Accounts have shown the trust's net income fell by more than £10million this year
The Royal Collection Trust has seen its net income fall by nearly three-quarters, new accounts have shown.
The trust has suffered from significant drops in visitor numbers and retail sales over the last year.
In the report, it was noted that the effects of the post-pandemic boom "have softened slightly".
The Royal Collection Trust is a charity responsible for ensuring that the Royal Collection and the Palaces are looked after, along with visitors.
Accounts show that net income has plummeted in 2025-26 from £13.9million to just £3.5million - a decline exceeding £10million in a single year.
Overall revenue for the charity, which safeguards centuries of royal art and manages public access to the King's official residences, dropped by £4.6million to £85.3million.
The £10million-plus fall in net income was partly explained by a one-off factor from last year: a £3million insurance payout received following the recovery of a snuff box that had been stolen while on loan overseas.
The organisation attributed the downturn to the waning effect of the coronation, which had driven a remarkable surge in public interest and spending in previous years.
Tougher economic conditions compounded the challenge. The trust's annual report noted: "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."
In London, the drop was not entirely unexpected. The report stated: "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."
Windsor Castle likewise experienced a modest dip, with the trust pointing to a sluggish travel and tourism sector alongside the fading momentum of the coronation effect.
The report added that 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."
Visitor numbers across the trust's portfolio of royal attractions fell by 182,000 to 2.6 million, representing a 6 per cent year-on-year decline.
LATEST ROYAL NEWS:
Retail revenue also softened, dipping £300,000 to £20.6million over the financial year.
Despite the headwinds, the trust emphasised that prudent financial management had helped cushion the blow.
The report noted: "Careful control of costs and innovative programming has mitigated the overall financial impact."
Such discipline will prove essential in the months ahead, with the charity acknowledging that both domestic economic pressures and global disruptions to international travel are likely to continue weighing on visitor numbers and shop takings.
Yet the trust struck a cautiously optimistic note about the future: "There is still public appetite to visit Royal Collection Trust sites and exhibitions."
One notable bright spot was the Palace of Holyroodhouse in Edinburgh, where visitor numbers bucked the wider trend thanks to extra opening days and an expanded programme of group tours.
The trust also highlighted the launch of its London exhibition Queen Elizabeth II: Her Life In Style as evidence of sustained public enthusiasm for the royal heritage offering.
Nevertheless, the charity was candid about the road ahead with the report warning: "Looking ahead, challenges in the domestic economy and global forces affecting international travel will put pressure on visitor numbers and retail income."
