Financial reports 2024-25

The Royal Household has published its annual financial statement, the Sovereign Grant Report, for the financial year 2024-25.

The Sovereign Grant funds the official duties of The Royal Family, as well as the maintenance of the Occupied Royal Palaces. Since 2017-18, the Sovereign Grant has also funded the Buckingham Palace Reservicing Programme – a major ten-year project to modernise essential building services within the Palace and ensure it is protected for future generations. 

This year’s report covers the period from April 2024 to March 2025, during which The King and The Princess of Wales began phased returns to public-facing duties following their treatment for cancer. Despite this, the second full year of The King’s reign included a number of significant milestones, including His Majesty’s first attendance at CHOGM as Head of the Commonwealth, members of the Royal Family marking Second World War anniversaries in Britain and Europe, and incoming State Visits from Japan and Qatar. 

Against this backdrop, the Royal Household continued to support His Majesty in his roles as Head of State, Nation and Commonwealth, while delivering on The King’s priorities of national unity, community impact, environmental sustainability and preserving cultural heritage.

Key details from the 2024-25 Sovereign Grant Report include:

• The total Sovereign Grant for 2024-25 remained level at £86.3 million for the fourth consecutive year, comprising £51.8 million for the Core Sovereign Grant and £34.5 million to fund the Buckingham Palace Reservicing Programme.
• Income supplementing the Sovereign Grant increased to £21.5 million, driven by a record year for visitors to Buckingham Palace during the Summer Opening and through special tours of the newly reserviced East Wing, which welcomed 10,735 visitors.
• Members of the Royal Family undertook over 1,900 public engagements in the UK and overseas, while more than 93,000 guests attended 828 events at Official Royal Palaces.
• The Reservicing of Buckingham Palace continued, with almost 9 miles of permanent electrical cabling and over 12 miles of permanent mechanical pipework installed, alongside new lifts and accessible lavatories, to preserve and improve the Palace for future generations.
• The Royal Household was able to increase investment in property maintenance across the wider Royal Estates for the first time in a number of years, funding 76 core projects to restore, protect and modernise the portfolio of heritage buildings. This includes the replacement of the Store Tower Roof at Windsor Castle, where the old lead roof was recycled into new sheets, so that the project only required 20% new material.
• Sustainability remained a focus for the Household, with initiatives including the electrification of the official fleet and increased use of Sustainable Aviation Fuel resulting in a 2% drop in Greenhouse Gas emissions and the foundations established for further work in this area.
• The Royal Train will be decommissioned, ahead of the current contract expiring in March 2027, following a thorough review into its use and value for money.

On the publication of the Sovereign Grant Report, the Keeper of the Privy Purse, James Chalmers, said: 

“Soft power is hard to measure but its value is, I believe, now firmly understood at home and abroad, as the core themes of the new reign have come into even sharper focus, and the Royal Family have continued in their service to the nation, Realms and Commonwealth.”

You can download the documents using the following links:

Sovereign Grant Annual Report 2024-25 (PDF)

Royal Travel Appendix - Sovereign Grant Report 2024-25 (PDF)