Extracts from the annual report

The royal finances are presented here in summary form. The full text is contained in the Danish version of the annual report, which has been audited by the independent accounting firm Deloitte.

Extracts from the annual report

General

The financial statements of the Civil List and the Parliamentary Annuity paid to The Crown Prince are presented in accordance with the provisions regarding class A enterprises under the Danish Financial Statements Act.

In accordance with the Danish Personal Tax Act and the Danish Act on the Registration of Motor Vehicles, The Queen and Prince Henrik, The Crown Prince and The Crown Princess, Prince Joachim, Princess Marie and Princess Benedikte are not subject to income tax or registration tax in relation to motor vehicles, etc., but they are subject to the normal tax rules governing inheritances, gifts and property. Value added tax is reimbursed in accordance with the rules that also apply for state institutions, and the annual reimbursement is limited to a percentage of the parliamentary allowance corresponding to the current rate of value added tax.

The Civil List

The annual Parliamentary allowance to The Queen is laid down in The Civil List Act, as last amended in 2001.

That allowance is adjusted in accordance with movements in the pay index for employees in the state sector. The state has pension liabilities in respect to Court officials employes under the terms of the Civil List (employed by The Queen), and pension contributions equivalent to the pension contributions paid by government ministries and state agencies are paid to the Ministry of Finance from the Civil List.

The Parliamentary allowance is provided to meet the expenses of The Queen and Prince Henrik and the expenses of Princess Benedikte incurred in carrying out official engagements.

Total VAT rebate for 2016: 7,484,030 DKK.

The Civil List

The Civil List
Extract from financial statements
		2016 DKK	2015 DKK'000

INCOME STATEMENT
INCOME
Parliamentary allowance	79,066,882	78,413
Other income	2,302,761	2,488
	81,369,643	80,901

EXPENDITURE
Staff costs	50,271,765	49,365
Court expenses	8,242,387	11,667
Administration expenses	5,452,310	4,799
Property expenses	5,406,412	7,299
Depreciations	1,491,895	1,693
The Queen and Prince Henrik's expenditure cap	10,298,461	10,213
	81,163,230	85,036
Net income before financial income and expenditure	206,413	-4,135
Financial income and expenses	298,877	-49
Net income for the year	505,290	-4,183

Balance Sheet

BALANCE SHEET at 31 December
	2016 DKK	2015 DKK'000
ASSETS
Fixed assets	6,234,835	7,726
Current assets	24,763,914	25,522
Total assets	30,998,749	33,248

RESERVE AND LIABILITIES
Reserve at 31 December	16,747,572	16,242
Current liabilities	14,251,177	17,006
Total reserve and liabilities	33,998,749	33,248

The Crown Prince

The Parliamentary annuity paid to The Crown Prince and The Crown Princess is laid down in the Act on the Annual Allowance to Crown Prince Frederik of 2004. The adjustment of that allowance and the reimbursement of value added tax follow the same principles which are applied to the Civil List.

Total VAT rebate for 2016: 1,595,947 DKK

The Parliamentary Annuity

The Parliamentary Annuity
Extract from financial statements
	2016 DKK	2015 DKK'000
INCOME STATEMENT
INCOME
Parliamentary allowance	19,462,031	19,301
Other income	0	1
	19,462,031	19,302

EXPENDITURE
Staff costs	11,524,901	10,929
Court expenses	2,021,792	2,195
Administration expenses	271,425	284
Property expenses	1,407,357	1,035
Depreciations	366,698	316
The Crown Prince and The Crown Princess expenditure cap	3,892,406	3,860
	19,484,579	18,619

Net income before financial income and expediture	-22,548	684
Financial income	486
Net income for the year	-22,062	684

Balance Sheet

BALANCE SHEET at 31 December
	2016 DKK	2015 DKK'000
ASSETS
Fixed assets	2,561,025	2,434
Current assets	2,417,398	3,271
Total assets	4,978,423	5,705

RESERVE AND LIABILITIES
Reserve at 31 December	1,668,483	1,691
Current liabilities	3,309,940	4,014
Total reserve and liabilities	4,978,423	5,705

Prince Joachim

The Parliamentary annuity paid to Prince Joachim and Princess Marie is laid down in the Act on the Annual Allowance to Prince Joachim, as last amended in 2008. The adjustment of that allowance and the reimbursement of value added tax follow the same principles which are applied to the Civil List.

Prince Joachim received an annual annuity of 3,439,943 DKK and reimbursement of 589.301 DKK value added tax.