2024-03-31-accounts

Annual Report and Accounts Year ended 31st March 2024

Company Information Company No. 07774287 Charity No. 1145119

Members

Sunny Varkey Dino Sunny Varkey

Patrons

Sunny Varkey Harsha Varkey

Charity Trustees

Jay Sunny Varkey Sir Michael Lockett (resigned 15th October 2024). Marc Boxser (appointed 1st February 2024)

Key Management Personnel Nicole Lui (Executive Director)

Principal Office

First Floor, 10 Queen Street Place, London, EC4R 1BE

Independent Auditor

Crowe U.K. LLP 55 Ludgate Hill London, EC4M 7JW

Bankers

Barclays Bank PLC Barclays East Midlands Corporate Team Barclaycard House 1234 Pavilion Drive Northampton, NN4 7SG

Legal Advisors

Bates Wells Braithwaite London LLP 10 Queen Street Place London, EC4R 1BE

Table of Contents

Trustees' Report Page 04 Strategic Report Page 08 Independent Auditors' Report Page 27 Consolidated Statement of Financial Activities Page 33 Consolidated and Charity Balance Sheet Page 34 Consolidated Cashflow Statement Page 35 Notes to the Financial Statements Page 36

Trustees Annual Report

The trustees and directors of the company present their report and financial statements, which incorporates the Strategic Report, for the year ended 31st March 2024.

Structure, Governance and Management

The company (registration number 07774287) was formed on 14th September 2011 and was registered as a charity in England (registration number 1145119) on 16th December 2011. The company is limited by guarantee and has two members. The company is governed by a memorandum and articles of association.

The executive team is responsible for the implementation of the strategy set by the trustees. During the fiscal year, the executive team was led by Nicole Lui who has been the executive director since 1st November 2018.

The trustees are responsible for the overall direction, supervision and accountability of the Varkey Foundation (the foundation) and its projects. The trustees have delegated the day-to-day decision making to the executive director of the foundation, who reports back to the trustees. The trustees are responsible for:

• Furthering the overall purpose of the foundation, as set out in its governing document, and setting its direction and strategy.

• Ensuring that the foundation’s work is effective, responsible and legal.

• Safeguarding the foundation’s finances and resources and ensuring that they are used to further its purpose.

Trustees receive the appropriate training to carry out their duties at the commencement of their trusteeship. All new trustees receive an induction pack and complete a register of interests. They are also provided with opportunities for governance and sector specific training and development.

Recruitment of new trustees is based upon consideration of skills, always mindful of the need to reflect diversity and maintain a balance of individuals from different backgrounds. Depending on the gap to be filled, this may be achieved via existing networks, recruitment agencies or by advertisement.

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Charity Governance Code

By establishing good governance at the Varkey Foundation we ensure:

Compliance with laws and regulations.

That the organisation is well run and efficient.

That problems are identified and dealt with appropriately.

• That our work has the desired impact and that the objectives of the foundation are advanced.

The Charity Governance Code, endorsed by the Charity Commission and other sector bodies, was introduced in 2017 and adopted by the Varkey Foundation. The code sets out a number of recommended practices for charities and encourages trustees to either apply these practices or explain why they have not done so, or what other measures they have taken instead – a principal known as “apply or explain.”[1] The trustees of the Varkey Foundation believe that the foundation is substantially compliant with the code, but note that they have not applied the code’s recommendations in the following areas:

Presently, due to the size of the board, there are no committees, and all matters are addressed by the full board. This will continue to be kept under review. The board is currently seeking additional trustees.

• The board does not presently review its own performance nor that of individual trustees. Consideration will be given to the introduction of a formal review process as prescribed by the code.

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[ 1] Charity Governance Code, Charity Governance Code Steering Group (2020)

Subsidiaries and Branches

The Varkey Foundation has three subsidiaries: Fundación Varkey Argentina, VF Trading Varkey Limited and Varkey Foundation Ghana. Varkey Foundation Ghana was dormant during the year 2024, does not have any assets and is not included in the consolidation.

The overall charity result is comprised of the results of the UK foundation only.

VF Trading Varkey Limited

VF Trading Varkey Limited was incorporated on 29th September 2016 as the 100% owned trading subsidiary of the Varkey Foundation. It is a company registered in England and Wales with company registration number 10402535. Its primary activity is generation of sponsorship for the Global Teacher Prize and Global Student Prize event.

Fundación Varkey Argentina

Fundación Varkey Argentina was established on 7th September 2016 as the 100% owned non-profit Argentine subsidiary of the Varkey Foundation. Fundación Varkey Argentina was founded by the Varkey Foundation which reserves the right to appoint all of the members of its board of trustees. It operates various programs for education professionals in Argentina and Latin America.

Varkey Foundation Ghana

Varkey Foundation Ghana was a branch of the Varkey Foundation until it became a subsidiary company with the same name. It was incorporated on 6th December 2017. It became active from 1st April 2018 when the assets and liabilities of the Varkey Foundation Ghana branch were duly transferred in full. Varkey Foundation Ghana is registered with the Social Welfare Department and the Registrar General's Department in Ghana with the name The Varkey Foundation. It is registered as an NGO with the Accra Municipal Authority and the Social Welfare Department.

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Subsidiaries and Branches

Continued…..

From October 2019 all staff, assets and programmes were novated to Plan International Ghana. Varkey Foundation Ghana was dormant during fiscal years 2020-24 and will remain dormant until a further decision is made.

Remuneration Policy

The foundation looks at market comparisons in the charity sector as a method of benchmarking salaries, however some flexibility is applied to take into consideration the specific requirements for each post, including key management, and to ensure we can recruit the best candidate possible to meet the needs of the foundation. The foundation has implemented a performance management system for all staff, including key management personnel, through which salary reviews are aligned to performance.

Public Benefit

The trustees have referred to the Charity Commission’s published guidance on public benefit when reviewing aims and objectives and planning activities. As required by the Charities Act 2011, the trustees considered how the foundation's activities contribute to its aims and objectives. Our objectives and activities are set out on page 8. The trustees consider that the aims, objectives and activities they have put in place are for the public benefit and this is demonstrated throughout this report.

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Strategic Report

Objectives

The Varkey Foundation’s vision is for a quality education for every child. The foundation’s mission is to ensure that every child has a good teacher. Its objectives are set out in its articles of association, as follows:

• For the public benefit, the advancement of education throughout the world in such ways as the trustees think fit;

• The prevention or relief of poverty or financial hardship anywhere in the world by providing or assisting in the provision of education and training; and

• Such other purposes that are charitable under the law of England and Wales both within the United Kingdom of Great Britain and Northern Ireland and elsewhere throughout the world.

The Varkey Foundation’s charitable activities for the year covered advocacy, programmes, and partnerships and grant-making. These activities led to a range of positive impact across four reporting benchmarks:

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REPORTING BENCHMARKS

TEACHING

In 2023, the eighth Global Teacher Prize was held in collaboration with UNESCO and in strategic partnership with Dubai Cares, with the prize being awarded at a ceremony at UNESCO’s Headquarters in Paris, France on 8th November. Actor, comedian, and writer Stephen Fry announced Sister Zeph as the winner at a ceremony which he also hosted, from UNESCO’s headquarters in Paris as a key part of its 42nd General Conference. Multi Grammy Award winning songwriter and producer Nile Rodgers spoke at the ceremony, highlighting the impact teachers had on his life and career, as well as the work of the We Are Family Foundation.

Sister Zeph, an English, Urdu, culture, inter-faith harmony, climate change teacher at Gujranwala, Punjab in Pakistan, was selected from over 7,000 nominations and applications from 130 countries around the world. Sister Zeph was also joined in Paris by the Top 10 finalists, and other members of the Top 50 group where we gave them an opportunity to convene and connect.

The event also saw the launch of the highlights of the UNESCO and Teacher Taskforce Global Report on Teachers, presenting comprehensive data and perspectives on global teacher challenges and providing actionable recommendations for teacher recruitment and retention. The report spotlights that a staggering 44 million additional teachers need to be recruited globally to meet universal primary and secondary education in 2030.

Highly regarded news publications across the globe featured extensive coverage of the prize, generating 4,209 stories and a remarkable Advertising Value Equivalent of £90,348,493, with a total PR value of £271,045,479. Furthermore, the networks of Global Teacher Prize Ambassadors and National Teacher Prizes around the world continued to thrive, playing a vital role in uplifting, and recognising outstanding educators in their respective communities.

