August M
New financial filings have revealed a sharp annual deficit at Prince Harry and Meghan Markle’s charitable foundation, following a year of heavy spending and organisational change.
The figures, published in newly released documents, show expenses significantly outpacing income during the most recent reporting period.
Financial snapshot
According to the Express, the Archewell Foundation recorded a shortfall of about £1.9m after raising roughly £1.96m while reporting total expenses of around £3.8m. The charity received about £1.6m in donations and awarded grants totalling approximately £940,000.
Despite the deficit, the foundation reported net assets of around £6.2m. Its annual informational return, known as a Form 990, showed “revenue less expenses” of about £1.8m in the red, compared with a surplus of roughly the same amount the previous year.
Charity response
A spokesperson for the Duke and Duchess of Sussex said the spending was deliberate and reflected normal fluctuations in philanthropic work. They said the year followed a period of fundraising and reserve-building before money was deployed into longer-term programmes.
“The $2.5m in-year difference simply reflects the Foundation drawing on existing reserves to fund impact, rather than stockpiling funds,” the spokesperson said. “This was an intentional, mission-aligned decision demonstrating Archewell’s commitment to putting dollars to work in the world.”
They added that the foundation “did not lose money” but used previously raised funds for their intended purposes.
Changes ahead
The documents also revealed that three staff members are being let go following a recent rebrand of the organisation, now operating under the name Archewell Philanthropies.
The foundation said its approach remains focused on raising funds for specific projects and releasing them as those initiatives reach key stages of implementation.
Sources: Express
