First Rail adjusted operating profit comprises: 1 IFRS16 adjustments to EBITDA principally reflect the add back of operating lease rental costs charged to the income statement before the adoption of IFRS16. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report. [64] Write downs by the domestically owned Irish banks are only now beginning to take place. [6] Instead, the estate's extensive portfolio is overseen by a semi-independent, incorporated public body headed by the Crown Estate Commissioners, who exercise "the powers of ownership" of the estate, although they are not "owners in their own right". Peace of mind in your pocket - Insurance packages at your fingertips. [75][76] As part of the deal, Chairman Dan O'Connor agreed to quit the bank while managing director, Colm Doherty, announced he would leave before the end of the year after 13 months in the job. 'Net debt' is the value of Group external borrowings excluding the fair value adjustment for coupon swaps designated against certain bonds, excluding accrued interest, less cash balances. Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more! Find the latest Standard Chartered PLC (STAN.L) stock quote, history, news and other vital information to help you with your stock trading and investing. Annual Report; Annual Anti-Money Laundering Reports; Audit Monitoring Reports; Business Plan; Climate and Environmental Risk Management; Name: Barclays Bank PLC. At the time of handover, quit rents totalled 23,418 (equal to 1,420,956 today) and rent from property 1,191 (equal to 72,267 today). Management has demonstrated the flexibility of our businesses to generate cash flows well within required debt facility and covenant levels since the pandemic struck. [citation needed] In 2008 AIB operated through its local branches providing financial services under established AmCredit brand in all three countries. London Standard Chartered PLC (the Company) today announces changes to its Board.. Dr Linda Yueh (aged 51) has been appointed as an independent non-executive director of the Company with effect from 1 January 2023.. Linda is a renowned economist and financial broadcaster. The Scottish NSG+ scheme provides operators with a fixed payment per km operated. We focus on providing estate planning, institutional trust and loan agency services, allowing you achieve inter-generational wealth transfer. The PRAs audited accounts for the reporting year ending Monday 28 February 2022 are set out on pages 206-215 of the Bank of England Annual Report and Accounts. Join the discussion about your favorite team! He has been a technical adviser to the board of the International Federation of Accountants (IFAC) in New York since 2013. The loss has been recognised as an adjusting item. [44], The Crown Estate in Northern Ireland in 1960 comprised "a few quit rents yielding yearly only 38. Approximately 55% of the UK's foreshore is owned by the Crown Estate; other owners of UK foreshore include the. The accounting treatment for the time-based risk-sharing feature of the Groups participation in the RPS is not explicitly considered by IAS 19 Employee Benefits (Revised). Investment in smaller companies which are unquoted, or traded on AIM or ISDX Markets, by its nature, involves a higher degree of risk than investment in larger companies, including those traded on the main market. An opportunity to connect with you through Afro-centric music, art, dance, tech and innovation. The number of ordinary shares used for the basic and diluted calculations is shown in the table below. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. In the period, the installation of our evo-rail track-to-train superfast rail-5G technology across 70 kilometres of the SWR main line commenced, and international trials continued. Statutory profit before tax (continuing basis) was 37.0m (H1 2022: loss of (64.5)m). On 16 August 2022 I Squared announced that it did not intend to make a firm offer for FirstGroup and was therefore bound by the restrictions contained within Rule 2.8 of the City Code on Takeovers and Mergers. The GWR leases under the new NRC arrangement underpin the increase in First Rails net assets, with the related liability reflected in reported net debt. Most of the present Scottish estate excepting foreshore and salmon fishing is due to inward investment, including Glenlivet Estate, the largest area of land managed by the Crown Estate in Scotland, purchased in 1937,[50] Applegirth, Fochabers and Whitehill estates, purchased in 1963, 1937 and 1969 respectively. He was previously Head of Acquisitions for a Real Estate developer focusing on development origination and analysis and headed a team of four acquiring and reviewing schemes with a GDV of up to 1bn. [32] Faldor was an investment company set up in the British Virgin Islands that between 1989 and 1996 hold funds on behalf of these senior AIB executives as well as people connected to them. Between 1989 and 1996, funds of certain senior executives of AIB at the time and/or related parties were managed by Allied Irish Investment Managers Limited (now AIBIM) through a British Virgin Islands investment company, Faldor Ltd.. Faldor