Crown Estate in Britain, which manages the public property of King Charles, reported a record profit of 1.1 billion pounds (1,42 billion dollars) for 2023/24, boosted by offshore wind leases. The results were released on Wednesday.

Crown Estate is a commercial enterprise that runs independently and whose profits are paid to the Treasury. It consists of large tracts of British land, as well as most of Britain's ocean floor.

The Royal Family is also measured by the amount of funding they receive from the public.

Crown Estate's net profit for April 2023 to March 31 2024 was 1.1 billion pounds, up from 442.6 millions pounds in the same period of 2022/23. This is because it made a bumper income from an offshore windfarm lease tender that took place in 2021.

The lease allows companies to pay option fees for six projects that are worth around 1 billion pounds each year. This is payable over a period of at least three years, and as much as 10 years.

Dan Labbad, chief executive of Crown Estate, said that the high prices reached in round four were unlikely to continue in future licensing rounds.

In a press briefing, he explained that "Round 4 took place in an economic environment very different from today... interest rates have increased and inflation has risen... we must ensure that we support the market."

Last week, the new Labour government proposed a change to allow Crown Estate to borrow funds to invest.

Labbad said that this would allow the organisation to be more flexible in how it invests in renewable projects in London and supports its property portfolio.

The British monarchy is entitled to a sovereign grant that covers the costs of running the royal household and the travel expenses. The grant is set at 12 percent of the Crown Estate's profits for 2024-25. This is down from 25 percent in 2023-24, largely because offshore wind revenues have increased.

In July of last year, the British Treasury announced that the total amount of the Sovereign Grant in 2024-25 would remain at 86.3 millions pounds for a third consecutive year. ($1 = 0.7744 pound) (Reporting and editing by Susanna Fenton; Susanna is the editor)