Treasury must watch over Royal Household finances

by Kevin Reed

More from this author

28 Jan 2014

  • Comments
queens-speech-2013-c-voa-news-web

THE QUEEN'S FINANCES are in a poor state, and the Treasury must take a stronger oversight role in the finances, the government's watchdog has urged.

A report by the Public accounts Committee has found that the Royal Household had to draw down £2.3m from its £3.3m reserve fund, after overspending beyond its £31m grant. The £1m left in the fund at March 2013 was described by the committee as "historically low".

It called on the household to improve budget planning for the longer term, with the Treasury more actively involved in reviewing the household.

The household also has a maintenance backlog that must be dealt with - again, with the Treasury involved.

While income has increased by 11%, expenditure has reduced by only 5% - a figure that could be improved with "better commercial expertise in place".

"We feel that The Queen has not been served well by the Household and by the Treasury, which is responsible for effective scrutiny of the Household's financial planning and management," said Hodge in a statement. "We believe that The Treasury has a duty to be actively involved in reviewing the household's financial planning and management - and it has failed to do so."

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.