In this year's tax filings for 2022, Archewell Foundation recorded a massive dip in donations, displaying huge contrast compared to the income earned from several donors in 2021.
- December 13, 2023
AceShowbiz - The Duke and Duchess of Sussex's Archewell Foundation has faced a colossal dip in donations of nearly £10 million. Prince Harry, 39, and his 42-year-old wife Meghan Markle's charity has unveiled its tax fillings for 2022, which shows only two donors gave it £795,210 each in the past year.
It's a huge drop in donations of £8.7 million, as in 2021 the foundation received just over £10.3 million in donations from several donors.
Archewell said it wasn't out of the ordinary for foundations to receive a huge influx of funding in its first year to be used over a long period. It said, "It is most fiscally responsible not to continue to raise large sums of money with millions still in reserve."
"In 2022, (we) focused on building out original programming that successfully launched in 2023. The Archewell Foundation is grateful for such a successful year and looks forward to continued growth in 2024."
Detailed financial documents also revealed the foundation recorded a loss of £536,357 due to the shortfall in donations. Last year, it landed a profit of more than £7.1 million.
The tax report also showed the Sussexes only work for one hour a week, despite being the foundation's directors.
Accounts showed the total revenue for Archewell this year came to £1,594,437, which took into account donations and income from investments. But expenses came to more - making up a total of £2.1 million.
The Foundation employed five people in 2022, with salaries totalling £509,285 for the year. Its executive director James Holt - who has been considered one of Harry's right-hand men since he left Britain with Meghan in their "Megxit" deal to step down as senior working royals - earned £180,835, which included a £15,904 bonus.