SCHOOL LEADERSHIP

The Varkey Foundation's programmes continued to empower leaders across school systems. Training programmes run by Varkey Foundation subsidiary Fundación Varkey Argentina continued to build the capacity of school leaders in Argentina, as well as in programmes throughout Latin America. The foundation reached a total of 21, 244 educational leaders, an increase of almost 5,000 on the previous year.

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The foundation also delivered education capacity-building initiatives in Colombia, the Dominican Republic, Ecuador, Peru, México, Brazil, Panama, and Uruguay. Fundación Varkey Argentina also undertook other educational activities that complemented its programmatic work, including commissioning small-scale education research projects and publishing new thinking on education, including a book of interviews with 34 former education ministers from around the world.

Leadership and Innovation Programme

During 2023/2024, Fundación Varkey Argentina continued its flagship programme to support school leaders in provincial districts in Argentina. Over 33,500 school leaders graduated from the programme by 2024. Total expenditure on programmes in the year was £1,082,621 (2023: £1,364,938).

POLITICAL LEADERSHIP

The Varkey Foundation remains committed to championing teachers' voices and advancing education policymaking. Through our digital platform, globalteacherprize.com, we are expanding our community of teachers, school leaders, and education experts to ensure broader representation. This dynamic platform has hosted a series of events and introduced innovative initiatives that foster ongoing collaboration within our community.

We continue to partner with UNESCO, who launched their Teacher Taskforce Global Report on Teachers at the foundation’s Global Teacher Prize ceremony. Presenting comprehensive data and insights on global teacher challenges, the report offers actionable recommendations for teacher recruitment and retention. It highlights the staggering need to recruit an additional 44 million teachers worldwide to achieve universal primary and secondary education by 2030. In 2023 we also joined the OECD Schools+ network, working alongside a large education network to put schools at the centre of education design and unite around three core objectives: Fostering information exchange, driving structured learning and innovation and informing policy recommendations; all of which chime with the foundation’s mission.

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INNOVATION

The Varkey Foundation highlighted innovative ideas created by young people and teachers. The foundation’s third $100,000 Global Student Prize, awarded in September 2023, recognised the innovative work being done by students around the world to address key social issues, from climate change to sustainable energy.

Winner Nhial Deng, a South Sudanese refugee, empowered over 20,000 refugees in the Kakuma refugee camp in Kenya through peacebuilding, education, and entrepreneurship programmes, as well as creating a safe space for young people to heal from their trauma. During the year, the Global Student Prize generated over 1,200 media stories, an Advertising Value Equivalent of £24,426,961 with a total PR value of £73,172,565.

The Global Teacher Prize Ambassador network of teachers continued to work both individually and collectively to positively affect their communities. That work ranged from joint climate change initiatives to community food provision through classroom hydroponic towers to supplying shipping container classrooms and prosthetics limbs to disadvantaged areas in Haiti.

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RESEARCH

We did not commission any new research during the year. However, media outlets frequently cited the foundation's existing polling on the social status of teachers and the views of young people. As a result, research expenditure for the year was £0 (2023: £0).

ADVOCACY

The Varkey Foundation continued to host and take part in events for education leaders, teachers and students that focused on key education issues, including girls’ education, educational technology and higher education. During the year, Varkey Foundation staff and Global Teacher Prize and Global Student Prize winners and finalists spoke at key events hosted by international bodies and met with policymakers, including presidents, prime ministers, and education ministers, to discuss key education issues.

• In March 2024, Sister Zeph was awarded the prestigious Khatoon-e-Pakistan Award by Pakistan PM Muhammad Shehbaz Sharif.

• In March 2024, GSP finalist Oluwadamilola Akintewe from Nigeria, was one of just 20 people to be selected to receive The Legacy Award from His Royal Highness Prince William. She received the award for her social action and humanitarian efforts, with the award highlighting her work on breaking the silence against campus-based sexual and gender-based violence.

• In March 2024, GSP finalist Elliott Lancaster represented the UK at the 75th anniversary of the Commonwealth Day Service of Celebration. Elliott was also a panel member at The PIE Live Europe, where he discussed trends and projections across the education sector.

• In February 2024, Sister Zeph took part in the 14th Policy Dialogue Forum in Johannesburg, organised by UNESCO’s Teacher Task Force for Education and the South Arican Ministry of Basic Education.

• In December 2023 GTPA Koen Timmers and Global Student Prize 2021 winner Jeremiah Thoronka both spoke at the COP 28 Conference held in Dubai, alongside Sister Zeph who keynoted the Re-Wired Summit hosted by Dubai Cares, together with Nhial Deng.

• In December 2023, GTPA Sadat Minandang was received at the office of the Secretary of Education in the Philippines.

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• In November 2023, following her Global Teacher Prize win, Sister Zeph, was received by President Macron at the Elysée Palace on the occasion of 6th Paris Peace Forum, together with Heads of State and Government, and leaders of international organizations.

• In November 2023, winner Keishia Thorpe attended the 'Celebrating United States' return to UNESCO' event at The White House, attended by First Lady, Dr Jill Biden & UNESCO Director-General Audrey Azoulay.

• In November 2023, Kenyan GTPA Abdi Ismail was part of an event welcoming King Charles III and Queen Camilla.

• In October 2023, Slovenian GTPA Uros Ocepek met with Nataša Pirc Musar, the President of Republic of Slovenia.

• In September 2023, Our National Teacher Prize partners in Australia had their announcement ceremony hosted by their national Education Minister, the Hon Jason Clare.

• In September 2023, GTP winner Peter Tabichi attended an International Day to Protect Education from Attack, at UNHQ in NY together with global leaders.

• In June 2023, Colombian GTPA Sindey Carolina Bernal Villamarin was Sworn in as Colombia's Vice Minister of Digital Transformation.

Expenditure on advocacy in the year was £1,229,793 (2023: £596,796).

PARTNERSHIPS AND GRANT MAKING

Partnerships

The Varkey Foundation maintained its formal partnership with UNESCO and continued its involvement in the UNESCO-led Global Education Coalition, a network dedicated to protecting the right to education.

In the past year, Fundación Varkey Argentina led the Global School Leadership Network, comprising over 350 school leaders and 100 experts worldwide, to enhance the effectiveness of school leadership. Launched in April 2021 as a joint initiative of the Varkey Foundation and Global School Leaders, this network is also part of UNESCO’s International Task Force on Teachers for Education.

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The online skills organization Chegg.org sponsored the 2023 Global Student Prize, as part of their ongoing partnership with the Foundation. Chegg.org is the social impact branch of Chegg, a major US educational technology company.

The foundation also strategically partnered with Dubai Cares, whose longstanding support for the Global Teacher Prize stems from its belief that an investment in teachers is an investment in human development. Through its Framework for Global Education Transformation, Dubai Cares is committed to elevating the role of educators as coaches, mentors and facilitators as well as positioning them as “Human Experience Teachers” who can nurture students and empower them with the values, skills, knowledge and experiences they need to face the complexities and challenges of the future.

As part of the OECD Schools+ network, the foundation works alongside a large education network to put schools at the centre of education design. Schools+ participants unite around three core objectives: Fostering information exchange, driving structured learning and innovation and informing policy recommendations.

Grant making

The Varkey Foundation’s principal grant making during the year remained its US $1 million Global Teacher Prize, which aims at raising the status of teachers worldwide and celebrating the profession. The Global Teacher Prize remains the world’s most significant global education award. As noted above (“Teaching”), during the year the prize accumulated a total PR value of £271,045,479.

In September 2023, the Varkey Foundation awarded its third $100,000 Global Student Prize to South Sudanese student Nhial Deng, presented during UNGA week at the Clinton Global Initiative In New York. Global Student Prize online news coverage over the year amounted to over 1,200 media stories, with a total PR value of £73,172,565.

Expenditure on partnerships and grant-making this year was £1,188,367 (2023: £87,697).

FUTURE PLANS

The foundation will continue to fulfil its mission to ensure that every child has a good teacher. The strategy for the year will focus on these key objectives: strategic partnerships, raising public awareness of critical education issues, connecting and supporting education changemakers, and building the capacity of education systems.

