Prince Harry and Meghan Markle have recently addressed and refuted claims that their Archewell Foundation is facing financial difficulties, specifically allegations of impending bankruptcy due to significant revenue losses.
In a detailed conversation with TMZ, individuals closely connected with the foundation provided insights into the financial situation, referencing the 2022-2023 impact report. This report indicated a substantial decrease in revenue, showing a drop of approximately £8.7 million ($11 million).
However, these sources emphasized that interpreting the foundation’s financial health solely based on this report is misleading, as it does not accurately reflect the nature of the organization, which is not a traditional corporation.
Further clarifying the financial status, the insiders pointed out that the Sussexes concluded the fiscal year with more than £6.3 million (around $8 million) in their accounts. This figure, they argued, demonstrates that the foundation remains in a stable financial condition, despite a noted loss of £535,000.
A detailed examination of the foundation’s financial documents, as reported by the Daily Express, revealed a significant decrease in donations. The foundation received only about £795,210 ($1 million) from two major donors, a stark contrast to the total donations received in 2021.
The previous year’s donations amounted to approximately £10.3 million ($13 million), which is notably £8.7 million ($11 million) more than what was donated in the subsequent year. This decrease in funding contributed to a recorded loss of $674,485, primarily attributed to the shortfall in donations.
The Duke and Duchess of Sussex established the Archewell Foundation in 2020, shortly after their highly publicized departure from their official roles within the British Royal Family. The foundation’s mission, as outlined on its website, encompasses various initiatives, including efforts to combat online bullying, restore trust in information sources, and uplift communities through various charitable activities.
This response from Prince Harry and Meghan Markle’s camp aims to provide a clearer picture of the financial health of the Archewell Foundation, countering narratives of financial instability and underscoring their ongoing commitment to the foundation’s philanthropic goals.
