surrender the hereditary revenues of the Crown in return for payments called the civil list. Under this arrangement, the Crown Estate remained the property of the sovereign, but the hereditary revenues of the crown were placed at the disposal of the House of Commons. The civil list was paid from public funds and was intended to support the exercise of the monarch's duties as head of state of Great Britain. This arrangement persisted from 1760 until 2012. In modern times, the Government's profits from the Crown Estate always significantly exceeded the civil list. Under the civil list arrangements, the royal family faced criticism for the lack of transparency surrounding Royal finances. The National Audit Office was not entitled to audit the Royal Household. The Queen received an annual £7.9 million a year from the civil list between 2001 and 2012. The total income of the Royal Household from the Treasury was always significantly larger than the civil list because it included additional income such as grants-in-aid from the Treasury and revenues from the Duchies of Cornwall and Lancaster. The total Royal Household income for the financial years 2011–12 and 2012–13 was £30 million per annum, followed by a 14% cut in the following year. However, the Treasury provided an additional £1 million to pay for Diamond Jubilee celebrations in 2012. Royal expenditure differs from income due to the use of a Reserve Fund, which can be added to or drawn from. The official reported annual expenditure of the Head of State was £41.5 million for the 2008–09 financial year. This figure did not include the cost of security provided by the police and the Army and some other expenses. The campaign group Republic asserts the full annual cost of the British monarchy to be at least £345,000,000 a year, when including lost revenue from the two duchies, security, costs met by local councils and police forces, and lost tax revenue. Assets held in trust by the Sovereign A number of possessions are held in trust by the Sovereign. These possessions are exempt from inheritance tax. The Crown Estate is one of the largest property portfolios in the United Kingdom, producing £211 million for the Treasury in the financial year 2007–08 and with holdings of £7.3 billion in 2011. The Crown Estate is not the personal property of the Monarch. It cannot be sold by the sovereign in a personal capacity,