Queen's financial accounts revealed (From South Wales Argus)

Queen's financial accounts revealed

3:27am Monday 2nd July 2012 in National News © Press Association 2013

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.