The Royal Collection Trust has reported a significant drop in net income of more than £10 million, according to its annual financial report for 2025-26. The charity, which preserves artwork and decorative arts amassed by monarchs and manages public openings of royal residences, saw total income fall by £4.6 million to £85.3 million.
Net income and visitor numbers fall
Net income after tax, expenses and other deductions dropped from £13.9 million to £3.5 million. This decline of over £10 million included a £3 million insurance repayment after the recovery of a snuff box stolen while on loan abroad.
Visitor numbers fell across attractions such as the Royal Mews, Buckingham Palace and Windsor Castle, with total figures down 182,000 to 2.6 million visitors – a 6% decrease on the previous year. Retail sales also dipped by £300,000 to £20.6 million.
Economic conditions blamed for slowdown
The report stated: “The effect of these events has softened slightly, and during 2025/26 general economic and specific sector conditions have had further downward influence on visitor numbers and income.”
It added: “Careful control of costs and innovative programming has mitigated the overall financial impact. Looking ahead, challenges in the domestic economy and global forces affecting international travel will put pressure on visitor numbers and retail income.”
Positive signs for some attractions
Despite the overall downturn, the report noted that public appetite remains for visiting Royal Collection Trust sites and exhibitions. The opening of the London exhibition Queen Elizabeth II: Her Life In Style at the beginning of 2026/27 has shown promise.
Visitor numbers at the Palace of Holyroodhouse increased due to additional operating days and an expanded programme of group tours. However, the 2024 Buckingham Palace Summer Opening set record attendance levels that could not be replicated as visitor capacities were reduced for the Buckingham Palace Reservicing programme.