benefited from inappropriate favorable deal allocations, by way of artificial deals, amounting to approximately IR38,000 (48,000) out Narvinder joined Gresham House as Head of Originat Narvinder joined Gresham House as Head of Origination in our housing team in November 2021 and was promoted to Director of New Business in November 2022. LONDON BROKER RATINGS: UBS cuts Smurfit and GSK; Jefferies likes M.. JPMorgan Restarts FirstGroup With Overweight Rating. By tradition, each subsequent monarch agreed to this arrangement upon his or her accession. purchase a larger share in the property at the then market value), releasing bulk discounts to ReSI, Shared ownership opens the door to home ownership, Provides lifetime security of tenure through long-term leases, Creates additional sub-market rental homes. Alex was the founder and Chief Executive of TradeRisks Limited from 2000 to March 2020, when it was acquired by Gresham House. The group was formed through a 1970 merger of two leading Irish public companies, Cement Limited (established in 1936) and Roadstone Limited (1949). Brandon joined Gresham House as Deputy Fund Manage Brandon joined Gresham House as Deputy Fund Manager in our Housing team in November 2021 and was promoted to Investment Director in November 2022. Irish property developers own speculated billions of euros of overvalued land parcels such as urban brownfield and greenfield sites, and also agricultural land at an average value of 23,600 per acre (US$32,000 per acre or 60,000 per hectare)[59] which is several multiples above the value of equivalent land in other European countries. Net DfT funding including the management and performance fee is recognised as revenue in Rail franchise subsidy receipts, in line with the revenue recognition policy for franchise subsidy receipts from the DfT. In measuring the Group and divisional adjusted operating performance, additional financial measures derived from the reported results have been used by management in order to eliminate factors which distort year-on-year comparisons. 'Cont.' The WCP contract comprises operation of Avanti West Coast and acting as shadow operator to the HS2 programme. He is a member of the Group Management and Investment Committees. [42] 7,000 acres (2,800ha) were subsequently sold for circa 25,000 (equal to 2,496,413 today) at auction and 10,000 (equal to 998,565 today) by private treaty: a major disinvestment, with reinvestment in Great Britain. [17], On 9 September 2010 AIB reached agreement to sell a 66% stake in BZ-WBK to Santander for 3.1billion, the balance of the shares to be sold on the open market. The discounted lease liability relating to the right of use assets included above is shown in note 14. We believe this unrivalled knowledge and expertise stands us in good stead as the industry structure in the UK continues to evolve. The Oireachtas Sub-Committee Inquiry into DIRT hearing on 27 September 1999 concluded that it was "extraordinary" when Scanlon told the Inquiry that he was unaware of the scale of the DIRT issue. Donations can be made for religious or educational purposes connected with the estate or for tenants' welfare. Stanbic IBTC is a financial institution that offers banking and financial services to individuals, businesses, institutions and corporations in Nigeria and abroad. [0,-133298,2734487,"TC Weekender: Nigeria limits cash withdrawals","TechCabal"], ICSID Caseload Statistics. [18] Any purchase over 66% would have forced Santander to make an offer to buy the entire company. Following the announcement on 26 October 2022 of EQT Infrastructures agreement to sell First Transit to Transdev North America, Inc, the Group now estimates its earnout consideration will be around 74m. Our responsibility is to express a conclusion on the interim financial statements in the Half-Yearly Report based on our review. Topics As such, these schemes have been removed from the balance sheet position and the tables above. The main direct fiscal support recognised in revenue over time for each division has been as follows: First Bus: The English, Scottish and Welsh Governments have each supported bus operators, through a variety of funding schemes since March 2020. Equity Group Holdings Limited offers retail banking, microfinance and related services. The data is necessary for the website to operate and to maintain your security and privacy while using the website. Cheltenham's Gallagher Retail Park and Warwick's Leamington Shopping Park are owned 50/50 through "The Gibraltar Limited Partnership" with The Hercules Unit Trust, a Jersey-based property unit trust. The earnout is for a period of three years from 21 July 2021 and is calculated as a percentage of the Realised Equity Value. In the First Bus division, good progress has been made in the period with several of the key drivers that the Group believes will support the improvement in Bus margins once the sector transitions to a more commercial model, including yield and pricing actions, network realignment and the sale of First Scotland East. Andy is Chief Financial Officer of Standard Chartered plc, which he joined in July 2014 after 15 years at Vodafone Group