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Real accounts could suffer a potential shortfall of £ 35 million due to the coronavirus.
The impact of the lockdown on visitor numbers to places like Buckingham Palace and Windsor Castle will lead to an estimated £ 15 million shortfall in revenue over the next three years, Keeper of the Privy Purse said.
And a £ 369 million 10-year budget to restore Buckingham Palace is expected to be £ 20 million, Sir Michael Stevens added.
He said the royal house “had no intention” of asking for additional funds.
Sir Michael said the royal house would attempt to manage the “financial challenges” of the pandemic “through our own efforts and efficiencies.”
In April a salary freeze was implemented for actual staff and hiring was also suspended, and only critical positions for the company were filled, but staff have not been fired.
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The financial report covers the 12 months to March 31, shortly after the UK government imposed restrictions on daily life to slow the spread of the coronavirus.
Other details revealed in the report include:
- The Duke and Duchess of Sussexes’ high-profile tour of South Africa was the most expensive official overseas trip of the past year, with almost £ 246,000, including travel planning for actual staff
- The expenses of a two-day visit by the Prince of Wales to Oman to express his condolences after the death of Sultan Qaboos bin Said included the cost of a charter flight. £ 210 345
- The Duke of York took a charter flight to Northern Ireland to attend the Royal Portrush Golf Club Open Championship, which cost £ 15,848
- Prince Harry and Meghan have paid an undisclosed sum upfront for the rental and refurbishment of Frogmore Cottage, estimated at £ 2.4 million in 2018-19.
- Cambridges and Sussex funding contributed to £ 5.6 million bill for the Prince of Wales in 2019-2020, top eleven% in the previous year.
The Sovereign Grant accounts have shown that the monarchy cost the taxpayer £ 69.4 million during 2019-20, an increase of £ 2.4 million over the previous financial year.
All major spending areas have increased, from payroll (up £ 1.2 million to £ 24.4 million), travel (up to £ 700,000 to £ 5.3 million) and cleaning and hospitality (up to £ 300,000 to £ 2 ,6 millions).
The Sovereign Grant from the Treasury Queen increased to 82.4 million pounds in 2019-20, 200,000 pounds more than the previous year.
It includes £ 33 million set aside for major repair work to update electrical wiring, plumbing and heating at Buckingham Palace.
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The Duke and Duchess of Sussexes’ tour of South Africa in 2019 was listed as the most expensive trip of the past year.
The sovereign grant is funded by the proceeds of the Crown Estate, a billion-pound portfolio of properties that runs from London’s Regent Street to Ascot Racecourse.
The estate is managed by an independent organization, with any benefit paid to the Treasury for the benefit of all UK taxpayers.
Separate accounts released last week show that the Crown Estate made a £ 345 million profit for the Treasury over the last financial year, but there were concerns about the future financial impact of Covid-19.
The Royal Collection Trust pays fees, in connection with the opening of royal residences such as Buckingham Palace and Windsor Castle, to supplement the Sovereign Grant, but closures due to closure are likely to cause its income to fall by dozens of millions.
