Queen Elizabeth scores a $7.6m pay rise Part of the cost of being Queen is hosting visiting Americans. Photo: AP Source: AP QUEEN Elizabeth II has received a £5 million ($A7.6 million) boost in annual funds the British monarch receives from taxpayers to carry out official duties, pay staff and maintain royal palaces. The Sovereign Grant has been set at £36.1 million for the 2013/14 financial year, compared to £31 million allocated during the past year. The new fund - which equals 15 per cent of the profits of the Crown Estate - came into effect Monday, replacing centuries-old royal funding systems. A Buckingham Palace spokesman stressed Tuesday the grant is in fact 15 per cent less in real terms than the royal household's expenditure five years ago. Last year, royal accounts showed that the cost of supporting the monarchy rose slightly to £32.3 million in 2011 to 2012. Around £10m is spent on the salaries of the Queen's staff, from footmen to chefs in the royal kitchen - but wages have been frozen for a number of years. The figure for official expenditure does not include the cost of providing security and police protection for members of the monarchy.