PRINCE Harry and Meghan’s Archewell charity recorded a £1.9million loss in 2024.
The Duke and Duchess of Sussex’s foundation raised around £1.96million but had expenses totalling £3.8million, documents show.
It took donations of around £1.6million, gave grants of around £940,000 and retained net assets at around £6.2million.
Archewell’s annual informational return, known as a 990 and published on Friday, showed its “revenue less expenses” were minus $2.5million, compared with plus $2.4million the year before.
But a spokesperson for the Duke and Duchess said the spending was planned and that year-to-year fluctuations are “expected and responsible” in philanthropy.
They said it followed a period of fundraising and reserve building before deploying the funds on multi-year programs and commitments.
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They said: “The $2.5million in-year difference simply reflects the Foundation drawing on existing reserves to fund impact, rather than stockpiling funds.
“This was an intentional, missing-aligned decision demonstrating Archewell’s commitment to putting dollars to work in the world and maximising social return on past fundraising efforts.
“The Foundation did not lose money – it used previously raised funds for their intended purpose.
“The Archewell Foundation’s approach is to raise funds for specific projects and deploy them as those projects reach key stages of implementation.”
Meanwhile, it was revealed that three staff members at the Archewell Foundation are being let go as it restructures under its new name Archewell Philanthropies.
Each was told just over a week ago.
The Sussex’s spokesperson said the move toward a philanthropic fiscal sponsor operating model means “some staff redundancies are inevitable, particularly with junior admin roles”.
They added: “We are honoured to have worked with incredibly talented and caring people who dedicate themselves to helping others.”
