Royal Armouries: where does the money come from?
The Royal Armouries had income of £14m in the year to March 2025, and 58% of it was government grant-in-aid. It welcomed 2,274,640 visitors.
What does the Royal Armouries do?
The Royal Armouries is the national museum of arms and armour, with sites in Leeds, at the Tower of London and at Fort Nelson in Hampshire. Its collection grew from the working arsenal at the Tower, and since 2005 it has also held the national firearms collection. A public body set up under the National Heritage Act 1983, it is mainly government funded, with free entry at Leeds and Fort Nelson.
In brief: national museum of arms and armour · three sites · free entry at Leeds and Fort Nelson · Leeds, London, Hampshire
Source: the Royal Armouries' own website, retrieved 27 September 2026.
Where does the Royal Armouries' money come from?
Government grant-in-aid brought in £8m, 58% of the total. The rest, £6m, came from what the Royal Armouries earns and raises itself: admissions, shops and catering, donations and other income.
- Government grant-in-aid £8m 58%
- Shops, catering and commercial £5m 35%
- Donations and legacies £0.6m 4%
- Other income £0.3m 2%
What did the Royal Armouries spend, and what is it worth?
| Measure | Mar 2025 | Previous year |
|---|---|---|
| Total income | £14m | £14m |
| Total spending | £17m | |
| Net income before gains | -£2m | |
| Staff costs | £8m | |
| Staff | 181 | |
| Net assets | £83m | |
| Cash | £6m | |
| Visitors | 2,274,640 | |
| Income per visitor | £6.25 | |
| Grant-in-aid per visitor | £3.65 |
Net income is before investment gains and property revaluations. For a charity it is the surplus kept for the collection and buildings, not a profit paid out.
- Legal form
- Exempt charity and non-departmental public body sponsored by DCMS (National Heritage Act 1983)
- Sites
- Royal Armouries Museum, Leeds, Fort Nelson, Hampshire, White Tower, Tower of London, National Firearms Centre, Leeds
- Trading company
- Royal Armouries Trading and Enterprises Limited (07374477)
- Latest accounts
- Year to 31 March 2025
Royal Armouries: common questions
How much money does the Royal Armouries get from the government?
£8m of grant-in-aid in the year to March 2025, 58% of its total income of £14m.
How much does the Royal Armouries spend?
£17m in the year to March 2025, of which staff costs were £8m.
How many people visit the Royal Armouries?
2,274,640 in the year to March 2025 (Total number of visits, 2024-25 (performance indicator; 2,323,530 in 2023-24). Covers Leeds, Fort Nelson and the Royal Armouries displays in the White Tower at the Tower of London), according to its annual report.
Why isn't the Royal Armouries on the Companies House register?
The Royal Armouries is exempt charity and non-departmental public body sponsored by DCMS (National Heritage Act 1983), so it publishes its accounts in an annual report rather than filing them at Companies House. Its trading company, Royal Armouries Trading and Enterprises Limited, does file there.
Spark Intel, “Royal Armouries: where does the money come from?”, updated 28 September 2026. https://www.spark-intel.co.uk/companies/royal-armouries/. Figures from Royal Armouries' annual report and accounts for the year to 31 March 2025.
More from Spark Intel
Battle
The battle of the national museums and galleries: turnover, profit and staff compared
Read →Company profile
Bet365: who owns it and what the accounts show
Read →Company profile
Mitchells & Butlers: who owns it and what the accounts show
Read →Company profile
Greene King: who owns it and what the accounts show
Read →Company profiles
Every company profile, by sector
Read →VS Series
Every VS comparison: two businesses, settled with accounts
Read →Bright Sparks