Sovereign Grant Act 2011
| Jurisdiction | UK Non-devolved |
| Citation | 2011 c. 15 |
| Year | 2011 |
(1) A Sovereign Grant is to be paid by the Treasury to Her Majesty for each financial year.(2) The purpose of the Sovereign Grant for a financial year is to provide resources for use for that year by the Royal Household in support of Her Majesty's official duties (see section 13) .(3) The amount of the Sovereign Grant for the financial year 2012-13 is £31 million.(4) The amount of the Sovereign Grant for each subsequent financial year is the amount determined by the Royal Trustees for that year in accordance with section 6.(5) Section 9 (Duchy of Cornwall income) provides, in the circumstances mentioned there, for the amount of the Sovereign Grant to be reduced.(6) The Sovereign Grant falls to be paid out of money provided by Parliament.(1) The Keeper of Her Majesty's Privy Purse (referred to in this Act as “the Keeper”) must keep proper accounting records relating to the Royal Household.prepare a statement of accounts of the Royal Household for that year, andgive a copy of the statement to the Comptroller and Auditor General (referred to in this Act as “the Comptroller”) .must state the amount of net relevant resources used for the financial year, andsubject to that, must be prepared in accordance with any directions given by the Treasury to the Keeper.the information to be contained in the statement and how it is to be presented,the methods and principles in accordance with which the statement is to be prepared, andany additional information that is to accompany the statement.examine, certify and report on the statement, andgive a copy of the report and statement to the Treasury.lay a copy of the report and statement of accounts before Parliament, andgive a copy of the report and statement to the Royal Trustees.the amount of resources used for that year by the Royal Household in support of Her Majesty's official duties, minusthe amount of income of the Royal Household for that year (excluding the Sovereign Grant) .(8) For the purposes of Part 2 of the National Audit Act 1983 (economy, efficiency and effectiveness examinations) the Royal Household is to be treated as a body within section 6(3) (c) of that Act.(1) There is to be a Reserve Fund consisting of monies received by the Royal Trustees under this section and anything deriving from those monies.(2) The Royal Trustees may invest any of the Reserve Fund in any way they consider appropriate.(3) If the amount of the Sovereign Grant for a financial year exceeds the audited net relevant resources used for that year (see section 12) , the Keeper must pay an amount equal to the excess to the Royal Trustees.(4) If the audited net relevant resources used for a financial year exceeds the amount of the Sovereign Grant for that year, the Royal Trustees must pay from the Reserve Fund to the Keeper an amount equal to the excess (or, if less, an amount equal to the value of the Reserve Fund) .the Keeper may make a payment to the Royal Trustees in respect of that year if the Keeper considers that a payment under subsection (3) would be required once the report has been made;the Royal Trustees may make a payment from the Reserve Fund to the Keeper in respect of that year if they consider that a payment under subsection (4) would be required once the report has been made.treat the amount of the Sovereign Grant for that year as reduced by the total amount of interim payments made under subsection (5) (a) ;treat the amount of that Sovereign Grant as increased by the total amount of interim payments made under subsection (5) (b) .(7) The Royal Trustees may make loans from the Reserve Fund to the Keeper for the purpose of enabling capital expenditure of the Royal Household to be met.(8) In section 2(7) (b) , the reference to income of the Royal Household does not include any payment under this section made to the Keeper.(1) The Royal Trustees must keep proper accounting records of the Reserve Fund.prepare a statement of accounts of the Reserve Fund for that year, andgive a copy of the statement to the Comptroller.must state the
To continue reading
Request your trial