Meghan Markle and Prince Harry have formally wound up SussexRoyal charity, and are focusing the energy on Archewell and the sustainable tourism initiative Travalyst
Sentebale Polo 2018
Meghan Markle and Prince Harry
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Meghan Markle and Prince Harry have made another step away from their former frontline royal life.

The couple have formally closed down their charity SussexRoyal, filing the relevant paperwork with the authorities in the U.K., PEOPLE has confirmed.

As part of their departure agreement with Queen Elizabeth, Harry and Meghan could not have the word royal in their charitable arm or future organization, and have decided not to use their Royal Highness titles. So, it became impossible to continue with the non-profit as it was.

Prince Harry And Meghan Markle Visit Northern Ireland
Credit: Karwai Tang/WireImage

Their new philanthropic organization is called Archewell — its name, a nod to their son Archie, also blends "an ancient word for strength and action, and another that evokes the deep resources we each must draw upon," they explained in April.

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In SussexRoyal’s short life, its only ongoing program was the sustainable travel and tourism initiative, Travalyst. That is now operating as an independent non-profit based in the U.K., and all assets from Sussex Royal will transfer over to it.

The Duke And Duchess Of Sussex Visit Ireland
Meghan Markle and Prince Harry
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With the travel and tourism industry especially hard hit by the coronavirus pandemic, sources close to the Sussexes say that Travalyst will work on areas it can make a difference. A source close to the couple tells PEOPLE, “The Travalyst partnership is committed to playing an active role in helping communities that rely on tourism rebuild and recover in ways that support their long-term sustainability and resilience.”

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They hope to have more to unveil in the near future.

As SussexRoyal formally enters a period of what is called "solvent liquidation," all trustees will step down apart from Harry, 35, who will formally remain as a Director and Trustee until the liquidation process is complete. In the meantime, “the Duke and Duchess remain incredibly grateful for the support and guidance the [SussexRoyal] trustees have given during this period,” a source close to them tells PEOPLE as they confirmed the formal winding up process.