Every year, BuckinghamPalace publishes its financial accounts. This year (2024) the accounts were delayed due to the General Election. As per Express, the annual accounts show figures from King Charles’ first year as monarch, fromApril 2023 to March 2024.
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The financial year includes a major event, King Charles’ coronation which took place in May 2023 and cost a substantial amount of money. According to reports, this year's accounts show that His Majesty can expect a £45 million income boost and King Charles already has plans for the extra cash.
Moreover, it has been said that King Charles has made cutbacks which slashed the Palace’s budgetby £20 million.
King Charles to see a £45 million income boost
As reported by Express, Buckingham Palace’s annual financial accounts revealed that King Charles, who was rumoured to have bought a $6 million condo, will have an income boost of £45 million. Indeed, the reports show that the Crown Estate made a whopping £1.1 billion in Charles' first year as King. According to Express, the profit increased by 53%.
This income increase will allow the Sovereign Grant, which is funded by the government, to increase from £86.3 million to £132 million. His Majesty has already made plans with the extra income.
Palace officials have said that the funds will help pay for the final stages of renovations at Buckingham Palace, which will take 10 years and will cost £369 million. Moreover, the extra money from the Sovereign Grant will be used to make changes to royal life to improve the Firm’s carbon footprint.
As per Express, the Royal Family will receive two new AgustaWestland AW139 helicopters to replace the old models. King Charles’ Bentleys will be converted to run on bio-fuel within the next year, with plans to switch to electric cars.
Solar panels have been installed in Windsor Castle for the first time and the old gas lanterns within the Palace will be replaced with electrical fittings designed to be more energy-efficient but still maintain their historical aesthetic.
Not only has King Charles seen an income increase, but he has also managed to cut back expenditures by £20 million.
King Charles cut back expenditures by £20 million
According to publication, King Charles has fulfilled his promise of slimming down the monarchy and cutting back on expenses as he has saved taxpayers over £20 million. His Majesty reportedly introduced several cost-cutting measures to reduce the Firm’s expenditures.
Last year, the Royal Family’s spending reached over £107 million, a record high, however, this year the overall net expenditure by the Sovereign Grant decreased by 17% to £89.1 million. Express explains that one of the cost-saving strategies used by King Charles was to cut back on the renovations at Buckingham Palace, however they don’t go into details and it does conflict with another report that the King is still renovating.
The annual financial accounts showed that the Firm had spent £0.8 million on His Majesty’s coronation in May 2023. Moreover, the accounts revealed that the Royals were not exempt from the energy crisis, with their electric bill costing almost £1 million.
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Sources used:
Express: ‘King Charles set for incredible £45million income boost as Crown Estate profits soar’
Express: ‘King Charles begins slimming down Royal Family as he slashes £20million with big plan’
