Forecast revenue of £132m by 2026

The annual report on the finances of the royal family reveals a significant increase in funding, with a projected 53% increase in official annual income in 2025/2026 to £132m, up from the current £86.3m. This increase is due to increased Crown Estate profits, which are expected to reach £1.1 billion in 2023/24. The Sovereign Grant, which supports the royal family's official duties, is based on the Crown's property profits from the previous two years.

The king has called for profits from the estate's new offshore wind deals to be used for the public good. Monarchy funding was last year changed from 25% to 12% of the Crown Estate's net profits in anticipation of increasing income from these deals.

The report also revealed that the Royal Household will receive two new helicopters in 2024-25 to replace the current 15-year-old models. Despite previous statements about the Royal Family's commitment to protecting the environment, these helicopters, which will partially use sustainable aviation fuel, are considered essential for carrying out engagements in remote areas of the UK.

The King's State Bentleys are also moving to biofuels, with plans to switch to an official fleet of electric cars in the future. Solar panels have been introduced to Windsor Castle for the first time and Buckingham Palace's gas lanterns are being converted to electric fixtures. However, greenhouse gas emissions have increased slightly due to higher travel and electricity consumption.

The report covers a tumultuous year for the royal family, including the double cancer diagnosis of the King and Princess of Wales and the coronation celebrations. It was revealed that £600,000 of the sovereign grant was spent on the coronation and related events, with a total cost of the sovereign grant of £800,000.

Separate financial reports from Kensington Palace and the Duchy of Cornwall showed that Prince William, as Duke of Cornwall, received an annual private income of more than £23m last year. The prince uses WhatsApp to communicate with his team, focusing on his key causes: the environment, homelessness and mental health.

The report also revealed that Prince William and Kate have made personal charitable donations throughout the year, including to the London Air Ambulance, James's Place, mental help text crisis service Shout and causes of disaster relief in Turkey, Syria, Ukraine and the Caribbean. . A new project funded by the couple to improve mental health outcomes in rural communities is planned for later this year.