plc, nine of which were spent as Chief Financial Officer. The sovereign is not involved with the management or administration of the estate, and exercises only very limited control of its This data is not used to target you with advertising. Discussions are ongoing with DfT regarding the longer-term National Rail Contract for the West Coast Partnership. For a substantial portion of FY 2022 First Bus and other regional bus operators effectively provided their assets and expertise to operate a government-funded bus system on a broadly cash break-even basis to ensure continuity of service during the pandemic. Classification as per DTR 6 Annex 1R: 1.2. But the Irish taxpayer bailed ICI out of its difficulties. Database of ICSID Cases. After his case was highlighted in the media, the Central Bank officially apologised on how the authorities treated him, eight years after alerting them of overcharging. The principal direct fiscal support recognised during the period comprised 247.1m (H1 2022: 920.2m) of EMA/ERMA funding in First Rail and 43.7m (H1 2022: 127.9m) of BRG, NSG+ and BES funding and concessions in First Bus. Databases. [0,-10905,2734553,"Early summer bunnies' dollars lifts Kenya's forex reserve","The Star Kenya"], These contributions are subject to change on consideration of future statutory valuations. 6 Tax on profit on ordinary activities. When selling or letting its property the Crown Estate should always seek to achieve the best consideration (i.e. To address energy cost inflation in our open access operations, both Lumo and Hull Trains have joined an industry hedging group to mitigate the long-term impact of electricity costs which represent a significant proportion of their costs. [67], On 12 February 2009 the Irish government arranged a 7billion rescue plan for AIB and Bank of Ireland. The final earnout consideration amount will be determined in the period following completion of the sale, with receipt expected in FY 2024. It is clear there are several challenges to overcome, uncertainties to resolve and improvements to be made in the consistency of our service delivery, and these will be a key focus in the coming months and years. [23], In December 2020 AIB announced its intention to cut 1,500 jobs by 2023 noting that due to the COVID-19 pandemic, 80% of its workforce had been working from home. In addition, there were further adjustments to brought forward tax balances giving rise to a net credit of 0.8m (H1 2022: charge of 5.9m). Get all the latest India news, ipo, bse, business news, commodity only on Moneycontrol. Insightful news, sharp views, newsletters, e-paper, and more! A wholly-owned subsidiary of Residential Secure Income plc (ReSI plc) that is registered with the Regulator of Social Housing as a for-profit Registered Provider of social housing. [0,-226618,2734413,"KENYA : Ruto's eclectic band of loyal allies","Africa Intelligence"], When it was discovered in November 1984 that ICI was operating below the statutory reserve ratio, a request for further capital was made to AIB ICI had returned a profit of more than 80million the previous year. As part of the disposal transaction, FirstGroup are entitled to an earnout consideration of up to $290m (c.220m) relating to First Transit. Zum 1. The Group's adjusted cash outflow of (112.1)m (H1 2022: inflow of 1,704.7m, including inflows of 2.3bn relating to the disposal of the North American operations) in the period reflects strong underlying cash generated by operations offset by outflows relating to investment in First Bus, lease payments and movement in First Rail ring-fenced cash (125.1m outflow since FY 2022). Commercial passenger volume levels in First Bus have increased in the period although concessionary volumes continue to recover more slowly. Firm Type: Authorised Firms. Bank moves to sale tycoon Magoola Dei Pharmaceutical's properties, days after Gen. Museveni launch |","Red Pepper"], [42] No regulatory action was taken. In September the Group announced the sale of all but two of its remaining Greyhound US properties to an affiliate of Twenty Lake Holdings LLC, for net proceeds of c.$141m cash (122m). Prospective investors should seek their own independent financial, tax, legal and other professional advice before making a decision to invest. Current account deficit widens to 2.8% of GDP in Q1; trade deficit jumps, Standard Chartered raises India's current account deficit estimate to 3.8%. EMEA Morning Briefing: Investors Look Ahead to U.S. Data, FOMC Dec.. FIRSTGROUP PLC : Ex-dividend day for interim dividend, FIRSTGROUP PLC - Director/PDMR Shareholding. We're continuously striving to deliver great service. Management of the RPS is not the responsibility of the Group, nor is it liable to benefit from any future surplus or fund any deficit of those funds. it meets the central staff costs and running expenses of Her Majesty's official Household such things as official receptions, investitures, garden parties and so on. The two sets of proceedings are being heard together. [25], Article 11 of the 1922 Constitution of the Irish Free State provided that Crown Estate land within the Irish Free State would belong to the state,[43] which