Under the Sovereign Grant funding formula, which pays for costs such as royal household salaries, official travel and the upkeep of royal palaces, the Queen receives a percentage of the Crown Estate profits for her official expenditure, but from funds two years in arrears.
Royal accounts published on Tuesday show that the Queen's expenditure rose £2 million to almost £42 million, while the Royal Family's official travel cost taxpayers £4.5 million.
The increase is derived from a formula based on the financial performance of the Crown Estate, which has extensive real estate holdings throughout Britain.
The state grant given to the queen during the last fiscal year came out to be about $0.83 per person, official Keeper of the Privy Purse Sir Alan King told CNN. "When you consider that against what The Queen does and represents for this country, I believe it represents excellent value for money", Reid said.
Nimmo highlighted that the Crown Estate had raised £2.6bn for the Treasury over the past 10 years.
He added that the activities of the Royal Family "are vital in bringing the Monarchy into direct and personal contact with all sections of society".
Charles also took the most expensive journey by Royal Train costing £46,000 - that's £95.32 per mile. The modernization project is expected to cost around $621 million Cdn.
Prince William And Kate's trip to Bhutan cost £98,000.
The Sovereign Grant, a pool of government money, covers official outings by the queen and royal family.
The most expensive outing was the Duke and Duchess of Cornwall's trip to Italy, Romania, and Austria.
However, the campaign group Republic, published its own report on royal expenses saying the annual bill was nearer to £345m once security and other costs were included.
It is also understood that in order to help raise funds for the refurbishment, the palace will stay open for an extra 15 days during summer, meaning an additional 115,000 tourists could visit the site this year.
The Queen is about to get a raise, of sorts.
Opinion polls show the 91-year-old queen remains hugely popular with Britons and at least two-thirds indicate they want the monarchy, which traces its royal line back to a Norman invasion in 1066, to continue. In November, it was announced that the percentage would rise for 10 years from 15 to 25 per cent.
The air travel costs to send the Duke and Duchess of Cambridge on an official tour of India were £97,703 in charter and scheduled flights.