Prince William and Prince Harry have agreed to split the future income of their mother’s memorial fund as they take separate paths.
Financial documents show an agreement signed in December 2019 which divides the funds between the Royal Foundation of the Duke and Duchess of Cambridge and the now abandoned Sussex Royal.
Harry and Meghan had hoped to use Sussex Royal after leaving their senior roles in the Royal Family, but had to wind it up this month after agreeing not to use the word royal in their branding.
The Royal Foundation assumed control of The Diana, Princess of Wales Memorial Fund in April 2013, to safeguard future income after its operations ended.
At the time, the Foundation covered The Duke and Duchess of Cambridge and Prince Harry.
The fund is no longer actively raising money but still receives some legacies and donations. The money will now be split between the Royal Foundation, and Sentebale, at Harry’s request.
Sentebale is a charity Harry set up to help the victims of extreme poverty and HIV/Aids in Lesotho, Botswana and Malawi.
The Royal Foundation’s report and consolidated financial statements for the year ending 31 December, 2019, said: “On 18 December 2019, an agreement was signed with the Sussex Royal Foundation by which The Royal Foundation intended to grant half of the net future proceeds received by the Diana Fund to Sussex Royal.
“In March 2020 The Duke and Duchess of Sussex announced that they would no longer be operating Sussex Royal as their primary philanthropic vehicle in the UK and accordingly their share of the net income will instead be donated to another charity of The Duke of Sussex’s choosing.”
The documents show the Foundation received £21,346 from The Diana, Princess of Wales Memorial Fund – close to the £21,583 received in 2018.
The Royal Foundation documents also show that £145,000 was awarded to Harry and Meghan as an unrestricted grant for them to set up Sussex Royal after the Cambridges and the Sussexes agreed to split their households.
A further £100,000 was given to Prince Harry as a restricted grant to set up Travalyst, his sustainable tourism project.
The project is continuing as a non-profit which will be based in the UK.
The Royal Foundation has also provided “a home for legacy projects set up by the Duke and Duchess of Sussex”.
It means Hubb Community kitchen, which the Duchess of Sussex worked with, is still given grant funding through the foundation, as well as the Empowering Communities and Full Effect programmes, which combat youth violence in London and Nottingham.
It was announced earlier this year that the Endeavour Fund Awards, another passion project for Harry, was transferred to the Invictus Games Foundation.
Harry, 35, and his wife Meghan, 38, are planning their next move as they prepare to launch the Archewell Foundation next year, which will be a non-profit organisation.
They have also signed up as speakers with an agency that also represents Barack and Michelle Obama, and Meghan’s friend Serena Williams.
The Royal Foundation continues to be the main philanthropic vehicle for Prince William and Kate.
Credit: Yahoo
