Royal Wealth and Finances

[Warren]

telegraph.co.uk17 July 2012

Queen's private Duchy of Lancaster estate rises in value above £400m for first time, accounts show

The refurbishment of Wellington House, an office block on the Strand in London, as well as the purchase of a new agricultural estate in Lincolnshire have led to a 5.8 per cent increase in the value of the Duchy’s property portfolio, from £383m in 2011 to £405m now.

The Duchy not only provides the Queen with her private income but also funds the official duties of the Duke of York, the Earl of Wessex, the Princess Royal and several other members of the Royal family.

The annual accounts show that the Privy Purse’s income from the Duchy fell from £13.3m last year to £12.9m for the year ending March 31, 2012, largely because of lost rental income while Wellington House was being refurbished. The Queen voluntarily pays income tax on revenue she received from the Duchy, which is exempt from corporation tax.

Established by Henry IV in 1399, the Duchy’s assets include substantial land holdings in London, industrial estates, farmland, holiday homes, Harrogate Ladies College and Lancaster Castle.

Duchy of Lancaster, year ending 31 March 2012
The asset value of the Duchy's property portfolio: £405m (US$628m, €518m, AUS$612m).
The Queen's income from the Duchy: £12.9m (US$20m, €16.5m, AUS$19.5m)


telegraph.co.uk
22 July 2012

Catherine's wedding dress generates box office for the Royal Collection

The Duchess of Cambridge allowed her wedding dress to be the centrepiece of Buckingham Palace’s summer opening to the public last year. The bridal gown, designed by Sarah Burton, proved a huge attraction, boosting the number of visitors to the Queen’s London residence by 191,000. More than £10 million was spent on admission tickets, an increase of almost £3.5  million on the previous year.

Sales at the palace’s shops were £3.87 million, an increase of almost £1.7million. “Unprecedented numbers came to see the Duchess’s wedding dress,” said Jonathan Marsden, the director of the Royal Collection. Royal wedding and Diamond Jubilee merchandise accounted for around 75 per cent of online sales by the palace’s shops.

The Royal Collection - visitor and sales revenue
Buckingham Palace visitor numbers: increased by 119,000
Buckingham Palace admission tickets: £10m+ (US$15.5m, €12.8m, AUS$15.1), increase of £3.5m.
Sales income from Palace Shops: £3.87m (US$6m, €12.8m, AUS$15.1), almost double that of last year.
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[Rocketmom]

When members of the royal family who are not on the civil list attend official functions, are they reimbursed for wardrobe expenses? I'm thinking of Peter Phillips' family, Zara and Mike, etc. I know they have income and probably good income but let's face it. When they attended Jubilee events, Remembrance Day events, or Trooping the Color events, they probably need wardrobe items that they might not otherwise use...or at least more expensive items than an ordinary couple might need.

[Queen Penelope]

Originally Posted by Rocketmom

When members of the royal family who are not on the civil list attend official functions, are they reimbursed for wardrobe expenses? I'm thinking of Peter Phillips' family, Zara and Mike, etc. I know they have income and probably good income but let's face it. When they attended Jubilee events, Remembrance Day events, or Trooping the Color events, they probably need wardrobe items that they might not otherwise use...or at least more expensive items than an ordinary couple might need.

Perhaps Princess Anne covers those expenses like Prince Charles covers expenses for the Cambridges and Prince Harry?

[HRHHermione]

Originally Posted by Queen Penelope

Perhaps Princess Anne covers those expenses like Prince Charles covers expenses for the Cambridges and Prince Harry?

Also, Zara and Peter inherited money from the Queen Mother's estate. I imagine they're all in pretty good shape financially and can certainly afford their own wardrobes.

[Artemisia]

Originally Posted by Rocketmom

When members of the royal family who are not on the civil list attend official functions, are they reimbursed for wardrobe expenses? I'm thinking of Peter Phillips' family, Zara and Mike, etc. I know they have income and probably good income but let's face it. When they attended Jubilee events, Remembrance Day events, or Trooping the Color events, they probably need wardrobe items that they might not otherwise use...or at least more expensive items than an ordinary couple might need.

It depends in what capacity they are present.

If members of the extended family are present on official duties, representing the Queen and/or the country, then the costs for their official engagements will be reimbursed by the Queen from the money she receives from the Sovereign's Grant (and before that, the Civil List).

If, however, they are there just as "bonus" family members, in an unofficial capacity (as is the case 99% of the time, including the Jubilee celebrations), than all their expenses will be covered by them personally, by family members or possibly by the Queen - but from her personal finances.

