Royal | News - Prince Ricardo De La Cerda
Prince Harry and Meghan Markle’s Archewell Foundation has slammed reports that the organisation is struggling after their tax fillings for 2022 seemed to show a huge drop in donations.
The Duke and Duchess of Sussex published the Archewell Foundation’s Impact Report 2022-2023, which showed that last year the charity received £8.7million ($11million) fewer donations than in 2021.
Sources with direct knowledge of Archewell accounts have spoken to US website TMZ and informed them that the organisation finished the year with over £6.3million ($8million) in the bank.
According to them, Archewell feels that “despite making a loss of £535,000, the context of the remaining millions in the bank shows it is in good financial health”.
In 2021 Harry and Meghan’s organisation, which they founded after leaving the Royal Family in 2020, received just over £10.3million ($13million) in donations from multiple donors.
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But last year Archewell received just under £1.6million ($2million) in donations, consisting of two separate amounts of £794,215 ($1million) in donations from just two donors.
Altogether Archewell made a loss in 2022 of £536,357 ($674,485), in comparison to the previous year which saw them secure a profit of £7.1million ($9million).
According to the financial report Archewell’s total revenue for this year totalled £1,594,437 ($2,005,052), taking into account donations and income from investments.
She continued: “They think that this story is garbage. They say that they are not in the red because they’re not a corporation and this is just the UK media making a big deal out of nothing.
“But interesting to me that a source close to Archewell can talk to TMZ about Archewell in the red…but no word on Endgame.
“You know, to me, it’s like you’re not Santa Claus. You can’t work one day…and then want us all to admire your charitable contributions.”