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To achieve these goals, the foundation will collaborate with major stakeholders across the global education sector and work towards diversifying its funding sources. The foundation will accomplish its objectives through the following activities:

Strategic partnerships

The foundation will strategically partner with organisations who share our mission and goals and ensure that any funds that we donate to them are equalled and amplified for greatest possible impact by the selected NGO or charity.

Awareness Raising

The Global Teacher Prize and Global Student Prize will continue to be our principal activities, and these flagship awards will continue to generate public engagement with key education issues around the world.

Changemakers

This year, the foundation will continue to work on the online global platform for teachers and expand its networks of National Teacher Prizes and Global Teacher Prize Ambassadors, as well as teachers outside our current groups who are keen to learn more.

Capacity Building

We will also persist in our vital work in Argentina, ensuring that crucial programs in Latin America continue to enhance the capacity of the region’s school leaders and public policymakers.

In 2024-2025, the Varkey Foundation will continue to work to consolidate its international reach and impact. It will persist in its mission to ensure every child has a good teacher by highlighting the achievements of extraordinary teachers and students. Additionally, it will foster communities of change-makers, including teachers, school leaders, and policymakers, and support innovative new research on global perceptions of education.

To achieve these goals, the foundation must continue to implement significant changes to its business plan. This includes diversifying its funding sources and modifying the delivery of some core activities to maintain relevance while managing reduced funding from its major donor.

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The Varkey Foundation will continue to champion the cause of teachers around the world. To do that, we will announce the 9th winner in 2025 of our flagship Global Teacher Prize and a fourth Global Student Prize winner.

The foundation will continue to challenge governments on education, through the continued partnership with UNESCO and OECD. Strategic partnerships will also be investigated with organisations who share the same mission and goals to amplify any investment for greatest possible impact.

Fundación Varkey Argentina programmes in Latin America will continue to build the capacity of the region’s school leaders and deliver change from a grassroots level.

We will continue to explore new ways to amplify teachers’ voices through our online community platform and explore ways to incubate and help fund their passion projects.

To continue to deliver on this and in response to a reduction in funding from our major donor, the Varkey Foundation will make fundamental and lasting changes to the way it does business. We will need to build new partnerships across the global education sector to fund major activities, including prize giving and research. We will also need to invest in community-building, to level-up the foundation’s global networks. Finally, and most significantly, we will need to change the way in which we run some of our core activities, including the Global Teacher Prize.

Our world remains more divided than ever and it is becoming increasingly important to address critical education issues affecting our global future, from funding to learning technology. An increasing number of conflicts, and rising geopolitical tensions have reduced opportunities for the international community to build a consensus for change.

Amidst this global division and uncertainty, it is crucial to amplify the voices of teachers. The international community must not lose sight of education's importance in securing our global future. Our strategic plan aims to ensure that teachers are included in the global agenda. To guarantee every child has a good teacher, we must first demonstrate their significance to the world.

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FINANCIAL REVIEW

Total income received in 2024 was £3,190,291 (2023: £1,674,748 from continuing operations). This included restricted income of £1,626,755 (2023: £179,751). Of the total income received £1,655,283 (2023: £450,892) was received from Varkey Group Limited.

The balance of funding was received from other parties for use on the foundation’s charitable activities, including sponsorship income of £267,471 (2023: £298,941) from Chegg Inc., USA, consultancy fees £34,666 (2023: £42,650) from Jacobs Foundation, Switzerland, and administration fees £42,085 (2023: £158,669) from Global Independent Schools Association (GISA). The increase in income in comparison to the prior year was due to there being a Global Teacher Prize ceremony in November 2023 where there was no ceremony in the 2023 fiscal year.

Total expenditure for the year was £3,503,349 (2023: £2,164,201). This included restricted expenditure of £1,626,755 (2023: £179,751). The increase in expenditure is primarily due to there being a Global Teacher Prize ceremony in November 2023 where there was none in the previous fiscal year.

The foundation has reported a deficit of £354,953 for the year (2023: deficit £381,708), of which the parent charity's deficit was £467,248 (2023: deficit £133,605), the VF Trading Varkey Limited surplus was £82,528 (2023: deficit £56,762), and the surplus for Argentina was £29,766 (2023: deficit £191,340). The result without Argentina would be a deficit of £384,719 (2023: deficit £190,368).

While income increased year-on-year in Argentina, as a result of an increase in donors, the current high level of inflation (287.87% as at 31st March 2024) and its cumulative impact resulted in expenditure being significantly higher and a net loss for the year. This was compounded by a hyper inflation adjustment and the peso to pound exchange rate increasing from 258 at the start of the year to 1,083 at the close. During the financial year the trustees agreed for a £377,183 debt due from Fundacion Varkey Argentina (FVA) to the Varkey Foundation to be converted to a grant in furtherance of the charity’s objectives and inability for the funds to be repatriated from Argentina. The effect of this for FVA as a stand-alone entity was for a £347,417 deficit to become a surplus of £29,766.

As a result of the group deficit for the year ended 31 March 2024 the foundation’s reserves reduced to £493,795 (2023: £848,748) all of which was unrestricted (2023: £848,748 unrestricted, £Nil restricted).

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GOING CONCERN

The Trustees have assessed the foundation’s ability to continue as a going concern. The Trustees have considered several factors when forming their conclusion as to whether the use of the going concern basis is appropriate when preparing these financial statements. This includes reviewing the updated forecasts to 30th June 2026 and considering key risks such as the impact of recently high inflation, the political situation and cost of living crisis in the UK, that could negatively impact the foundation and the funding agreements in place, including adherence to the timing of payments set out in the agreements. The high-level forecasts have been extended to 30th June 2026 to take these risks into consideration.

Funding agreements include Deeds of Donation in relation to major activities (such as the Global Teacher prize) and an Annual Grant Framework Agreement to provide the future funds required for the residual funding requirements of the foundation for all other activities. This includes funds for the long-term liability for the remaining years of the 2015 to 2023 Global Teacher Prizes. The foundation is dependent on the cash from these agreements to meet its obligations and running costs.

Over the past 30 months the income from these agreements has been erratic. Whilst obligations have generally been met, working capital management has been challenging and there has been some delay in payments being made to suppliers and GTP winners. All GTP winners were paid up to date as at 31st March 2024.

Management continues to look to reduce cost and streamline operations whilst also working on a pipeline of new initiatives and income sources so that the foundation may become less reliant on donations from Varkey Group Limited.

The Trustees have prepared budgets and forecasts based on expected funding. However, the budgets and cashflows remain highly sensitive to small changes in the timing of receipt of income and to the receipt of amounts below levels set out in funding agreements. Recognising the reduced level of free reserves, and the reduced headroom to absorb the impact of uncertainties, the Board has considered several factors when forming their conclusion as to whether the use of the going concern basis is appropriate when preparing these financial statements.

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These include:

• Cash management controls are in place to ensure that sufficient working capital is always available. Cashflow forecasting has been completed to June 2026, however this remains reliant on the receipt of funding from the Varkey Group, with which there is continuous dialogue. Varkey Group Limited has provided letters committing to providing working capital to the foundation to enable it to meet its operating expenditure requirements up to 31st March 2026.

• Ongoing costs of the foundation reflect the reduced cost base of the organisation and assumes that for 2024/25 the GSP ceremony will be held in September 2024. A GTP ceremony, to be held at the World Government Summit (WGS) in Dubai in February 2025, has been included. For the financial year 2025/26 it is assumed that the GSP ceremony will be held in September 2025. A GTP ceremony has not been included but it is assumed that if there is one the cash outflow will be equal to the cash inflow.

• Reserves in Argentina are shown as designated funds in the group accounts. The programme is planned to continue during the period of review without the need for additional funding from UK operations. The forecasts do not assume any remittance of funds between Argentina and the UK. Alternative funding sources are being secured by the subsidiary entity.

• During the financial year the Trustees agreed for a £377,183 debt due from Fundacion Varkey Argentina to the Varkey Foundation to be converted to a grant in furtherance of the charity's objectives and inability for the funds to be repatriated from Argentina.

• Income, expenditure and cashflows will continue to be closely monitored, with regular reporting to the Board.

After considering these factors, the Trustees have concluded that the foundation has a reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future and have therefore prepared the accounts on a going concern basis but there are material uncertainties as discussed above.

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FINANCIAL CONTROLS

Reserves Policy

As of 31st March 2024, the foundation had total reserves of £493,795 (2023: £848,748) all of which was unrestricted (2023: £848,748 unrestricted, £Nil restricted).

