Buckingham Palace has released the 2023-2024 Sovereign Grant Report that provides detailed information on what funds were spent on the Sovereign and Occupied Royal Residences. It was shared that King Charles can expect to receive £45 million extra this year. 

The King receives money from the Sovereign Grant which is derived from the money generated from the Crown Estates. The money generated is given to the government who then return a portion of it back to the Royal Family to cover the costs of their official duties and maintaining their official residences. 

In the 2024-2025 year, they will receive £86 million, while in the 2025-2026 year, they will receive £132m due to an increase in profits from the Crown Estates. 

Buckingham Palace is currently in the middle of a reservicing programme that should be completed by 2027, and 12% of the Sovereign Grant specifically covers that programme. The entire project is expected to cost £369 million total. 

The Royal Family currently could receive 25% of the Crown Estates’ profits but are currently only receiving 12% to fund activities and residences after an agreement made in 2023 between the Royal Family and the government. In 2026-2027, the terms of the Sovereign Grant will be reviewed.