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2025-12-31-accounts

Annual report and accounts ~~2025~~

Variety, The Children’s Charity Annual Report and Accounts 2025

1

Patron

His Majesty King Charles III

Directors and Trustees

The directors of the charitable company are its Trustees for the purpose of the charity law and throughout this report are collectively referred to as the Trustees.

Professor Jonathan Shalit OBE (resigned 31 December 2025)

Chief Executive

Laurence Guinness

Administrative information

Registered office

Variety House 93 Bayham Street London NW1 0AG

Charity number

209259 (England and Wales) SC038505 (Scotland)

Company number

Andrew Carnie (appointed 19 May 2025)

509811 (England and Wales)

Auditors

Tushar Prabhu (resigned 31 December 2025)

Tesula Mohindra

Dilly Kitchlew-Williamson (resigned 26 January 2026)

Guy Remond (resigned 19 May 2025)

Ben Whittle

Saffery LLP 71 Queen Victoria Street London EC4V 4BE

Bankers

NatWest PLC 2nd Floor Argyll House 246 Regent Street London W1B 3PB

Candice Sammeroff

Talya Shalson Tania Bryer OBE

Andrew Geddes Helen Davies KC

Stefanie Reid MBE (appointed 19 May 2025)

Rory Ferguson (appointed 20 April 2026)

Philip Yates (appointed 20 April 2026)

2 Variety, The Children’s Charity Annual Report and Accounts 2025

Trustees’ annual report for the year ended 31 December 2025

Contents

Contents
Chairman’s letter 4
Part 1: Trustees’ report 7
Part 2: Independent auditors’ report 43
Part 3: Financial statements 49
Consolidated statement of fnancial activities 50
Consolidated and charity balance sheets 51
Consolidated statement of cash fows 53
Notes to the fnancial statements 54

“This has been a year of real progress, transformation and continued growth. I am privileged to lead an organisation with such a vital mission and proud heritage.”

Chairman’s letter

Dear Friends and Supporters,

It is a great honour to write to you for the first time as Chair of Variety, the Children’s Charity and to present our Annual Report and Accounts for 2025.

Before reflecting on the year’s achievements, I want to begin by paying tribute to those who have given so much to Variety. Professor Jonathan Shalit OBE was a trustee for many years and served as Chair from 2023 to 2025 with extraordinary dedication, energy and vision, guiding Variety through a period of significant change and leaving the charity in excellent health. Under his stewardship, Variety received the Patronage of His Majesty King Charles III, celebrated our 75th anniversary in Great Britain and laid the foundations for the ambitious growth plans we are now pursuing. On behalf of the entire Variety family, I extend our deepest thanks and gratitude to Jonathan for his outstanding service.

I also wish to express our heartfelt appreciation to Tushar Prabhu who served with distinction as Chair and Chief Barker in 2022 and Co-Chair 2023-2025. Tushar’s wise counsel, steady hand and deep commitment to Variety’s mission have been invaluable. His contribution to the governance and strategic direction of the charity has been immense and we are truly grateful for the many years he devoted to improving the lives of disabled and disadvantaged children across the UK.

We also bid a fond farewell to Dilly KitchlewWilliamson, whose combined terms as Trustee concluded in early 2026. Dilly’s passion for Variety’s work, her thoughtful insights and her unwavering commitment to the children we support have immensely enriched the charity throughout her tenure. She has been a wonderful Chair, Chief Barker and Trustee for Variety and we thank her warmly for all that she has done.

Jonathan, Tushar and Dilly each leave with the honorary title of Chair Emeritus, a fitting recognition of their outstanding contributions to the children and young people served by Variety.

Turning to 2025, I am delighted to report that Variety continued to deliver transformative support to disabled and disadvantaged children across the UK.

Total income for the year grew to approximately £7.19 million, with charitable expenditure of £5.29 million representing 79.4% of total spend.

Behind the scenes, 2025 was a year of significant organisational transformation. Under the leadership of our Chief Executive, Laurence Guinness, we completed the formation of a new Senior Leadership Team, welcoming Lindsey Cape as Director of Fundraising and Communications in May. To create the foundations for sustainable growth, the team has driven a comprehensive change programme, including the digital transformation of all our grant programmes, the development of a new Impact Monitoring and Evaluation framework, and a complete restructure of our grant management and assessment processes.

We were also proud to welcome three new Trustees to the Board of Trustees. Firstly, Stefanie Reid MBE, a British Paralympic champion and world record holder. Stef’s extraordinary achievements and passionate advocacy for disability inclusion bring invaluable perspective, representation and energy to the Board.

Variety, The Children’s Charity Annual Report and Accounts 2025 5

We are also delighted to welcome Rory Ferguson and Philip Yates, who bring a wealth of strategic leadership and distinguished track records from the global financial sector. Rory and Philip's experience will be vital assets in helping to drive our mission forward.