took over administrative responsibilities on 1 April 1923. These become payable up to the Group in the second half of the financial year following completion of the TOC audited accounts. Lines are open from 8.00am to 4.30pm Monday to Friday (excluding public holidays in England and Wales). [24], Minister for Finance Pascal Donohoe said that the government will start selling its 71% stake in the bank, with the sell-off slated to begin in January 2022. ICSID Rules and Regulations Amendment. GROSS EARNINGS 12% N207BN. [66], Previous officials responsible for managing what is now the Crown Estate were:[67], The chairman (formally titled "first commissioner") is part-time. On George III's accession he surrendered the income from the Crown lands to Parliament, and abrogated responsibility for the cost of the civil government and the clearance of associated debts. [0,-212921,2734425,"Kenya's steady march to sustainable businesses","Business Daily"], March 2022 1.29p Standard Chartered PLC announces changes to its Board and Committees 9 November 2022 Standard Chartered makes strategic investment in Partior, accelerating transformation of the global financial network It has a market capitalisation of 17,195m, with approximately 2,895m shares in issue. There can be no guarantee that investment objectives of any of the VCTs will be achieved. The principal adjusting items in H1 2023 are as follows: As part of the restructuring of the First Bus division to transition to a more commercial model, the Group completed the sale of its First Scotland East business in September 2022, realising a loss on disposal of (3.7)m. In line with this transition plan, the Group also incurred costs of (0.6)m relating to the reorganisation of its First Bus regional management structure. The PRAs audited accounts for the reporting year ending Monday 28 February 2022 are set out on pages 206-215 of the Bank of England Annual Report and Accounts. Andy is Chief Financial Officer of Standard Chartered plc, which he joined in July 2014 after 15 years at Vodafone Group plc, nine of which were spent as Chief Financial Officer. First Bus is the second largest regional bus operator in the UK, serving two-thirds of the UKs 15 largest conurbations with a fleet of c.4,900 buses. Under these contractual arrangements the four TOCs continue to be fully consolidated in the Group accounts with the net cost of operations and capital expenditure funded in advance by the DfT. In 1728, the bank moved to 54 Lombard Street, identified by the He joined the firm in March 2020 following the acquisition of TradeRisks where he was Managing Director and Investment Manager for its fund management division ReSI Capital Management. The CBSSG-R programme in England formally came to an end on 1 September 2021, and since that time delivery of local bus services across England has been reinforced by the DfT's 226.5m Bus Recovery Grant (BRG) package, which was allocated to regional bus operators based on mileage and volumes. In August 2006 the bank again announced record profits for the first half of 2006, making 1.2billion before tax, equating to 1.2million per hour. Podcasts. First Rail is the UKs largest rail operator, with many years of experience running long-distance, commuter, regional and sleeper rail services. Certain and highly probable foreign currency transaction exposures (including fuel purchases for the UK divisions) may be hedged into the Group reporting currency (pounds Sterling) at the time the exposure arises for up to two years at specified levels, or longer if there is a very high degree of certainty. Stanbic IBTC is a member of the Standard Bank Group, an authorized financial services and registered credit provider. is one of the so-called Big Four commercial banks in Ireland. 124mn valuation (including committed acquisitions), 2,218 Homes the largest retirement rental portfolio in the UK 'Disc.' We will continue to invest to meet our commitment of transitioning our regional bus operations to a 100% zero emission fleet by 2035 as part of our objective to be a sustainability leader in public transport. As a result, and to avoid pecuniary embarrassment, he was granted a fixed civil list payment and the income retained from the Duchy of Lancaster. [45] Under the plans, these branches would no longer provide cash or cheque services and ATMs would also be removed. The current BRG scheme in England, which has been in place since September 2021, has recently been extended by the DfT to run through to the end of March 2023 providing a fixed monthly payment to operators to offset some of their commercial revenue losses. Stagecoach South Western Trains Limited (SSWT) (the former operator of the South Western network) is also a defendant to these proceedings. Net finance costs were 24.8m (H1 2022: 128.0m) with the decrease principally due to lower finance costs following the repayment of debt after receipt of the First Student and First Transit disposal proceeds, and the impact in the prior year of debt early settlement make-whole costs of 50.0m and charges of 8.6m for the write-off of unamortised fees. Looking further ahead, we are focused on rightsizing our regional bus business around the actual passenger activity we are seeing as the sector moves to a more commercial model. [35] This revealed excess charges of 34.2million, including interest. In Wales and Scotland bus operators received government pandemic support funding which is in place to July 2023 and Autumn 2022 respectively. In April 2014 it was reported that the Crown Estate was proposing to sell about 200 of its 750 rural homes in the UK, and was evicting tenants in preparation. 