Queen's financial accounts revealed

The cost of keeping the monarchy will be revealed when the Queen publishes her finances

The cost of keeping the monarchy will be revealed when the Queen publishes her finances

First published in National News © by

The Queen will publish her financial accounts on Monday, showing the cost of keeping the monarchy.

The figures relate to 2011/12 and concern funding provided by the taxpayer to finance the official duties of the head of state.

The accounts for the 2010/11 financial year revealed the Queen's official expenditure fell by 5.3% from £33.9 million to £32.1 million.

The Queen's Civil List spending fell from £14.2 million to £13.7 million, while there was a cut in spending on property services from £15.4 million to £11.9 million. Royal travel costs rose from £3.9 million in 2009/10 to £6 million in 2010/11.

Royal finances are in a transitional phase as the old system is phased out and a new Sovereign Grant funding model is introduced.

It will replace money from the Civil List, Government funds which cover the official expenses of the Queen and her household, and grants-in-aid which pay for royal travel, the upkeep of royal palaces, and communication and information services.

Under the new grant, the Queen will receive 15% of the profits from the £6.7 billion Crown Estate. The grant for the 2012/13 financial year has already been set at £31 million but for 2013/14, when the new formula begins, it is estimated to be worth £34 million.

Accounts published by Clarence House last week showed the cost of the Prince of Wales and his family to the taxpayer had risen by more than 10% during the last financial year. Charles's accounts showed his income from grants-in-aid and Government departments rose from £1,962,000 to £2,194,000, an increase of £232,000 during 2011/12.

The figures covered the Duchess of Cambridge's first full year as a royal but her cost to the taxpayer and to the Prince - who funds much of her public work and official clothes - was described as "fairly marginal" compared with the overall total by a royal aide.

Cash generated by the Duchy of Cornwall - the landed estate given to the heir to the throne to provide him or her with an income - went up by 3% to £18.3 million.

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