The Charity Commission found serious mismanagement of funds at Fashion for Relief, which the supermodel set up, and barred her for five years in 2024.
The regulator said money from the charity had been used to pay for a luxury hotel in Cannes, as well as room service, cigarettes and spa treatments.
The 56-year-old took her case to a tribunal and the three-person panel has found in her favour.
The Charity Commission opposed Campbell’s challenge and wanted the ban to remain.
However, the tribunal said fellow trustee Bianka Hellmich had used “forged documents” and “deceived” Campbell – who didn’t know the charity’s money was being misused.
“There was serious misconduct and mismanagement in the administration of the charity she [Campbell] founded, Fashion for Relief,” the judges said.
However, the “most serious features”, such as unauthorised payments and the misuse of its funds, “resulted from Ms Hellmich’s conduct and were concealed from Ms Campbell”, according to the tribunal.
Ms Hellmich was previously barred from being a trustee for nine years and another woman, Veronica Chou, was disqualified for four years.
The tribunal said Ms Hellmich had deceived the Charity Commission and professional advisers.
“Ms Campbell was not involved in, and did not know of, that conduct,” the judges added.
The tribunal said Campbell shared responsibility for the charity not filing accounts on time, but it didn’t mean she was unfit to be a trustee.
At a four-day hearing in June, the model said her “only mistake” was trusting Ms Hellmich, who she claimed had forged her signature and lied about her credentials as a charity lawyer.
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The tribunal rejected criticism of Campbell by Charity Commission lawyers and said her evidence and conduct had been “entirely honest”.
Fashion for Relief was set up in 2015 and hosted events such as catwalk shows to raise money for humanitarian and environmental causes.
The commission dissolved the charity in 2024 after a three-year investigation.
