Search Legislation

Sovereign Grant Act 2011

Status:

This is the original version (as it was originally enacted).

3The Reserve Fund

This section has no associated Explanatory Notes

(1)There is to be a Reserve Fund consisting of monies received by the Royal Trustees under this section and anything deriving from those monies.

(2)The Royal Trustees may invest any of the Reserve Fund in any way they consider appropriate.

(3)If the amount of the Sovereign Grant for a financial year exceeds the audited net relevant resources used for that year (see section 12), the Keeper must pay an amount equal to the excess to the Royal Trustees.

(4)If the audited net relevant resources used for a financial year exceeds the amount of the Sovereign Grant for that year, the Royal Trustees must pay from the Reserve Fund to the Keeper an amount equal to the excess (or, if less, an amount equal to the value of the Reserve Fund).

(5)At any time before the Comptroller has reported under section 2 on the statement of accounts of the Royal Household for a financial year—

(a)the Keeper may make a payment to the Royal Trustees in respect of that year if the Keeper considers that a payment under subsection (3) would be required once the report has been made;

(b)the Royal Trustees may make a payment from the Reserve Fund to the Keeper in respect of that year if they consider that a payment under subsection (4) would be required once the report has been made.

(6)If one or more payments under subsection (5) (“interim payments”) are made in respect of a financial year, for the purposes of subsections (3) and (4)

(a)treat the amount of the Sovereign Grant for that year as reduced by the total amount of interim payments made under subsection (5)(a);

(b)treat the amount of that Sovereign Grant as increased by the total amount of interim payments made under subsection (5)(b).

(7)The Royal Trustees may make loans from the Reserve Fund to the Keeper for the purpose of enabling capital expenditure of the Royal Household to be met.

(8)In section 2(7)(b), the reference to income of the Royal Household does not include any payment under this section made to the Keeper.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Show Explanatory Notes for Sections: Displays relevant parts of the explanatory notes interweaved within the legislation content.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources