By Alys Denby In a cost of living crisis, headlines suggesting that the King is set for a “£45m pay rise” funded by taxpayers are bound to rankle – but they are misleading. The monarchy is not funded out of the public purse in the ordinary sense. The money the King receives – the Sovereign Grant – is derived from the Crown Estate. This is a vast portfolio of land that the monarch runs on behalf of the nation – and the nation is getting a pretty good deal. Accounts released yesterday showed £1.1bn net revenue profit, £658.1m more than last year, all of which goes directly to the Treasury. Charl…