1 Adjusted figures throughout this document are before adjusting items as set out in note 3 to the financial statements. The balance between cash capital expenditure and gross capital investment represents new leases, creditor movements and the recognition of additional right of use assets in the period. 350/2022 GGBL 2022 ANNUAL REPORT AND FINANCIAL STATEMENTS - October 31, 2022. This half yearly report has been prepared in respect of the Group as a whole and accordingly matters identified as being significant or material are so identified in the context of FirstGroup plc and its subsidiary undertakings taken as a whole. the Condensed Consolidated Income Statement for the period then ended; the Condensed Consolidated Statement of Comprehensive Income for the period then ended; the Condensed Consolidated Cash Flow Statement for the period then ended; the Condensed Consolidated Statement of Changes in Equity for the period then ended; and. To support subsidiary undertakings in their normal course of business, FirstGroup plc and certain subsidiaries have indemnified certain banks and insurance companies who have issued performance bonds for 71.3m (26 March 2022: 69.4m) and letters of credit for 224.0m (26 March 2022: 219.7m). The period between the reigns of William I and Queen Anne was one of continuous alienation of lands. Of the total consideration, 7.2m of cash was received at completion, with the remaining 5.0m of cash to be received over the next three years. Projects. Latest News. The Corporate segment comprises large enterprises, which offers working capital needs, large scale development, property acquisition, large investments and acquisition of assets. Other items below 5.0m would not normally be considered as adjusting items unless part of a larger strategic project, but items which distort year-on-year comparisons that exceed this amount could potentially be classified as an adjusting item and are assessed on a case by case basis. [6] In Scotland, the Crown Estate is managed by Crown Estate Scotland, a body formed in 2016. Sein Nachfolger im Juni 1997 wurde Peter D. Sutherland, welcher zum 1 Adjusted for certain items as set out in note 3. [1,-54105,2734531,"Kamya: Architect of his own fortune | Monitor","Monitor"], As AIB depends to a significant extent on the international financial markets for liquidity due to an insufficient deposit base, this has impacted the bank severely. Greyhound US and Mexico were categorised as Discontinued Operations at 25 September 2021 and the sale of this completed on 21 October 2021. FY20: N234BN. They are limited to eight persons. Contact Standard Chartered Plc Ord Usd0.50 is listed on the London Stock Exchange, trading with ticker code STAN. [39] In the early 1830s the Crown Estate resumed possession of land in Ballykilcline following the insanity of the head lessee. As at the period end, the Group had 557.7m of undrawn committed headroom and free cash (FY 2022: 532.1m), being 300.0m (FY 2022: 300.0m) of committed headroom and 257.7m (FY 2022: 232.1m) of net free cash after offsetting overdraft positions. ICSID Rules and Regulations Amendment. Name: AIG MEA Limited. Chat with your writer and come to an agreement about the most suitable price for you. The Group considered this to be an adjusting event and therefore it was reflected in the fair value of the contingent consideration receivable for the earnout at 24 September 2022. Our real-time passenger volume data capture, GPS functionality and ticketing systems are allowing us to make commercial decisions more efficiently, optimise our networks and timetables and roll out innovative functionality to our customers. First Rail adjusted operating profit increased to 55.4m (H1 2022: 39.2m), which principally reflects the increase in open access contribution, as well as higher IFRS 16 lease depreciation following the award of the new GWR contract in June 2022, which is now expected to increase adjusted profit by approximately 22m in FY 2023 rather than 30m as guided on signing, as the leases were signed later and at different lease rates. FY20: N234BN. refers to discontinued operations, being First Student, First Transit and Greyhound US. For ReSI Capital Management Limited, Michael has worked closely with the origination team, ensuring deployment of funds, and the investment management team, tasked with borrowing against fund assets in accordance with the investment objective. Allied Irish Banks Investment Managers then managed the funds in the company on their behalf; at the time Gerry Scanlan was CEO of the bank. The Crown Estate owns virtually all of the UK's seabed from mean low water to the 12-nautical-mile (22km) limit. The