The policy of the foundation is that unrestricted funds should be at a level suitable to sustain the activities of the Foundation for a period of at least three months after taking into account committed funds from other sources. This is calculated to be circa £165k.

In assessing the level of free reserves fixed assets and funds held in Argentina are excluded. Funds held in Argentina are designated as repatriation of the funds from Argentina is not possible under current Argentinian Government regulations. As at 31st March 2024 designated funds held in Argentina were £455,667 (2023: £803,084) leaving free reserves of £38,128 (2023: £45,664) which is below the target level of £165k.

In order to address this, funds will be transferred by VGL to meet the reserves cover per the Policy. The Trustees and management will ensure that reserves are maintained in line with the Policy going forward.

Costs associated with the GTP are excluded from the calculation of the funding required to sustain the activities of the foundation for three months as they are covered by a separate Deed of Donation.

Principal Funding Source

As noted above, the principal source of funding is from Varkey Group Limited. The funding is covered by Deeds of Donation and an Annual Grant Framework, further details of which are included in the Going Concern section on pages 18 and 19.

Fundraising

The Foundation does not presently raise funds directly from the public. The funds to cover the advocacy expenditure, research activities and other overheads of the foundation are donated by the Varkey family. The charity had no fundraising activities that require disclosure under S162A of the Charities Act 2011 during the fiscal year.

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Grant Making Policy

The foundation has specific agreements in place for the provision of grants for furtherance of its charitable objectives. Grants payable are made in line with the foundation’s strategic objectives. The foundation monitors grants in accordance with the relevant grant agreement.

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Risk Management

Risk is considered in key decision processes in the foundation at executive and board level. The board reviews the major risks faced by the foundation on an annual basis. The review includes the adequacy of actions being taken in response to each risk. The trustees have reviewed the major risks and uncertainties which the foundation faces and are satisfied that appropriate steps have been taken to mitigate these risks. The major risks and uncertainties facing the foundation and the action being taken to mitigate them are as follows:

Funding and Cashflow

Risk:

Funding and cashflow are insufficient to support ongoing operations.

Mitigation:

• Detailed budgets and plans produced annually for board approval.

• Budgets and cashflow forecasts produced to ensure sufficient funding at all times, with ongoing monitoring and monthly reporting.

• Budgeted and unbudgeted expenditure controlled and managed through approvals processes.

• Financial commitments are only entered into once the source of the funding has been confirmed.

• Seek to cover central overheads from revenue generating activities.

• Deploy strong planning and financial management controls to manage the impact of any change in funding.

• Seek partnerships and sponsorships as supporting sources of finance. Continuously review the value for money of each component of the foundation's operations to preserve resources and plan for redesign in response to funding changes. Ensure that staff are aware and have regular training on the plan and are supported in the aftermath of any event. Create an informal support network in each operating country. Create a pipeline of alternative income sources.

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Cyber Crime

Risk:

• Loss of business days impacting business performance through system unavailability or data loss.

• Reputational damage and legal costs through data security breaches. Direct financial loss due to cyber fraud or ransomware.

Mitigation:

• Identify critical data to help define and implement a business continuity plan. Develop and implement a cyber-security policy.

• Train and regularly remind all staff of key cyber-security issues and responsibilities. Continuously work with IT specialists to make cyber-security protection more robust.

I nappropriate Use of Funds by Recipients or Misuse through Fraud

Risk:

• Inappropriate or ineffective use of donations/grants/prizes by recipients. E.g. funding illegal activities, inappropriate or fraudulent use of donor funds in country operations.

Mitigation:

• Thorough due diligence carried out on all potential recipients.

• Funds transferred to organisational (not individual) bank accounts (except for the Global Teacher Prize).

• Recipient bank accounts require two signatories (except for the Global Teacher Prize).

• Clear expectations of how funds will be used agreed at the outset and usage monitored.

• Establish robust fiscal management systems and procedures throughout the organisation, and resource appropriately with in-country and head office support.

• Monitoring by local senior management and central finance through regular monthly reporting.

Ensure all staff are aware of the Bribery Policy.

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Organisational capacity & loss of key personnel

Risk:

• Organisational capacity is insufficient to scale up and deliver quality programmes and loss of key personnel causing disruption.

Mitigation:

• All new programmes planned thoroughly to ensure clear understanding of resources required, risks and mitigations.

• Recruitment prioritises quality, balancing timelines and funding risk.

• Establish strong, cohesive management team with individual and collective responsibility, knowledge sharing, collaboration and flexibility.

• Ensure clear strategic and operational plans to set direction and provide a framework for business continuity.

• Effective succession planning for key roles and organisational knowledge bank created.

• Invest in continuing professional development and provide rewarding job opportunities and career progression for key staff where possible.

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Trustees /Directors

The trustees/directors during the year or appointed since the year end are those listed on company information page.

Statement of Disclosure to Auditors

The directors and trustees of the company have, individually, considered their responsibilities to provide information to the company’s auditors and in so far as each of them are aware there is no relevant audit information of which the company’s auditors are unaware and each trustee has taken all the reasonable steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information.

Statement of Trustees' Responsibilities

The trustees who are also directors for the purposes of company law, are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations. Company and charity law requires trustees to prepare financial statements for each fiscal year. Under the law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (GAAP – United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the net movement of funds for the period. In preparing those financial statements, the trustees are required to:

• Select suitable accounting policies, following UK GAAP, and then apply them consistently; Observe the methods and principles in the Charities SORP; Make judgements and estimates that are reasonable and prudent; State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

For and behalf of the board

Jay Varkey Trustee

Date: 21st January 2025

26

Independent Auditor's Report to the Members of The Varkey Foundation

Opinion

We have audited the financial statements of the Varkey Foundation (‘the charitable company’) and its subsidiaries (‘the group’) for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Consolidated Cashflow and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The financial statements:

• give a true and fair view of the state of the group's and the charitable company’s affairs as of 31 March 2024 and of the group’s income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

We draw attention to the accounting policy in relation to going concern on page 37 in the financial statements, which indicates that during the period The Varkey Foundation has faced a number of challenges including cash flow and working capital management, limited external sources of funding, a reduced level of free

27

reserves and inconsistent cash contributions from the Varkey Group Limited in meeting the amounts committed. There is a Deed of Donation in place with Varkey Group Limited for major activities to provide future funds to The Varkey Foundation as required. Over the past 18 months the receipts from these agreements has been unpredictable. Whilst The Varkey Foundation's obligations have generally been met, working capital management has been affected leading to delays in payments to suppliers and prize winners. The lack of any material free reserves further limits the charity's ability to respond to these challenges.

As stated in note 1 d), these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

28

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit:

• the information given in the trustees' report, which includes the directors' report prepared for the purposes of company law, for the fiscal year for which the financial statements are prepared is consistent with the financial statements; and

• the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Considering the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate and proper accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 25, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

29

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could be expected to influence the economic decisions of users taken based on these financial statements. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members and significant component audit teams. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

30

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection and Taxation legislation. We also considered compliance with local legislation for the group’s overseas operating segments.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of contract income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

31

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Dipesh Chhatralia

Senior Statutory Auditor For and on behalf of Crowe U.K. LLP

Statutory Auditor

London

Date: 24 January 2025

32

Page 33

The Varkey Foundation Annual report 2024

Consolidated Statement of Financial Activities (incorporating the income and expenditure account)

Year ended 31st March 2024

Note Income from: Donations 2 Charitable activities 2 Other trading activities 2 Other income 2 Total Expenditure on: Charitable activities: Advocacy 4 Partnerships & Grant-making 4 Programmes 4 Projects/Trading 4 Total Net expenditure Unrealised foreign exchange gains/(losses) taken to reserves Net movement in funds Reconciliation of funds: Total funds brought forward 12 Total funds carried forward 12	Unrestricted Funds Restricted Funds 2024 Total Funds £ £ £ 645,600 - 645,600 573,541 1,626,755 2,200,296 309,556 - 309,556 34,839 - 34,839 1,563,536 1,626,755 3,190,291 409,974 819,819 1,229,793 381,431 806,936 1,188,367 1,082,621 - 1,082,621 2,568 - 2,568 1,876,594 1,626,755 3,503,349 (313,058) - (313,058) (41,895) - (41,895) (354,953) - (354,953) - - - 848,748 - 848,748 493,795 - 493,795	2023 Total Funds £ 271,141 902,812 457,610 43,185 1,674,748 596,796 87,697 1,364,938 114,770 2,164,201 (489,453) 107,745 (381,708) - 1,230,456 848,748

Registered Company No. 07774287

The notes on pages 36 to 59 form part of these financial statements.

