Royal Collection Trust returns to profit following Covid pandemic lockdowns

Hillsborough Castle in Co Down is one of the properties involved, having been taken over by Historic Royal Palaces in 2014.

The trust, which looks after the artwork and decorative arts amassed by monarchs and manages the public openings of the King's official residences, was able to welcome visitors without government restrictions for the first time since March 2020.

The display of art at Hillsborough Castle has been selected to “represent both the history and the contemporary use of the house as a royal and government residence,” and has been drawn from a number of sources.

Almost two million people visited historic buildings associated with the royal family during 2022-23, but the number is significantly down on the pre-pandemic figure of 3.2m visitors during 2019-20.

The RCT trustees' financial report said: “Net income of £8 million was achieved for the year. This performance exceeded target by over £2m, marking a return to profitability following the losses incurred as a consequence of the pandemic.”

During the 2021-22 financial year, the RCT was £15m in deficit, compared to a deficit of £36.3m in 2021-20 – and it was last in profit during 2019-20 with a net income of £3.5m.

The RCT's retail sales were boosted by the Platinum Jubilee range that marked the late Queen's 70-year reign and a commemorative range celebrating her life. Overall, retail and publishing sales totalled £24.1m – more than double the 2021-22 figure of £10.8m.

The RCT is a charity which does not receive public money and funds its work from admission charges to the royal residences and other commercial activities, and so its finances were hit by the lockdowns.

The organisation went on to state: “As part of measures to withstand and recover from the financial impact of Covid-19, the trust obtained loan facilities with Coutts & Co.

“At the start of 2022/23, the total facility held was £52m and the drawn loan balance was £33.5m. The loan was reduced to £22.5m by the time the annual report was published.”