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| Crown Estate makes record £304m Treasury payout | Crown Estate makes record £304m Treasury payout |
| (35 minutes later) | |
| The Crown Estate has delivered a record £304.1m to the Treasury after the value of its portfolio rose 9.7% to £12bn. | |
| The payout by the estate, which owns London's Regent Street and the entire UK seabed, was up from £285m. | |
| It comes ahead of a review of the Sovereign Grant - taxpayers' money given to the Queen by the Treasury. | It comes ahead of a review of the Sovereign Grant - taxpayers' money given to the Queen by the Treasury. |
| This year the Queen received a grant of nearly £43m, currently calculated as 15% of the Crown Estate's profits. | This year the Queen received a grant of nearly £43m, currently calculated as 15% of the Crown Estate's profits. |
| The Sovereign Grant, which is paid two years in arrears, is reviewed every five years. | The Sovereign Grant, which is paid two years in arrears, is reviewed every five years. |
| In the coming months, the government and a senior royal official will carry out a review of the grant, which was set at 15% in 2012. | In the coming months, the government and a senior royal official will carry out a review of the grant, which was set at 15% in 2012. |
| If the formula is unchanged, the grant will rise to more than £45m next year, up from £31m in 2012. | If the formula is unchanged, the grant will rise to more than £45m next year, up from £31m in 2012. |
| Wind farms | Wind farms |
| This year, the Crown Estate has reaped the benefits of a regeneration programme of London's Regent Street and St James's, where it lets out shops. | This year, the Crown Estate has reaped the benefits of a regeneration programme of London's Regent Street and St James's, where it lets out shops. |
| The estate brought in £22.9m over the year from leasing the country's seabed to offshore wind farms, a rise of nearly 20%. | The estate brought in £22.9m over the year from leasing the country's seabed to offshore wind farms, a rise of nearly 20%. |
| How rich is the Queen? | How rich is the Queen? |
| The Sovereign Grant's annual report for 2015-2016 shows the monarchy cost the Treasury £40.1m, of which: | The Sovereign Grant's annual report for 2015-2016 shows the monarchy cost the Treasury £40.1m, of which: |
| During a briefing to launch the report, Sir Alan Reid, Keeper of the Privy Purse, highlighted the large amount of funds spent on the upkeep of royal palaces. | During a briefing to launch the report, Sir Alan Reid, Keeper of the Privy Purse, highlighted the large amount of funds spent on the upkeep of royal palaces. |
| Spending on property maintenance was up close to 40% on the previous year, he said, yet the condition of the estate was deteriorating at a faster rate than they have been able to respond to. | Spending on property maintenance was up close to 40% on the previous year, he said, yet the condition of the estate was deteriorating at a faster rate than they have been able to respond to. |
| Sir Alan said a "significant amount" of the rise in this year's Sovereign Grant of £42.8m would be used to tackle the backlog in essential maintenance. | Sir Alan said a "significant amount" of the rise in this year's Sovereign Grant of £42.8m would be used to tackle the backlog in essential maintenance. |
| BBC royal correspondent Peter Hunt said it was now unlikely - as had been suggested last year after the publication of the Sovereign Grant's annual report - that the Queen would have to vacate Buckingham Palace during refurbishment. | BBC royal correspondent Peter Hunt said it was now unlikely - as had been suggested last year after the publication of the Sovereign Grant's annual report - that the Queen would have to vacate Buckingham Palace during refurbishment. |
| What is the Crown Estate? | What is the Crown Estate? |
| Source: The Crown Estate | Source: The Crown Estate |
| Charles' income rises | Charles' income rises |
| Meanwhile, Prince Charles's private income from his Duchy of Cornwall estate, a portfolio of land, property and financial investments, rose by 3% to £20.5m during the last financial year, and his tax bill increased by £531,000 to just over £5m. | Meanwhile, Prince Charles's private income from his Duchy of Cornwall estate, a portfolio of land, property and financial investments, rose by 3% to £20.5m during the last financial year, and his tax bill increased by £531,000 to just over £5m. |
| The Duchy of Cornwall, which includes assets such as London's Oval cricket ground and has the Isles of Scilly among its possessions, funds the private and official expenditure of the Duke and Duchess of Cornwall. | The Duchy of Cornwall, which includes assets such as London's Oval cricket ground and has the Isles of Scilly among its possessions, funds the private and official expenditure of the Duke and Duchess of Cornwall. |
| The estate is given to the heir to the throne and comprises 53,628 hectares (132,518 acres) of land in 23 counties, mostly in the south-west of England. | The estate is given to the heir to the throne and comprises 53,628 hectares (132,518 acres) of land in 23 counties, mostly in the south-west of England. |
| The prince also received £1.4m in funding from the Sovereign Grant and government departments during the period. | The prince also received £1.4m in funding from the Sovereign Grant and government departments during the period. |