Duchess Meghan and Prince Harry have formally closed their Sussex Royal charity

A source told BAZAAR.com: "Paperwork has been filed with Companies House and the Charity Commission to formally close the charity Sussex Royal down. The charity formally enters a period of 'solvent liquidation'.

"During this period all Trustees will step down from their roles, except for The Duke of Sussex who will formally remain as a Director and Trustee until the liquidation process is complete. The Duke and Duchess remain incredibly grateful for the support and guidance the Trustees have given during this period. The sole program in operation and development at the charity has been the sustainable travel and tourism initiative, Travalyst. Travalyst is now operating as an independent nonprofit based in the UK, and all assets from Sussex Royal will transfer over."

Harry and Meghan - who have son Archie together - had previously revealed their new charity is called Archewell, inspired by their son's name.

The couple said: "Like you, our focus is on supporting efforts to tackle the global Covid-19 pandemic but faced with this information coming to light, we felt compelled to share the story of how this came to be. Before SussexRoyal, came the idea of 'Arche' - the Greek word meaning 'source of action'.

"We connected to this concept for the charitable organisation we hoped to build one day, and it became the inspiration for our son’s name. To do something of meaning, to do something that matters. Archewell is a name that combines an ancient word for strength and action, and another that evokes the deep resources we each must draw upon. We look forward to launching Archewell when the time is right."