William and Harry have decided to divide the future proceeds from their mother Diana's memorial fund between their own charities as they part ways, it's been revealed.

Financial documents show an agreement between the Royal Foundation of the Duke and Duchess of Cambridge and the Sussex Royal Foundation was signed in December last year, according to the Daily Mail.

The agreement was made almost a month before Harry and Meghan announced their plans to become financially independent from the royal family.

The Royal Foundation charity took legal control of The Diana, Princess of Wales Memorial Fund in April 2013 to protect any future income when its operations ended.

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The fund is no longer active, but sometimes receives donations and legacies, with most of its money going to charities chosen by the royal brothers.

In June last year, Harry and Meghan revealed that they were formally splitting from their joint charity with the Cambridges.

It was then renamed the Royal Foundation of the Duke and Duchess of Cambridge, and the Sussex Royal Foundation was established.

Harry asked for half of his funds to go to his charity Sentebale. Photo / Getty Images
Harry asked for half of his funds to go to his charity Sentebale. Photo / Getty Images

The Royal Foundation's report and financial statements for the year ending December 31 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 document stated that The Royal Foundation received £21,346 from The Diana, Princess of Wales Memorial Fund – close to the £21,583 received in 2018 in 2019.

It's understood Harry asked for his half of the funds to go to his charity Sentebale, which he founded to help HIV/Aids and extreme poverty victims in Botswana, Malawi and Lesotho.

The report also revealed that a grant of £145,000 was given to Sussex Royal to go towards its setup, with a further £100,000 for the development of Harry's sustainable tourism initiative Travalyst.

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