Page 34

The Varkey Foundation Annual report 2024

Consolidated and Charity Balance Sheet

Year ended 31st March 2024

Registered Company No. 07774287

Note Fixed assets: Intangible assets 7 Tangible assets 8 Investment in subsidiary undertakings Current assets Debtors 9 Cash at bank and in hand Liabilities: Creditors: Amounts falling due within one year 10 Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 11 Total net assets The funds: Restricted funds 12 Unrestricted funds 12 Total funds	2024 2023 £ £ - - 14,006 2,353 - - 14,006 2,353 2,950,400 3,233,127 754,376 1,033,581 3,704,776 4,266,708 (954,179) (1,208,564) 2,750,597 3,058,144 2,764,603 3,060,497 (2,270,808) (2,211,749) 493,795 848,748 - - 493,795 848,748 493,795 848,748 Consolidated	2024 2023 £ £ - - - - 4,171 4,171 4,171 4,171 3,160,742 3,867,439 124,466 16,545 3,285,208 3,883,984 (832,937) (1,027,415) 2,452,271 2,856,569 2,456,442 2,860,740 (2,251,007) (2,188,057) 205,435 672,683 - - 205,435 672,683 205,435 672,683 Charity

The deficit for the financial year 2024 of the parent charity was £467,248 (2023: deficit £133,605).

The notes on pages 36 to 59 form part of these financial statements.

The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:

Jay Sunny Varkey Trustee

Date: 21st January 2025

Page 35 The Varkey Foundation Annual report 2024

Consolidated Cashflow Statement

Year ended 31st March 2024

Note Cash flows from operating activities: Net cash provided by (used in) operating activities A Cash flows from investing activities: Purchase of property, plant and equipment Net cash provided by (used in) investing activities Movement on foreign exchange Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting B A Net income/(expenditure) for the reporting period (as per the statement of financial activities) Adjustments for: Depreciation charges Revaluations (Increase)/Decrease in debtors Increase/(Decrease) in creditors Net cash provided by (used in) operating activities B Analysis of cash and cash equivalents Cash in hand	2024 £ (224,137) (13,173) (13,173) (41,895) (279,205) 1,033,581 754,376 2024 £ (313,058) - 347 1,173 282,728 (195,327) (224,137) 2024 £ 754,376	2023 £ (460,594) - - 107,745 (352,849) 1,386,430 1,033,581 2023 £ (489,453) - 1,070 163 (84,555) 112,181 (460,594) 2023 £ 1,033,581

The notes on pages 36 to 59 form part of these financial statements.

Page 36 The Varkey Foundation Annual report 2024

Notes to the financial statements

Year ended 31st March 2024

1. Accounting policies

a) Charitable company status and background

The Varkey Foundation is a not-for-profit organisation established to improve the standards of education for underprivileged children throughout the world.

The Foundation is a company limited by guarantee, registration number 07774287 and a charity registered with the Charity Commission of England and Wales, charity number 1145119. The liability of the members of the company in respect of the guarantee is limited to £1 per member of the company.

The Registered Office of the Foundation is at: First Floor, 10 Queen Street Place, London, EC4R 1BE

b) Basis of preparation

The financial statements have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1st January 2015.

The Trustees have referred to the Charity Commision's published guidance on public benefit when reviewing aims and objectives and planning activities. In particular, as required by the Charities Act 2011, the Trustees considered how activities contribute to the aims and objectives set. The Trustees consider that the aims, objectives and activities they have put in place are for the public benefit.

The financial statements are prepared under the historical cost convention.

c) Basis of consolidation

The consolidated Statement of Financial Activities and Balance Sheet consolidate the results of the Charity and its wholly-owned subsidiary undertakings, VF Trading Varkey Limited (company number 10402535) and Fundacion Varkey Argentina. The results of the subsidiaries are

consolidated on a line-by-line basis. Intra group transactions and year end balances are eliminated on consolidation. In accordance with section 408 of the Companies Act 2006 no separate Statement of Financial Activities has been presented for the The Varkey Foundation (excluding its subsidiaries).

Page 37 The Varkey Foundation Annual report 2024

Notes to the financial statements

at 31st March 2024

d) Going concern

The Trustees have assessed the foundation’s ability to continue as a going concern. The Trustees have considered several factors when forming their conclusion as to whether the use of the going concern basis is appropriate when preparing these financial statements. This includes reviewing the updated forecasts up to 30th June 2026 and considering key risks such as the impact of recently high inflation, the political situation and cost of living crisis in the UK, that could negatively impact the foundation and the funding agreements in place, including adherence to the timing of payments set out in the agreements. The high-level forecasts have been extended to 30th June 2026 to take these risks into consideration.

Funding agreements include Deeds of Donation in relation to major activities (such as the Global Teacher prize) and an Annual Grant Framework Agreement to provide the future funds required for the residual funding requirements of the foundation for all other activities. This includes funds for the long-term liability for the remaining years of the 2015 to 2023 Global Teacher Prizes. The foundation is dependent on the cash from these agreements to meet its obligations and runing costs.

Over the past 30 months the income from these agreements has been erratic. Whilst obligations have generally been met, working capital management has been challenging and there has been some delay in payments being made to suppliers and GTP winners. All GTP Winners were paid up to date as at 31st March 2024.

Management continues to look to reduce cost and streamline operations whilst also working on a pipeline of new initiatives and income sources so that the foundation may become less reliant on donations from Varkey Group Limited.

The Trustees have prepared budgets and forecasts based on expected funding. However, the budgets and cashflows remain highly sensitive to small changes in the timing of receipt of income and to the receipt of amounts below levels set out in the funding agreements. Recognising the reduced level of free reserves, and the reduced headroom to absorb the impact of uncertainties, the Board has considered several factors when forming their conclusion as to whether the use of the going concern basis is appropriate when preparing these financial statements.

These include:

i) Cash management controls are in place to ensure that sufficient working capital is always available. Cashflow forecasting has been completed to June 2026, however this remains reliant on the receipt of funding from the Varkey Group, with which there is continuous dialogue. Varkey Group Limited has provided letters committing to providing working capital to the foundation to enable it to meet its operating expenditure requirements up to 31st March 2026.

ii) Ongoing costs of the foundation reflect the reduced cost base of the organisation and assumes that for 2024/25 the GSP ceremony will be held in September 2024. A GTP ceremony, to be held at the World Government Summit (WGS) in Dubai in February 2025, has been included. For the financial year 2025/26 it is assumed that the GSP ceremony will be held in September 2025. A GTP ceremony has not been included but it is assumed that if there is one the cash outflow will be equal to the cash inflow.

iii) Reserves in Argentina are shown as designated funds in the group accounts. The programme is planned to continue during the period of review without the need for additional funding from UK operations. The forecasts do not assume any remittance of funds between Argentina and the UK. Alternative funding sources are being secured by the subsidiary entity.

During the financial year the Trustees agreed for a £377,183 debt due from Fundacion Varkey Argentina to the Varkey Foundation to be converted to a grant in furtherance of the charity's objectives and inability for the funds to be repatriated from Argentina.

iv) Income, expenditure and cashflows will continue to be closely monitored, with regular reporting to the Board.

After considering these factors, the Trustees have concluded that the foundation has a reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future and have therefore prepared the accounts on a going concern basis but there are material uncertainties as discussed above.

Page 38 The Varkey Foundation Annual report 2024

Notes to the financial statements

at 31st March 2024

e) Incoming resources

All incoming resources are included in the Statement of Financial Activities when the company is legally entitled to the income and the amount can be quantified with reasonable accuracy and there is probability of receipt. Incoming resources received that do not meet the criteria for recognition in the Statement of Financial Activities are accounted for as deferred income and included as liabilities at the balance sheet date.

Grants are recognised where there is an entitlement, probability of receipt and the amount can be measured with sufficient reliability.

Gifts in kind for use by the charity are included as income at their approximate fair value at the date of receipt. Fair value is deemed to be the market value the charity is willing to pay for the service. An amount equal to the value of receipts at the point received is included as charitable expenditure.

