That's the monarchy.
The accounts also show that the costs of the monarchy have risen by £1.5 million in the last 12 months to £41.5 million, the annual equivalent to 69 pence per person in the country, up from 66 pence last year.
I don't care what anyone else says or thinks - that is bloody good value. What else can you get for less than a quid a year these days? The monarchy is certainly delivering better value than your average quango (roughly £2000 per person per year in total) and the NHS (about £1500 per person per year).
I would bet also that a President would cost a bloody sight more than that - and be a lot less effective.