A royal expert has spoken out about the reason why Prince Harry and Meghan Markle’s Archewell Foundation lost £9million in donations over the course of a year.
The tax documents for Archewell for 2022 were published this week, which revealed that the couple’s philanthropic venture has suffered a drastic drop in donations, in comparison to the year before.
In 2021 Archewell received just over £10.3million ($13million) in donations from several different donors, however in 2022 the couple accepted money from just two donors, who contributed £795,210 ($1million) each to the Foundation.
This adds up to a drop of over £8.7million ($11million), with US-based royal commentator Kinsey Schofield giving her take on why this could be the case.
She told GB News: “In these tax documents, we see that they work like one day a week for this charity. No wonder people are hesitating to donate to their charity when their executive directors seem to be not as committed as certainly the Prince and Princess of Wales are to their charity endeavours.”
Click here to join our Whatsapp community to be the first to receive news about the Royal family
Speaking to hosts Eamonn Holmes and Isabel Webster, she continued: “This is interesting to me because Harry and Meghan, they’ve had somebody talk to TMZ, which is a big celebrity news site here in the States, because they want to clear the air here.
“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.”
Other interesting findings to emerge from the financial report include that Archewell suffered a significant financial loss in 2022 of £536,357 ($674,485), in comparison to the previous year which saw them secure a profit of £7.1million ($9million).
Accounts show that Archewell’s total revenue for this year totalled £1,594,437 ($2,005,052), taking into account donations and income from investments.
Instead the loss comes from their high level of expenses, which totalled at £2,130,795 ($2,679,537), including £57,000 on office costs.
