Prince William and Prince Harry agree to split money from their mother's memorial fund

Princes William and 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 last December, 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.

Le prince William, la princesse Diana et le prince Harry assistant aux cérémonies du 50ème anniversaire de la fin de la Seconde guerre mondiale à Hyde Park, à Londres, Royaume-Uni le 7 mai 1995. (Photo by Laurent SOLA/Gamma-Rapho via Getty Images)
Prince Harry and Prince William are splitting the future funds of the Diana memorial trust. (Getty Images)

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.

LONDON, ENGLAND - AUGUST 30:  Prince Harry and Prince William, Duke of Cambridge meet well wishers and views tributes to Princeess Diana after a visit to The Sunken Garden at Kensington Palace on August 30, 2017 in London, England.  The garden has been transformed into a White Garden dedicated in the memory of Princess Diana, mother of Prince WIlliam, Duke of Cambridge and Prince Harry.  (Photo by Karwai Tang/WireImage)
Prince Harry and Prince William, meeting well wishers and viewing tributes to Princess Diana in 2017. (WireImage)

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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.

UNITED KINGDOM - OCTOBER 04:  Diana, Princess of Wales with her sons, Prince William and Prince Harry, at the piano in Kensington Palace  (Photo by Tim Graham/Getty Images)
Princess Diana with Prince Harry and Prince William in Kensington Palace. (Getty Images)

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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, as well as Meghan’s friend Serena Williams.

The Royal Foundation continues to be the main philanthropic vehicle for Prince William and Kate.