punctuality and other operational targets required to achieve the maximum level of performance fee under the contracts are designed to incentivise service delivery for customers. He holds a first-class honours degree in Theoretical Physics from the University of London and a doctorate in Mathematics from the University of Oxford. Der zuvor nichtgeschftsfhrende BP-Direktor John Baring hatte zwischen 1992 und 1995 das Amt des Chairman inne. Ticket transactions using digital payment methods now account for around 70% of our ticket transactions, and during H1 2023 we continued the roll out of tap on tap off capped payment technology, which is now installed on more than half of our fleet. We continue to work collaboratively with our industry partners and stakeholders to enhance our service offering and to increase connectivity with other transport modes for our customers. The Irish State had been due to receive dividends on those shares, but EU regulations state that banks that get State aid cannot make cash payments. The division reported a statutory operating profit of 55.4m (H1 2022: 43.2m). Safaricom Limited is a  service-providing telecommunications company offering a broad range of services to its customers. Restructuring costs of (1.3)m were incurred in relation to the Group's central functions as part of its ongoing cost efficiency initiatives. As at 24 September 2022 the Group had entered into contractual capital commitments amounting to 91.6m principally representing buses ordered in the United Kingdom. It has a market capitalisation of 17,195m, with approximately 2,895m shares in issue. Report How to apply storytelling principles to marketing A look the fundamentals of storytelling that marketers should consider in both external and internal communications, covering topics including storytelling elements, aligning stories with explicit and implicit brand values and how data can inform storytelling in marketing. 3 For definitions of alternative performance measures and other key terms, see the definitions section from page 17. Join our international team and you could move your career forward from the start. Reference number: F000013. Antoine Pesenti is Head of Capital Markets at Gres Antoine Pesenti is Head of Capital Markets at Gresham House following the acquisition of TradeRisks in March 2020. "[61], Furthermore, AIB's balance sheet indicated only limited impairment (bad debt) provisions. Ben has 15 years industry experience, with 9 years social housing experience since joining TradeRisks in 2011. All costs, and any deficit or surplus, are shared 60% by the employer and 40% by the members. There is a fixed management fee and the opportunity to earn an additional performance fee. In November 2010, AIB sold its 22.5% stake (26.7million shares) in M&T. [33][34], In 1793, George III surrendered the hereditary revenues of the Kingdom of Ireland, and was granted a civil list annuity for certain expenses of Irish civil government. In the first half of the year, the Groups residual Greyhound US activities are disclosed as discontinued operations. Following a period of significant gilt yield rises since the start of 2022, gilt yield movements in the period immediately following the period end were exceptional. The sale was part of AIB's effort to raise capital amidst the ongoing financial crisis in Ireland. The shares were sold at US$77.50 per share and generated $2.1billion. Segment assets and liabilities are determined by identifying the assets and liabilities that relate to the business of each segment but excluding intercompany balances, borrowings and cash and taxation. "[44] By 2016 it had an income of 1.4m, from cables, pipelines and windfarms on the foreshore, and goldmining in County Tyrone. Under that Act, the Crown Estate Commissioners have a duty "while maintaining the Crown Estate as an estate in land [] to maintain and enhance its value and the return obtained from it, but with due regard to the requirements of good management".[55]. GWR was awarded an NRC in June 2022 with a core three-year term to 21 June 2025, with an option for the DfT to extend it by up to three further years to June 2028. February 14, 2015. It has a market capitalisation of 17,195m, with approximately 2,895m shares in issue. ", https://www.crownestatescotland.com/about-us, "Schedule of The Crown Estate's properties rights and interests June 2015", "Report of the Royal Trustees on the sovereign grant", "King Charles III surrenders hereditary revenues in return for sovereign grant funding official duties", United Kingdom. Find the latest Standard Chartered PLC (STAN.L) stock quote, history, news and other vital information to help you with your stock trading and investing. [25], Before the reign of William III all the revenues of the kingdom were bestowed on the monarch for the general expenses of government. Where appropriate, such Regulated Information will be approved as a financial promotion by Gresham House Asset Management Limited, which is authorised and regulated by the Financial Conduct Authority with financial services register reference number 682776. 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