[Jacknch]

Originally Posted by Rocketmom

When members of the royal family who are not on the civil list attend official functions, are they reimbursed for wardrobe expenses? I'm thinking of Peter Phillips' family, Zara and Mike, etc. I know they have income and probably good income but let's face it. When they attended Jubilee events, Remembrance Day events, or Trooping the Color events, they probably need wardrobe items that they might not otherwise use...or at least more expensive items than an ordinary couple might need.

I should imagine they pay for their own outfits at such events because I think it is a case that they have been invited to attend rather than having to attend in an offical capacity.

[NGalitzine]

Hasn't the Civil List been done away with? Isn't the monarchy funded with a % of income from the Crown Estate?

[Artemisia]

Originally Posted by NGalitzine

Hasn't the Civil List been done away with? Isn't the monarchy funded with a % of income from the Crown Estate?

From 1 April 2012, the funding provided under the Civil List arrangements has been consolidated within the Sovereign Grant. So yes, the Civil List no longer exists.

[Iluvbertie]

The Civil List no longer exists and when it did it only effectively gave money to The Queen and Philip. After 1992 any expenses paid to other members of the royal family were re-imbursed by The Queen.

That is still the case with the new Sovereign Grant - it is to cover all the expenses of the old system such as maintenance of the royal palaces, expenses for official duties of the monarch and heir to the throne and costs of events like State Visits.

The Queen supports the rest of the family from Andrew onwards in the line of succession while Charles supports the Cambridges and Harry from the Duchy of Cornwall estate.

The Sovereign Grant was fixes as a % of the income of the Crown Estates but with a maximum limit as well - about 30 million I think, - which is pretty much the same as it was with the Civil List and the various grants but the difference is now that The Queen decides what to spend all the money on rather than be told xxxx has to be spent on this and yyyy on that. She is now able to determine what are the priorities for instance in maintaining BP - should they fix the masonry that almost took out Anne a couple of years ago or should they fix something else.

[cepe]

I thought it was a % of the "profit", not the income. So if the "profit" goes down, so does the royal income. So their income is from funds after the costs of running the Crown Estates are taken off.

[Iluvbertie]

My understanding is that if the income goes down then the royal income also goes down.

[Rocketmom]

Originally Posted by NGalitzine

Hasn't the Civil List been done away with? Isn't the monarchy funded with a % of income from the Crown Estate?

I knew the civil list had been done away with but didn't know what its' replacement was called.

[Duke-of-Earl]

Royals worth every penny | Express Comment | Comment | Daily Express

ANYONE who questions the value of the Royal Family in these austere times needs only look at today’s figures showing the number of engagements they carry out and the good that does to Great Britain’s emotional and economic well-being.

[cepe]

Originally Posted by Duke-of-Earl

Royals worth every penny | Express Comment | Comment | Daily Express

What a bizarre "article" - it is positive but nothing to support the statement. I wonder if it's a punt in order to guage reader's response? Or am I being cynical about the press?

[Duke-of-Earl]

Originally Posted by cepe

What a bizarre "article" - it is positive but nothing to support the statement. I wonder if it's a punt in order to guage reader's response? Or am I being cynical about the press?

Well it does mention the huge workload the royals undertake. I think the article is stating the obvious. The Royals are worth every pound

[Dman]

Exclusive: Royal books face MPs' scrutiny for first time - Home News - UK - The Independent

[Lumutqueen]

I must admit when I read "royal books" I was quite intriqued because I thought what business do MPs have inspecting books written about royals. Then I realised it's a finance argument, again.

[Dman]

I see money given to junior royals for royal duties will also be investigated. Are the junior royals that receive money is the Kent's and Gloucester's?

[royalistbert]

Shock Horror! Royal engagements cost money.

[Lumutqueen]

Originally Posted by Dman

I see money given to junior royals for royal duties will also be investigated. Are the junior royals that receive money is the Kent's and Gloucester's?

I'm confused by that, they put a little "Subsidy" section at the bottom that says

The Queen’s public subsidy not only pays for her work – but that of other members of “the firm” as well. The committee will want to look at how many public visits are carried out by members of the Royal Family, and how much each of the Queen’s relatives gets in subsidy from the Monarch (and hence the taxpayer).

That money gets paid back at the end of the year I thought?

Originally Posted by royalistbert

Shock Horror! Royal engagements cost money.

It's not that they cost, it's if they're worth the cost.