Meghan and Harry set up Archewell in 2020 (Image: GETTY)

Prince Harry and Meghan Markle’s Archwell charity records a humiliating £1.9million loss, new documents have shown. Papers show that the foundation raised around £1.96million but had expenses totalling £3.8million.

The foundation, which rebranded last week, took donations of around £1.6million, gave grants of around £940,000 and retained net assets at around £6.2million. Archewell’s annual informational return, which is known as a 990, was published on Friday.

The documents also showed “revenue less expenses” £1.8million [$2.5m], compared with plus £1.8million [$2.4m] the year before.

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In defence of Meghan and Harry, a spokesperson for the couple said the spending was planned and that year-to-year fluctuations are “expected and responsible” in philanthropy.

They also noted that it occured following a period of fundraising and reserve building before deploying the funds on multi-year programs and commitments.

Speaking of the documents, they said: “The $2.5million in-year difference simply reflects the Foundation drawing on existing reserves to fund impact, rather than stockpiling funds.

“This was an intentional, missing-aligned decision demonstrating Archewell’s commitment to putting dollars to work in the world and maximising social return on past fundraising efforts.”