The rundown of royal finances, which covers the period from 1 April 2024 to 31 March 2025, reveals the running costs of the monarchy as well as some plans for the future.
The accounts also showed the cost of the King and Queen’s Pacific tour last year.
James Chalmers, Keeper of the Privy Purse, described the move as an example of the royal household applying “fiscal discipline” in its drive to deliver “value for money”.
King Charles arrives via the Royal Train at Manchester Victoria Station in 2023 (Photo: Owen Humphreys/Pool via REUTERSMr Chalmers said: “The royal train, of course, has been part of national life for many decades, loved and cared for by all those involved.
“Just as so many parts of the royal household’s work have been modernised and adapted to reflect the world of today, so too, the time has come to bid the fondest of farewells, as we seek to be disciplined and forward-looking in our allocation of funding.”
Prince Charles arrives on the Royal Train, pulled by a steam locomotive, at Cardiff Central Rail Station in in 2018 (Photo: Rebecca Naden/Reuters)In 2020 William and Kate made a 1,250-mile train journey over three days to thank key and frontline workers and communities for their efforts during the pandemic.
It added that the new helicopters were reliable alternatives.
Queen Elizabeth II works at her desk on the Royal Train in May of 2002 (Photo by Anwar Hussein/Getty Images)The royal family have enjoyed rail travel since the day Queen Victoria made her first trip in a specially made carriage from Slough to London Paddington.
To mark Elizabeth’s Silver Jubilee in 1977 British Rail provided a new royal train that featured a Queen’s saloon or carriage with a bedroom, sitting room and bathroom and a separate bedroom and bathroom for her dresser.
Costs of travel revealed
The annual accounts showed that for the last financial year royal travel increased by £500,000 to £4.7m.
The King and Queen, pictured here at the Sydney Opera House, made a royal visit to Australia and Samoa last year (Photo: Victoria Jones/PA Wire)
The trip was part of a nine-day tour to Australia and the Pacific island, in which the King also attended his first Commonwealth heads of government meeting.
Separately, payroll costs were up £2m to £29.9m.
Accounts were also released for William’s Duchy of Cornwall, which provides him with a private income of nearly £23m and has launched a policy review of the rents it receives from charities and grassroots community groups.
It is understood their are no immediate plans for Harry and Meghan’s UK base, a gift from Queen Elizabeth II close to Windsor Castle, that they were asked to leave just weeks after the duke criticised his family in his controversial memoir Spare.
Workers are eight years into the decade-long reservicing initiative costing £369m to improve fire and safety and replace heating and electrics, which is said to be on track and has updated the palace’s east wing where the royal family watch major events from the balcony.
‘Action to protect climate’
The Sovereign Grant accounts also revealed a number of green initiatives.
It also details priorities for the coming year, including “taking action to protect climate and nature in everything we do and encouraging others to do the same”.
Calls for better scrutiny
Graham Smith, chief executive officer of Republic, called on the Government to take responsibility for reporting the costs of the monarchy.
“It’s time the Duchies were taken off royal hands, and it’s time these figures were released by Government to parliament, where they can be properly scrutinised.”
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