net expenditure of £107.5 million, a 5% increase on the previous year due to significant work relating to the Reservicing of Buckingham Palace and the costs associated with the change of Reign, as well as the impact of the Consumer Price Index rising by 10.1%.
- These costs saw the Sovereign Grant reserve reduce by £20.7 million in the year 2022-23.
Other details in the 2022-23 report include:
- Members of the Royal Family undertook over 2,700 engagements across the United Kingdom and overseas, with Their Majesties travelling to Germany for the first State Visit of The King’s reign.
- Over 95,000 guests were welcomed to the Official Residences in recognition for their contribution to society, attending over 330 events including Receptions, Investitures and Garden Parties.
- Targeted initiatives across the Occupied Royal Palaces have resulted in a 19% decrease in natural gas and heating emissions.
- The Reservicing Programme continued at pace at Buckingham Palace, which has played a central role in the events of the last twelve months. Significant work that has been completed includes key operational spaces in the West Wing and the West Gallery, as well as two new lift shafts and guest WCs in the East Wing, which will help make the Palace more accessible.
- 2022-23 marked the busiest year on record for incoming post, with Buckingham Palace receiving 183,207 items of correspondence.
