Royal House Annual Fiscal Report: Expenditures, Restoration Projects, and Event Highlights

2023-06-29 01:04:15

London, June 29 (EFE) the 2021-2022 period, according to the annual fiscal report published today by the Royal House.

These funds are dedicated to paying for the trips and official visits of members of the monarchy, as well as their residences, and includes a special item for the extensive restoration work being carried out at Buckingham Palace, which has entered the seventh of the ten years planned.

The ceremonies following the death of Elizabeth II and the coronation of Charles III, together with persistent inflation in the United Kingdom, led to royal spending in the previous year soaring to 107.5 million pounds (124 million euros), above the allocated budget.

These additional costs have forced a reduction of the “reserve” budget for the monarchy by 20.7 million pounds (24 million euros), detailed the Palace.

Members of the royal family participated in 2,700 events in the UK and abroad in the 2021-2022 period, hosting “receptions, investitures and garden parties” for 95,000 guests.

Public funds exclude spending on public security during events such as royal weddings and coronations, as well as private security for royals.

“The year we cover in today’s report represents an exceptional period of transition for the Royal Household. Looking back on those twelve months, we appreciate how the nation came together to celebrate Elizabeth II’s Platinum Jubilee in June, and to to mourn His Majesty in September as the King’s accession was celebrated,” Michael Stevens, head of royal finances, said in a statement.

The public item that the Government assigns each year to the monarchy represents 25% of the benefits of Crown Properties, a portfolio valued at 15,000 million pounds (17,370 million euros) that includes properties in central London, as well as about half of the coastal territory in England, Wales and Northern Ireland.

The royal family also has private income from the Duchy of Lancaster, which includes 18,000 hectares of rural and other property in England, valued at 580 million pounds (670 million euros), and the Duchy of Cornwall, 53,000 hectares with a value of 960 million pounds (1,110 million euros).

The monarchy also owns other private assets and investments, many of them inherited for generations, such as the estates and palaces of Balmoral (Scotland) and Sandringham (England), pieces of art and jewellery.

As published by the newspaper “The Guardian” in April, the personal fortune of King Charles III of England amounts to about 1,815 million pounds (2,060 million euros).