10:20AM, Wednesday 24 June 2015
Reports this morning suggest the Queen could find herself spending more time at Windsor Castle while essential maintenance works are carried out at Buckingham Palace.
The Sovereign Grant Annual Report for 2014-15 was released this morning and shows around £150million needs to be spent on her London residence.
It could mean Her Majesty has to move out temporarily while the work is done.
The report shows that in 2014-15, 166 projects over £3,500 in value were carried out across the Estate.
They included the renewal of lead roofing over the Royal Library at Windsor Castle in early 2014, at a cost of £0.7million, and the replacement of the roof covering at Victoria House in Windsor Home Park, at £0.3million.
Planned maintenance projects for the castle include the renewal of the roof over the Waterloo Chamber, and the renewal of the water mains throughout Home Park.
Net expenditure for the Royal Household in 2014-15 stood at £35.7million – the same figure as the previous financial year, the accounts have shown.
The Queen’s expenditure is met from public funds in exchange for the surrender of revenue from the Crown Estate.
The report also shows that during the year to March 31, the Queen undertook 196 public engagements in the UK and two overseas visits, to France and Italy
Sir Alan Reid, Keeper of the Privy Purse, said: "The Queen, The Royal Family and the Household continue to provide excellent value for money: at 56p per person annually. We've worked hard this year to bear down on costs, to maintain revenue and to ensure that the additional funding in the 2014/15 Sovereign Grant has been placed into the reserve.
“Over the coming years, the maintenance of the Estate and in particular Buckingham Palace will present a significant financial challenge. We will continue to work closely with the Royal Trustees to ensure that the funding for the Royal Household reflects that challenge."
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