None of this vital work would be possible without the extraordinary generosity of our supporters. I extend particular thanks to Variety Golf, whose exceptional efforts of raising £1.6m led to the delivery of 43 coaches, to Dr Michael Josephson MBE, our Honorary Chief Barker, whose remarkable fundraising and philanthropy has contributed over £500,000 in 2025, to the St James’s Place Charitable Foundation, the Inflexion Foundation, the Bingo Association, DPD, Bellway Homes and to all of our corporate partners, trusts, foundations and individual donors who make our work possible. Your generosity changes young lives.

I also wish to thank our dedicated Trustees for their invaluable commitment to our mission as well as our incredible staff team, who have embraced significant change with professionalism, resilience and dedication. The charity now employs 26 people and their commitment to Variety’s mission is the engine that drives everything we achieve for children. Similarly, our volunteers and committee members give their time selflessly and with tremendous passion. We are indebted to them all.

Looking ahead, I am excited about the future. We are developing an ambitious three-year growth strategy, “No Limits 2028,” which aims to double our charitable expenditure to approximately £10 million by 2028 and increase total income to £13 million.

We will invest in our fundraising capacity, deepen our partnerships, expand our regional presence and continue to innovate our programmes to reach the children and young people who need us most. Whilst we are ambitious, we are also conscious of the global geopolitical uncertainty and economic challenges so we will continue to monitor our plans and progress to ensure the best outcomes for the charity and its beneficiaries.

The challenges facing disabled and disadvantaged children across the UK remain acute. With 4.3 million children living in poverty and 600,000 children who are both disabled and living in poverty, the need for Variety’s practical, life-changing support is greater than ever.

I am confident that with the strength of our team, the generosity of our supporters, and the Patronage of His Majesty King Charles III, Variety will continue to thrive in the years ahead. Together, we can ensure that disabled and disadvantaged children throughout the UK have the opportunity and support to reach their full potential.

Thank you for being part of Variety’s story. I look forward to working alongside you all.

With warm regards,

Andrew Carnie Chairman Variety, the Children’s Charity

6 Variety, The Children’s Charity Annual Report and Accounts 2025

Part 1

Trustees’ report

Variety, The Children’s Charity Annual Report and Accounts 2025 7

In 2025…

We formed a new Senior Leadership team We launched an Impact Monitoring and Evaluation framework We grew to 26 people Our income grew by 8.3% We spent £5.29m on charitable activities

8 Variety, The Children’s Charity Annual Report and Accounts 2025

How we raised and spent our funds in 2025

----- Start of picture text -----
Income
£7.19m
----- End of picture text -----

----- Start of picture text -----
Expenditure
£6.66m
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[Donations (£5.36m)]

[Turnover of trading subsidiary (£1.45m)]

[Legacies and bequests (£224k)]

[Donated goods and services (£133k)]

[Investments (£25k)]

Charitable activities and raising funds

[Raising funds (£1.37m) ]

of which £693k are the costs of holding fundraising events via trading subsidiary Variety Events Ltd.

Variety, The Children’s Charity Annual Report and Accounts 2025 9

Variety’s mission

Variety provides practical, life-changing support to disabled and disadvantaged children and young people across the UK.

There are currently 4.3 million children living in poverty in the UK, with 600,000 children both disabled and living in poverty. Variety’s programmes make an immediate and lasting difference by directly improving wellbeing and quality of life.

Through improving physical and mental health, increasing independence and mobility, and opening up new opportunities and experiences, Variety’s work supports children to reach their full potential.

In 2025, Variety undertook a comprehensive digital transformation of all its grant programmes, developed a new Theory of Change and associated Impact Monitoring and Evaluation framework, and completed a full restructure of its grant management and assessment processes. These improvements have strengthened Variety’s ability to provide support more effectively and to accurately measure the impact we make.

10 Variety, The Children’s Charity Annual Report and Accounts 2025

Variety supports children and young people through four key programmes:

Wheelchair and equipment grants

We directly provide manual, sports and powered wheelchairs to help children become more independent. We also deliver a wide range of life-changing specialist equipment including educational and adaptive play equipment, hoists, walkers, beds, furniture and specialist car seats.

Sunshine Coaches

We provide fully accessible, adapted minibuses for SEND schools and non-profit organisations. Our iconic Sunshine Coaches are valuable community assets, opening up a world of opportunities and enabling tens of thousands of children to access lifechanging experiences every day.

Great Days Out

We provide unforgettable, exciting, educational and fun experiences for disadvantaged children and their families.

Access Interns

Our supported work experience programme partners with companies big and small to empower young people with disabilities. The programme builds new skills, boosts confidence and kickstarts careers.

A year of transformation

In the context of an increasing need for Variety’s support and hence the urgent requirement to scale our work, 2025 was a landmark year of reform for Variety’s programmes. Building on our new Theory of Change and Impact Ecosystem developed in 2024, the charity undertook the most comprehensive modernisation of its grant processes in over five decades.

Wheelchairs, Specialist Equipment, Sunshine Coaches and Access Interns were migrated to a new digital application platform using Salesforce, with redesigned assessment processes, a new Assessor Network model replacing traditional grant committees, and simplified eligibility criteria based on UK poverty and costof-living indicators.