Donations receivable represent funds receivable committed by the representative donor at the yearend.

f) Resources expended

All resources expended are included on an accruals basis.

Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those associated with meeting constitutional and statutory requirements of the charity and would include audit fees and costs linked to the strategic management of the charity.

Costs are allocated to activities, including grant making, where they can be directly attributed to them based on the actual expense incurred. Support costs are allocated to activities on the basis of time spent on them.

Redundancy costs (termination benefits) are recognised as an immediate cost and charged to the SOFA on a demonstrable commitment to termination, with provision for future redundancy costs measured at the best estimate of the expenditure that would be required to settle the obligation at the reporting date.

g) Fund accounting

Restricted funds are to be used for particular restricted purposes within the objectives of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Unrestricted funds are those funds that can be used in accordance with the company's charitable objectives at the trustees' discretion.

Designated funds are the funds of Fundacion Argentina and separated from the general unrestricted funds because the repatriation of this fund is not practically possible due to changes in Argentina's regulation.

Page 39 The Varkey Foundation Annual report 2024

Notes to the financial statements

at 31st March 2024

h) Fixed assets

Fixed assets, both tangible and intangible, are capitalised and depreciated/amortised over their useful economic life to the charity. The cost of minor additions or those less than £1,000 are not capitalised.

Depreciation of tangible assets is provided for as follows:

Computer and other equipment	33% straight line
Furniture and equipment	25% straight line
Motor vehicles	20% straight line

Amortisation of intangible assets is provided as follows: Computer software 33% straight line

i) Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Due to hyperinflation in Argentina all transactions (including income and expenditure) are adjusted by indexation at the year-end for local reporting purposes. On consolidation these foreign currency transactions are translated at the rates of exchange ruling at the balance sheet date. All differences are taken to general reserves.

j) Financial instruments

The Foundation has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. Financial liabilities held at amortised cost comprise, trade, other creditors and accruals.

k) Critical accounting judgement and key sources of estimation uncertainty

In the application of the Charity’s accounting policies, which are described in Note 1, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.

A key source of estimation uncertainty is the discounting rate of the long term commitments for GTP winners as they are paid over a period of ten years. The discount rate is based on management assumption on the future value of money and is based on forecast inflation predictions over the same period.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

l) Taxation

The Charity's activities fall within the exemptions afforded by the provisions of ICTA 1988. Accordingly, there is no tax charge in these accounts.

Page 40

The Varkey Foundation Annual report 2024

Notes to the financial statements

at 31st March 2024

2. Incoming Resources - Group

----- Start of picture text -----
Donor Unrestricted Restricted 2024 2023
£ £ £ £
Donations:
Donations from VGL VGL 645,600 - 645,600 271,141
Total Donations 645,600 - 645,600 271,141
Charitable Activities:
Global Teacher Prize Dubai Cares/VGL - 1,626,755 1,626,755 179,751
PLIE - Argentina 573,541 - 573,541 723,061
Total Charitable Activities 573,541 1,626,755 2,200,296 902,812
Other Trading Activities:
Administration Fees 42,085 - 42,085 158,669
Sponorship Received Chegg 267,471 - 267,471 298,941
Total Other Trading Activities 309,556 - 309,556 457,610
Other Income:
Other Income Various 34,839 - 34,839 43,185
Total Other Income 34,839 - 34,839 43,185
Total Incoming Resources 1,563,536 1,626,755 3,190,291 1,674,748
----- End of picture text -----

Page 41

The Varkey Foundation Annual report 2024

Notes to the financial statements

at 31st March 2024

2. Incoming Resources - Group (Continued..)

Total actual income for the year from continuing operations was £3,190,291 (2023: £1,674,748).

Of total income of £3,190,291 VGL funding amounted to £1,655,283 (2023: £450,892), Argentina income was £573,541 (2023: £723,061) which was received from various sources and Chegg sponsorship totalled £267,471 (2023: £298,941).

There were no Grants received (2023: £Nil) and no unrestricted donations in 2024 (2023: £Nil).

Page 42 The Varkey Foundation Annual report 2024

Notes to the financial statements

at 31st March 2024

3. Staff Costs

Wages & salaries Social security costs Pension costs Total direct staff costs	Group 2024 £ 625,190 79,602 25,509 730,301	Group 2023 £ 997,025 172,899 27,997 1,197,921	Charity 2024 £ 336,738 19,766 25,509 382,013	Charity 2023 £ 310,919 19,211 27,997 358,128

The average number of employees including part time workers, analysed by function was:

Programme delivery staff in Argentina Support staff in the Dubai Support staff in the UK Total employees	Group 2024 28 1 4 33	Group 2023 28 1 5 34	Charity 2024 - 1 4 5	Charity 2023 - 1 5 6

Wages and Salaries include £Nil (2023: £Nil) temporary staff costs.

A reduction in Charity direct staff costs was due to £42,411 (2023: £100,111) of recharges to the trading subsidiary in respect of the Global Student Prize project.

£10,193 of termination settlements were paid in Argentina during the year (2023: £4,156) and are included in wages and salaries above.

The number of employees whose total employee benefits (excluding employer pension costs) for the period exceeded £60,000 were as follows:

	Group 2024	Group 2023
£60,000 to £69,999	-	-
£70,000 to £79,999*	1	3
£80,000 to £89,999	-	-
£90,000 to 199,999	-	-
£100,000 to 109,999	-	-
£110,000 to 119,999	-	-
£120,000 to 129,999	-	-
£130,000 to 139,999	-	-
£140,000 to 149,999	-	-
£150,000 to 159,999	-	-
£160,000 to 169,999**	1	-
£170,000 to 179,999**	-	1
£180,000 to 189,999	-	-
£190,000 to 199,999	-	-
£200,000 to 209,999	-	-

• One employee in 2023 was paid in Argentina, and fully funded from the income generated in Argentina.

** This employee is paid in Dubai, and fully funded by GEMS Global LLC Dubai. The employee works for VF pro-bono and is treated as a Gift in kind.

Page 43

The Varkey Foundation Annual report 2024

Notes to the financial statements

at 31st March 2024

3. Staff Costs (Continued..)

The gross salary, including employers' National Insurance and employers' pension, of the key management personnel for the financial year was £163,423 (2023: £171,739).

No trustees/directors were remunerated for their services during the year. Sir Michael Lockett received a reimbursement of travel expenses of £550 via the company of which he is a director, Audley Limited, during the year. No trustees were remunerated for their services nor reimbursed expenses incurred during the preceeding year.

Page 44

The Varkey Foundation Annual report 2024

Notes to the financial statements

at 31st March 2024

4. Charitable Activities - Group

GES/GTP Event Global Teacher Prize - Running Costs GSP Event Global Student Prize - Running Costs Advocacy and Policy Support Costs Total Advocacy GTP - Prize Money GSP - Prize Money Clinton Global Initiative Other grants and donations UNESCO Support costs Total Partnerships and Grant-making PLIE - Argentina Support Costs Total Programmes Projects/Trading (GISA) Support costs Total Pojects/Trading Total charitable activities Total charitable activities from continuing operations Total charitable activities from discontinued operations These items relate to discontinued activities. Support costs are comprised as follows: GSP staff cost - directly attributable to Advocacy Computer and telephone costs Exchange (gain)/loss Governance costs Legal and professional fees PR and advocacy costs Office rental and other costs Staff costs - direct Staff costs - other Travel and subsistance Total support costs*	Support Costs Grants Made Project Costs £ £ £ - - 102,435 - - 717,383 - - 4,079 - - 132,429 - - 7,800 265,667 - - 265,667 - 964,126 - 775,895 - - 78,382 - - 78,876 - - 732 - - 31,041 - 223,441 - - 223,441 964,926 - - - 879,063 203,558 - - 203,558 - 879,063 - - 2,085 483 - - 483 - 2,085 693,149 964,926 1,845,274 693,149 964,926 1,845,274 - - -	Total 2024 Total 2023 £ £ 102,435 264 717,383 200,446 4,079 39,210 132,429 152,463 7,800 - 265,667 204,413 1,229,793 596,796 775,895 (43,964) 78,382 83,635 78,876 29,608 732 - 31,041 - 223,441 18,418 1,188,367 87,697 879,063 1,022,146 203,558 342,792 1,082,621 1,364,938 2,085 90,668 483 24,102 2,568 114,770 3,503,349 2,164,201 3,503,349 2,164,201 - - Total 2024 Total 2023 £ £ 42,411 100,111 30,578 36,524 10,645 52,134 46,141 28,761 11,529 5,689 147,080 4,463 6,628 (9,129) 382,013 358,128 1,404 1,297 14,720 11,747 693,149 589,725

Page 45

The Varkey Foundation Annual report 2024

Notes to the financial statements

at 31st March 2024

4. Charitable Activities - Group (Continued..)

Total charitable activities for the year were £3,503,349 (2023 - £2,164,201 from continuing operations). There were no restricted programme costs (2023: £Nil) and no discontinued operations in the year (2023: £Nil).

