The Royal Collection Trust’s net income has fallen by more than £10 million with visitor numbers to royal attractions and retail sales also down, accounts have shown.

The trust said in its annual financial report the wave of interest in the monarchy, generated by major events like the coronation, had boosted figures in past years and current economic conditions had an adverse effect on visitor numbers and income.

The annual report of the trust, a charity which preserves artwork and decorative arts amassed by monarchs and manages the public openings of the King’s official residences and other attractions, showed a fall in total income of £4.6 million to £85.3 million for the 2025-26 financial year.

The net income – following tax, expenses and other deductions – dropped from £13.9 million to £3.5 million, and this fall of more than £10 million included a £3 million insurance repayment after the recovery of a snuff box stolen while on loan abroad.

The report said about the post-pandemic boost to the financial activities of the charity driven by royal events: “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.

“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.

“There is still public appetite to visit Royal Collection Trust sites and exhibitions. This has been particularly evident at the beginning of 2026/27, with the opening of the London exhibition Queen Elizabeth II: Her Life In Style.”

Retail sales dropped by £300,000 to £20.6 million and visitor numbers fell across a range of royal attractions like the Royal Mews, Buckingham Palace and Windsor Castle, with the total figure falling by 182,000 to 2.6 million visitors.

The report stated: “Overall visitor figures for 2025/26 were down by 6% on the previous year. In London, a reduction in visitor numbers was anticipated.

“The 2024 Buckingham Palace Summer Opening set record attendance levels that could not be replicated as visitor capacities were reduced this year to accommodate works taking place as part of the Buckingham Palace Reservicing programme.”

It added: “At Windsor Castle, the subdued travel and tourism sector and a reduction in the post‑Coronation visitor surge, saw a slight decrease in visitor figures from the previous year.

“By contrast, visitor numbers at the Palace of Holyroodhouse increased as a result of additional operating days and an expanded programme of group tours.”