Royal Family's accounts lift the lid on spending - but do not tell us their true cost
At a time when many are struggling during the cost of living crisis, King Charles and his relatives are under renewed pressure to justify their funding to the taxpayer.
Thursday 29 June 2023 01:05, UK
Sovereign Grant Report day is probably not a time the Royal Family looks forward to - with their spending in the spotlight and under close scrutiny.
It also comes at a time when the rest of us are feeling the pressure of rising energy bills and soaring living costs.
That's had an impact on the Royal Family too, as they spent more than they earned. But, unlike most households, they have big reserves to dip into.
The change of reign means this has been a year like no other.
Keeper of the Privy Purse, Sir Michael Stevens, described the last twelve months as "exceptional", involving "grief, change and celebration".
We now know all of this came at a price too.
But how much the Royal Family actually costs us isn't as black and white as the report makes out. There are expenses and earnings we never truly see.
Be the first to get Breaking News
Install the Sky News app for free
Like security, which isn't covered under the Sovereign Grant, but is thought to cost tens of millions of pounds every year.
Read more:
Prince William launches project to help end homelessness in Britain
King joined by royals for his first Trooping the Colour as monarch
King's first Birthday Honours
And then there's the income from the Duchy of Lancaster inherited by , and the Duchy of Cornwall, which passed to Prince William.
Due to the handover of the Duchies there's no annual report from Prince William, which republicans aren't happy about.
Income tax on the Duchies is paid, but this is voluntarily, and only after the costs of official duties have been deducted.
When we're looking at wealth it's worth remembering we simply don't know the King's true worth, as the law says wills of monarchs are kept secret, forever.
Plus, whatever the King inherited, from Balmoral to racehorses, is exempt from inheritance tax.
For all the talk of a slimmed down monarchy, the cost of the working royals is still a considerable sum of money.
There is a lot of land and a lot of income.
The Royal Family are, we're told, committed to public service.
The challenge for them now is convincing the public that their service justifies the cost.