The 2023 Global Teacher Prize ceremony was held in November 2023 at UNESCO headquarters in Paris. The winner of the Global Teacher Prize was Sister Zeph, a teacher from Pakistan.

Governance costs of £46,141 (2023: £28,761) included in support costs, include £34,550 (excluding VAT - 2023: £24,100) for the statutory audit.

In addition to the audit fees, a further £6,113 (excluding VAT - 2023: £3,300) was incurred with Crowe U.K. LLP in the financial year for tax, VAT and other advice.

Total support costs of £693,149 (2023: £589,725) were met by VGL on behalf of the Foundation.

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5. Related Party Transactions

During the financial year the Trustees agreed for the balance of £377,183 due from Fundacion Varkey Argentina to be granted in furtherance of the charity's objectives and inability for the funds to be repatriated from Argentina.

On 3rd December 2015, the Foundation formalised its funding arrangements with Varkey Group Limited (VGL) through Deeds of Donation and an Annual Grant Framework Agreement to provide the future funds for the Global Teacher Prize, key programmes and the residual funding requirements of the Foundation for all other activities, with GEMS Global Schools Limited. This will fund the long term liability for the remaining years of Global Teacher Prizes.

£1,782,773 of cash donations were received in the year from VGL (2023: £461,200). It is more than the total reported VGL funding of £1,655,283 as the £1,655,283 includes accrued income. There was a net reduction in accrued income in the year resulting in the total funding being less than the cash physically received.

VF Trading Varkey Limited received no donations or sponsorships from Varkey Group Limited companies.

The Foundation did not receive Gift-Aided donations from individuals or companies.

None of the Trustees received any payments from the Foundation in the form of employment. Audley Limited, of which Sir Michael Lockett is a director, received £550 in respect of reimbursment of travel expenses for Sir Michael.

Related party transactions for the Year ended 31st March 2024

SUBSIDIARIES

----- Start of picture text -----
Amount of Balance as at
Ownership Related party (entity) Nature of transaction
transactions 31.03.2024
100% VF Trading Varkey Limited UK Inter company payments 52,396 220,921
100% Fundación Varkey Argentina Inter company payments 377,183 0
Total payments made 429,579 220,921
CREDITORS
Amount of Balance as at
Trustee Related party (entity) Nature of transaction
transactions 31.03.2024
Sir Michael Lockett Audley Limited Reimbursement of travel expenses 550 0
Total payments made 550 -
DEBTORS
Amount of Balance as at
Trustee Related party (entity) Nature of transaction
transactions 31.03.2024
Jay Varkey Global Independent Schools Association Administration fees 42,085 0
Jay Varkey Varkey Group Limited VF total funding from VGL 1,655,283 2,895,524
Total funding received 1,697,369 2,895,524
----- End of picture text -----

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6. Investments in Subsidiaries

On 7th September 2016, Fundación Varkey Argentina was incorporated in Argentina (with 80,000 ARS (£4,170)) share capital) as a wholly owned formal subsidiary of the Foundation with File Number at the Registry of Commerce of 1904703, approved by Registry Resolution Number 0001752 and Registered Number 414 of Book 1FU relating to foundations. Its registered address is Marcelo T. de Alvear 684, Piso 6, C1058AAH, Buenos Aires, Argentina.

On 29th September 2016, VF Trading Varkey Limited was incorporated (with £1 share capital) as the wholly owned trading subsidiary of the Varkey Foundation. It is a company registered in England and Wales with company registration number 10402535. Its registered address is: First Floor, 10 Queen Street Place, London, EC4R 1BE.

Company Registration Number Income Expenditure Operating surplus/(deficit) Net surplus/(deficit) Unrealised foreign exchange gains/(losses) taken to reserves Net movement in funds	Period to 31st March 2024 Period to 31st March 2024 Fundación Varkey Argentina VF Trading Varkey Limited 7774287 10402535 £ £ 950,724 309,556 879,063 227,028 71,661 82,528 71,661 82,528 (41,895) - 29,766 82,528	Period to 31st March 2023 Period to 31st March 2023 Fundación Varkey Argentina VF Trading Varkey Limited 7774287 10402535 £ £ 723,061 457,610 1,022,146 514,372 (299,085) (56,762) (299,085) (56,762) 107,745 - (191,340) (56,762)

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Investments in Subsidiaries (continued)

Company Registration Number Fixed assets Debtors Cash at bank and in hand Total current assets Creditors: amounts falling due within one year Creditors: Amounts falling due after more than one year Total net assets/ (liabilities) Capital Unrestricted Funds Restricted Funds Total capital and funds	Period to 31st March 2024 Fundación Varkey Argentina 7774287 £ 14,006 9,786 468,109 477,895 (36,234) - 455,667 4,170 451,497 - 455,667	Period to 31st March 2024 VF Trading Varkey Limited 10402535 £ - 794 161,801 162,595 (305,930) (19,801) (163,136) 1 (163,137) - (163,136)	Period to 31st March 2023 Period to 31st March 2023 Fundación Varkey Argentina VF Trading Varkey Limited 7774287 10402535 £ £ 2,353 - 15,903 287 842,441 174,595 858,344 174,882 (434,797) (396,854) - (23,692) 425,900 (245,664) 4,170 1 421,730 (245,665) - - 425,900 (245,664)

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7. Intangible Fixed Assets

Cost At 1st April 2023 Revaluations Additions Disposals At 31st March 2024 Depreciation At 1st April 2023 Revaluations Charge for the year Disposals At 31st March 2024 Net book value At 31st March 2024 Net book value At 31st March 2023	Group Total Computer Software £ 3,160 13,282 - - 16,442 3,160 13,282 - - 16,442 - -	Charity Total Computer Software £ - - - - - - - - - - - -

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8. Tangible Fixed Assets

Cost At 1st April 2023 Revaluation on cost Additions Disposals At 31st March 2024 Depreciation At 1st April 2023 Revaluation on depreciation Charge for the year Disposals At 31st March 2024 Net book value At 31st March 2024 At 31st March 2023	Group Computer Equipment £ 127,617 (9,448) 13,173 - 131,342 125,264 (8,275) 347 - 117,336 - 14,006 2,353	Group Furniture & Equipment £ 30,570 (2,264) - - 28,306 30,570 (2,264) - - 28,306 - - -	Group Total Fixed Assets £ 158,187 (11,712) 13,173 - 159,648 155,834 (10,539) 347 - 145,642 - 14,006 2,354	Charity Computer Equipment £ - - - - - - - - - - -	Charity Furniture & Equipment £ - - - - - - - - - - - - -	Charity Total Fixed Assets £ - - - - - - - - - - -

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9. Debtors

Accrued income and prepayments Due from group companies Trade debtors VAT Recoverable Other debtors Total amounts due in less than one year Accrued income due in more than one year Amounts due in more than one year Total Debtors	Group 2024 £ 661,292 - 21,875 6,006 10,220 699,393 2,251,007 2,251,007 2,950,400	Group 2023 £ 1,004,821 - 287 23,840 16,122 1,045,070 2,188,057 2,188,057 3,233,127	Charity 2024 £ 661,000 220,921 21,875 5,437 502 909,735 2,251,007 2,251,007 3,160,742	Charity 2023 £ 1,004,540 650,500 - 23,840 502 1,679,382 2,188,057 2,188,057 3,867,439

The reduction in accrued income is due to income relating to the Global Teacher Prize being received from VGL.

The reduction in the amount due from group companies is primarily due to the debt being granted to Fundacion Varkey Argentina by the Varkey Foundation .

