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The Royal Collection Trust faced operating losses of £15 million last year but has begun its financial recovery, its annual accounts have shown.
Visitor numbers at the Queen’s official residences rose by more than half a million to 737,000 in 2021/22 from 155,000 in 2020/21, but were still way below pre-pandemic figures of 3.3 million people a year.
Retail sales of £10.7 million remained low compared with nearly £20 million two years ago, but improved on the £3.8 million at the height of the Covid crisis.
Income was boosted by the public buying the wide range of official Platinum Jubilee souvenirs, the trust said.
The growth of online sales contributed £4.3 million to retail sales, compared with £900,000 before the pandemic.
Tim Knox, the Royal Collection’s director, said: “This year, as the nation emerged from the coronavirus pandemic, Royal Collection Trust’s recovery from the effects of several lockdowns began in earnest.
“Of course, there is still some way to go before Royal Collection Trust will have fully recovered from the pandemic.
“Visitor numbers are still well below 2019 levels, and it is expected to take some time before international tourism fully recovers.”
The gradual easing of restrictions from April 2021 saw the public allowed back in to Windsor and other royal buildings, although social distancing was still in place.
The traditional summer opening of Buckingham Palace, which is getting under way again this month, was cancelled in 2021 for the second year in a row, but picnickers were allowed to buy tickets for self-guided tours of the garden.
Cost-saving measures including tight budget controls, staff restructuring and previous major redundancies helped the trust reduce its expenditure this year to £39 million, down from £42.9 million.
With sales, donations and other income coming to £24 million, the trust’s deficit was £15 million, compared with £36 million the year before.
A return to an operating surplus is forecast for 2022/23, due to increasing visitor numbers, the full summer opening at the palace and the impact of the Queen’s jubilee in June.
Mr Knox said: “The surpluses we expect to make over the coming years will be essential to enable us to pay off the bank loans we took out in order to stay afloat.”
The trust previously borrowed more than £50 million to ensure its survival.
The Royal Collection maintains and displays the large collection of royal artefacts from artwork to furniture held in trust by the Queen for her heirs and the nation.
