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Tuesday Jul 07 2020
Web Desk

Prince William and Harry agree to divide earnings from Diana fund

Web Desk
Prince William and Harry agree to divide earnings from Diana fund

Prince William and Prince Harry have agreed to officially split future proceeds of their late mother Princess Diana’s memorial fund.

As part of their separation of charitable activities, the Cambridges’ Royal Foundation and the Sussex Royal foundation which is no longer active, had signed an agreement back in December, claimed financial documents.

The agreement between the two foundations was made only a month prior to the Duke and Duchess of Sussex’s exit from the British royal family.

The Royal Foundation took charge of Princess of Wales Memorial Fund’s legal control back in April 2013 to shield future income upon the operations’ completion.

The fund despite being inactive currently, receives occasional donations with the cash getting directed towards charities of Harry and William’s choice.

Last year in June, Harry and Meghan split from the joint-charity which was then renamed the Royal Foundation of the Duke and Duchess of Cambridge with the establishment of another foundation Sussex Royal.

As per the report and consolidated financial statements for the past year of the Royal Foundation, “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 disclosed that an amount of £21,346 was sent from The Diana, Princess of Wales Memorial Fund to the Royal Foundation in 2019 after a £21,583 transfer the previous year.

Harry had requested for his share to be directed towards a charity he had helped to establish for Malawi, Botswana and Lesotho’s victims of HIV/Aids and extreme poverty. The non-profit was called Sentebale.

According to the annual report of the Royal Foundation, an unrestricted grant of £145,000 was given to Sussex Royal for the charity’s creation.

Another restricted grant of £100,000 also went to Sussex Royal for Travalyst, Harry’s sustainable tourism programme.