Public funding for King Charles III and royals has been recalculated due to windfarm deal profits

abcnews.go.com:

The U.K. Treasury says the amount of public funding for King Charles III and the royal family’s official duties has been recalculated for next year because of an unexpected profit boost from offshore wind farms on the monarch’s Crown Estate

LONDON — The amount of public funding for King Charles III and the royal family's official duties has been recalculated for next year because of an unexpected profit boost from offshore wind farms on the monarch's Crown Estate, the U.K. Treasury said Thursday.

Treasury officials say they will halve the proportion of the crown estate’s profits paid to the royals from 25% in recent years to 12% next year.

Charles and the royal family receive an annual Sovereign Grant from the Treasury that is based on a proportion of profits from the crown estate, a vast collection of land and property across the U.K. The crown estate is run independently and has assets worth around 16 billion pounds (nearly $20 billion), including some of London’s most expensive properties.

The crown estate also manages coastlines and the seabed around the country, and six new offshore windfarm lease deals secured earlier this year have generated a windfall estimated to be worth 1 billion pounds ($1.3 billion) a year.

Charles has asked for profits from the windfarm deals to be used for the “wider public good” instead of going to fund his official duties.

The reduction in proportion of profits to be handed to the monarchy came after a review by the Royal Trustees — including Prime Minister Rishi Sunak, the Treasury chief and an official known as the Keeper of the Privy Purse.

The amount of the sovereign grant for this year is 86.3 million pounds ($109 million), unchanged from the year before. The Treasury said that