With an estimated wealth of £350m the Queen is not hard-up by anyone's measure.

According to figures in a National Audit Report yesterday, however, her 'rainy day' bank account is apparently down to its last one million pounds, leaving her vulnerable to ‘unexpected costs’.

Details of the Queen's finances emerged after the National Audit Office was allowed, for the first time, to examine all aspects of the Queen’s funding.

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According to the report the Head-of-State is also set to receive an inflation-busting 22 per cent ‘pay rise’ over two years, raising the amount allocated to run her household and conduct official engagements to £37.9 million up from £31 million.

Despite freezing pay for all her staff earning over £50,000, the Queen paid out £19.5million in wages to her 436 staff last year. The average salary paid being £44,724-a-year.

The report says that the recommended increase in the grant is in the context of ‘significant reductions’ in the monarchy’s funding over the last 20 years. Grants for royal travel have been cut by 76% and the cost of maintenance for royal palaces was reduced by 60 per cent.

However, the decision to increase the funding allocated to the Queen was condemned by campaigners who branded it "immoral".

Graham Smith of the group, Republic, said: "We said from the start that the sovereign support grant was a bad deal for the taxpayers and no way to fund a public institution. Clearly we were right."

"While almost every other public body is facing serious cuts, it is quite simply immoral that our head of state is handed millions more in public money."

"The office of the head of state should be funded like every other public body - through a budget agreed by Parliament and based on need."

"The royals have got to be told: enough is enough."