Anne and Prince Edward to be added to the list of counsellors of state. The next day, a bill to that end was introduced in Parliament and it received royal assent on 6 December, coming into force on 7 December. Finances Until 1760, the monarch met all official expenses from hereditary revenues, which included the profits of the Crown Estate (the royal property portfolio). King George III agreed to surrender the hereditary revenues of the Crown in return for the Civil List, and this arrangement persisted until 2012. An annual Property Services grant-in-aid paid for the upkeep of the royal residences, and an annual Royal Travel Grant-in-Aid paid for travel. The Civil List covered most expenses, including those for staffing, state visits, public engagements, and official entertainment. Its size was fixed by Parliament every 10 years; any money saved was carried forward to the next 10-year period. From 2012, the Civil List and Grants-in-Aid were replaced with a single Sovereign Grant, which was initially set at 15% of the revenues generated by the Crown Estate and increased to 25% in March 2017. The Crown Estate is one of the largest property portfolios in the United Kingdom, with holdings of £15.6 billion in 2022. It is held in trust, and cannot be sold or owned by the sovereign in a private capacity. In modern times, the profits surrendered from the Crown Estate to the Treasury have exceeded the Sovereign Grant. For example, the Crown Estate produced £312.7 million in the financial year 2021-22, whereas the Sovereign Grant for the monarch was £86.3 million during the same period. Like the Crown Estate, the land and assets of the Duchy of Lancaster, a property portfolio valued at £383 million in 2011, are held in trust. The revenues of the Duchy form part of the Privy Purse, and are used for expenses not borne by the parliamentary grants. The Paradise Papers, leaked in 2017, show that the Duchy of Lancaster held investments in the British tax havens of the Cayman Islands and Bermuda. The Duchy of Cornwall is a similar estate held in trust to meet the expenses of the monarch's eldest son. The Royal Collection, which includes artworks and the Crown Jewels, is not owned by the sovereign personally and is held in trust, as are the occupied palaces in the United Kingdom such as Buckingham Palace and Windsor Castle. The sovereign is