ROYAL COLLECTION TRUST INCOME FALLS £10M AS VISITOR NUMBERS DROP

The Royal Collection Trust reported a net income decline of more than £10 million in the financial year 2025-26, falling from £13.9 million to £3.5 million. The Trust, a charity that preserves artwork and decorative arts and manages public access to the King's official residences, attributed the fall to reduced visitor numbers across royal attractions. Visitor numbers declined by 182,000 to 2.6 million overall, representing a 6 per cent drop on the previous year. Retail sales fell by £300,000 during the same period.

The Trust's annual report linked the decline to broader economic conditions affecting both domestic tourism and international travel. Buckingham Palace, Windsor Castle and the Royal Mews all recorded lower visitor figures. The report noted that previous years had benefited from a surge in interest generated by major royal events, including the coronation, but stated that "the effect of these events has softened slightly". The extensive refurbishment works at Buckingham Palace and increased cost of living expenses contributed to the drop, according to the Trust's account.

The Trust stated that cost controls and "innovative programming" had helped mitigate the financial impact. Looking forward, the organisation warned that "challenges in the domestic economy and global forces affecting international travel will put pressure on visitor numbers and retail income". The Trust did not announce specific measures to address the projected pressures on future income.