10. Creditors: Amounts falling due within one year

Accruals and deferred income Amounts payable in relation to the Global Teacher Prize Amounts payable in relation to the Global Student Prize Social tax and security Pensions Trade creditors VAT Payable Other creditors Total amounts falling due in less than one year	Group 2024 £ 69,981 625,724 99,007 30,504 2,149 114,838 - 11,976 954,179	Group 2023 £ 82,121 828,736 80,852 46,047 2,317 142,497 17,377 8,617 1,208,564	Charity 2024 £ 64,143 625,724 19,801 7,103 2,149 109,643 - 4,374 832,937	Charity 2023 £ 59,485 828,736 - 7,582 2,317 125,026 - 4,269 1,027,415

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11. Creditors: Amounts falling due in more than one year

Amounts payable in relation to the Global Teacher Prize: Due within up to five years Due after five years Amounts payable in relation to the Global Student Prize: Due within up to five years Due after five years	Group 2024 £ 1,651,286 599,721 19,801 - 2,270,808	Group 2023 £ 1,664,050 524,007 23,692 - 2,211,749	Charity 2024 £ 1,651,286 599,721 - - 2,251,007	Charity 2023 £ 1,664,050 524,007 - - 2,188,057

The Global Teacher Prize of $1 million is payable over a period of 10 years. The portion relating to more than one year in respect of the 2015 to 2023 winners, payable in equal annual instalments of $100,000 per winner, has a present value of £2,251,007 (2023: £2,188,057) discounted at 2.4% and at the exchange rate as at 31st March 2024.

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12. Analysis of Funds

Group:

Funded By Restricted Funds Global Teacher Prize VGL Total Restricted Funds Unrestricted Funds General Fund Designated Fund (Argentina) Total Unrestricted Funds Total Funds Charity: Funded By Restricted Funds Global Teacher Prize VGL Total Restricted Funds Unrestricted Funds General Fund Total Unrestricted Funds Total Funds**

As at 01/04/23 Incoming Resources Outgoing Resources Foreign Exchange Transfers As at 31/03/24 £ £ £ £ £ £ 1,626,755 1,626,755 - - 1,626,755 1,626,755 - - 45,664 989,995 997,531 - - 38,128 803,084 573,541 879,063 (41,895) - 455,667 848,748 1,563,536 1,876,594 (41,895) - 493,795 848,748 3,190,291 3,503,349 (41,895) - 493,795 As at 01/04/23 Incoming Resources Outgoing Resources Foreign Exchange Transfers As at 31/03/24 £ £ £ £ £ £ 1,626,755 1,626,755 - - - 1,626,755 1,626,755 - - 672,683 680,438 1,147,686 - - 205,435 672,683 680,438 1,147,686 - - 205,435 672,683 2,307,193 2,774,441 - - 205,435

• There were no Restricted funds at the year end (2023: £Nil).

** Argentina funds are designated as repatriation of the funds is not possible. The restriction was made by the Government of Argentina in response to hyperinflation in the country.

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13. Analysis of Net Assets Between Funds

Fixed assets Current Assets Creditors < 1 year Creditors > 1 year Total Funds	Unrestricted £ 14,006 709,237 (229,448) - 493,795	Restricted £ - 2,995,539 (724,731) (2,270,808) - Group	Total Funds £ 14,006 3,704,776 (954,179) (2,270,808) 493,795	Unrestricted £ 4,171 408,477 (207,213) - 205,435	Restricted £ - 2,876,731 (625,724) (2,251,007) - Charity	Total Funds £ 4,171 3,285,208 (832,937) (2,251,007) 205,435

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14. Grant Commitments

Grant commitments included in the financial statements are as follows:

Grant Global Teacher Prize Global Student Prize Total	Opening £ 3,016,792 104,544 3,121,336	Additions £ 695,295 79,136 774,431	Payments £ (915,957) (60,210) (976,167)	Exchange £ 80,601 (4,662) 75,939	Closing £ 2,876,731 118,808 2,995,539

The 2023 Global Student Prize was won by Nhial Deng, a South Sudanese refugee.

The total value of the Global Student Prize is $100,000 and it is paid within 2 years, $50,000 in each calendar year from the date of the award.

15. Government Grants

No government grants were received in the year (2023: £Nil).

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16. Prior Year Comparatives

a) Prior Year Detailed Group Statement of Financial Activities

Consolidated Statement of Financial Activities (incorporating the income and expenditure account) Year ended 31st March 2023

Note Income from: Donations 2 Charitable activities 2 Other trading activities 2 Other income 2 Total Expenditure on: Charitable activities: Advocacy 4 Partnerships & Grant-making 4 Programmes 4 Projects/Trading 4 Total Net income / (expenditure) Unrealised foreign exchange gain taken to reserves Transfers between funds 12 Net movement in funds Reconciliation of funds: Total funds brought forward 12 Total funds carried forward 12	Unrestricted Funds Restricted Funds 2023 Total Funds £ £ £ 271,141 - 271,141 723,061 179,751 902,812 457,610 - 457,610 43,185 - 43,185 1,494,997 179,751 1,674,748 373,081 223,715 596,796 131,661 (43,964) 87,697 1,364,938 - 1,364,938 114,770 114,770 1,984,450 179,751 2,164,201 (489,453) - (489,453) 107,745 - 107,745 66,272 (66,272) - (315,436) (66,272) (381,708) - - - 1,164,184 66,272 1,230,456 848,748 - 848,748	2022 Total Funds £ 377,476 2,869,553 314,546 2,830 3,564,405 1,401,977 1,133,140 1,436,770 - 3,971,887 (407,482) - - (407,482) - 1,637,938 1,230,456

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16. Prior Year Comparatives (Continued..)

b) Prior Year Analysis of Group Funds

Group: Funded By Restricted Funds CEI R4D Global Teacher Prize VGL Pratham (NGO Partner) Total Restricted Funds Unrestricted Funds General Fund Designated Fund (Argentina) Total Unrestricted Funds Total Funds c) Prior Year Analysis of Charity Funds Charity: Funded By Restricted Funds CEI R4D Global Teacher Prize VGL Pratham (NGO Partner) Total Restricted Funds Unrestricted Funds General Fund Total Unrestricted Funds Total Funds**

As at 01/04/22 Incoming Resources Outgoing Resources Foreign Exchange Transfers As at 31/03/23 £ £ £ £ £ £ 21,270 - - - (21,270) - - 179,751 179,751 - - - 45,002 - - - (45,002) - 66,272 179,751 179,751 - (66,272) - 178,604 771,936 971,148 - 66,272 45,664 985,580 723,061 1,013,302 107,745 - 803,084 1,164,184 1,494,997 1,984,450 107,745 66,272 848,748 1,230,456 1,674,748 2,164,201 107,745 - 848,748 As at 01/04/22 Incoming Resources Outgoing Resources Foreign Exchange Transfers As at 31/03/23 £ £ £ £ £ 21,270 - - - (21,270) - - 179,751 179,751 - - - 45,002 - - - (45,002) - 66,272 179,751 179,751 - (66,272) - 740,016 314,326 447,931 - 66,272 672,683 740,016 314,326 447,931 - 66,272 672,683 806,288 494,077 627,682 - - 672,683

• There were no Restricted funds at the year end (2022: £66,272).

On 10th August 2023 permission was received from Pratham to unrestrict the £45,002 balance held. On 21st August 2023 permission was received from R4D to unrestrict the £21,270 balance held.

** Argentina funds are designated as repatriation of the funds is not possible. The restriction was made by the Government of Argentina in response to hyperinflation in the country.

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16. Prior Year Comparatives (continued)

d) Prior Year Analysis of Net Assets Between Funds

Fixed assets Current Assets Creditors < 1 year Creditors > 1 year Total Funds	Unrestricted Funds £ 2,353 1,145,371 (298,976) - 848,748	Restricted Funds £ - 3,121,337 (909,588) (2,211,749) - Group	Total Funds £ 2,353 4,266,708 (1,208,564) (2,211,749) 848,748	Unrestricted Funds £ 4,171 867,191 (198,679) - 672,683	Restricted Funds £ - 3,016,793 (828,736) (2,188,057) - Charity	Total Funds £ 4,171 3,883,984 (1,027,415) (2,188,057) 672,683

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17. Controlling Party

The ultimate controlling party is Mr Sunny Varkey and his immediate family members.

18. Members' Liability

The company is limited by guarantee and has no share capital. The liability of the members is restricted to £1 each. The members are: Sunny Varkey and Dino Varkey.

19. Post balance sheet events

20. Discontinued operations

There were no discountinued operations in 2024 (2023: Nil).