Variety, The Children’s Charity Annual Report and Accounts 2025 11

Variety’s impact in 2025

----- Start of picture text -----
20,350+
disabled and
855 £4.1m+
disadvantaged children,
and young people grants awarded total grant value
directly supported
excluding Variety Great Days Out
incl. Family Fund Partnership
12 Variety, The Children’s Charity Annual Report and Accounts 2025
----- End of picture text -----**

Our impact summary

Reflecting Variety’s commitment to creating lasting change in the lives of disabled and disadvantaged children, we launched a new Impact Monitoring and Evaluation framework in 2025. To implement this we created the new post of Monitoring and Evaluation Officer.

A representative sample of 64 children and young people across all core programmes were interviewed to measure the impact of Variety support against six outcome indicators aligned to Variety’s Theory of Change.

The six outcome indicators

Health and wellbeing Social connections

Independence Confidence Life skills Educational outcomes

The Sunshine Coach programme also measures Employability.

Children and young people were asked to rate the extent of impact on a five-point scale from ‘1: no extent’ to ‘5: a very great extent’.

Average rating of the extent of the impact across all Variety’s programmes on a five-point scale (1 to 5)

Where applicable, based on 64 beneficiaries

----- Start of picture text -----
1 2 3 4 5
No Small Moderate Great Very great
extent extent extent extent extent
Health and wellbeing
Social connections
Independence
Confidence
Life skills
Educational outcomes
----- End of picture text -----

Variety, The Children’s Charity Annual Report and Accounts 2025 13

Sunshine Coaches

Variety’s Sunshine Coaches are specially adapted, accessible minibuses for SEND schools and non-profit organisations working with disabled and disadvantaged children.

They ensure children can explore places they would otherwise never visit, experience different learning environments and gain life skills — all while supporting physical, social and language development.

A significant milestone was the delivery of two further electric Sunshine Coaches, bringing the total to three since the programme’s first all-electric coach delivered in December 2024. A landmark event at Ford’s Dunton Innovation and Technology Centre showcased the new electric coaches, with two further electric coaches entering the pipeline as a result.

The outstanding efforts of the Variety Golf Society are the backbone of Variety’s Sunshine Coach Programme, and in 2025 Variety Golf continued to make an exceptional contribution, leading to the delivery of 43 coaches.

Other vital partners include The St. James’s Place Charitable Foundation that reached its 55th Sunshine Coach, while DPD continued its commitment towards 100 coaches, with 84 delivered over a partnership spanning more than 30 years. PHVC, a new supplier and corporate donor, presented its first electric coach to Beaucroft School in Dorset. Variety anticipates reaching the milestone of its 6,000th Sunshine Coach between May and July 2026.

62 coaches delivered (target: 60)

13,144 children supported with Sunshine coaches

123

£3.41m+ total grant value

applications in the pipeline (at 31 Dec 2025) valued at £7.2m

14 Variety, The Children’s Charity Annual Report and Accounts 2025

Average scores of the impact of Sunshine Coaches on a five-point scale (1 to 5) Based on responses from 27 beneficiaries

----- Start of picture text -----
1 2 3 4 5
No Small Moderate Great Very great
extent extent extent extent extent
Health and wellbeing
Social connections
Independence
Confidence
Life skills
Educational outcomes
Employability
----- End of picture text -----

• Exceptionally strong results, with an overall mean score of 4.4/5

• Every respondent (100%) reported improved connections to a great or very great extent

• Coaches were used an average of 4.2 days per week

Variety, The Children’s Charity Annual Report and Accounts 2025 15

Shaftesbury High School’s story

“It’s not just the giving of a bus, a bit of machinery with four wheels. It’s what it does. It’s life-changing for young people with SEND.”

Deborah Stone, Community Engagement Manager, Shaftesbury High School

Shaftesbury High School in November 2025, Variety was delighted to provide Shaftesbury High School with a Sunshine Coach.

A specialist school in Harrow, North London, it serves over 185 children aged 11 to 19 with a range of learning difficulties. Almost half receive pupil premium and free school meals.

The Sunshine Coach is now enabling the school to accommodate its increasing intake of pupils with complex needs, as well as pupils who require the use of a wheelchair.

Shaftesbury’s Community Engagement Manager, Deborah Stone explains, “Many of our students are from vulnerable families, who may have socio-economic challenges, and when it comes to weekends and vacations, some of our students spend time stuck at home.

“When you get a Sunshine Coach, it means that we can add to our enrichment, we can give everybody equal access, equal opportunities. In the past we struggled because we have students with wheelchairs and we couldn’t get them on the buses that didn’t have a tailgate. Now we have the Variety Sunshine Coach with the tailgate, it means that we can take everybody out on any trip at any time.

“It’s very, very important for those with SEND to feel that they’re equal with their peers, that they’re not discriminated against. We’ve had students in the past here with wheelchairs who’ve said, ‘It’s not fair, I can’t go.’ There’s no such thing as can’t in Shaftesbury. You can, because we’ve got the Sunshine Coach to do it.”

16 Variety, The Children’s Charity Annual Report and Accounts 2025

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Variety, The Children’s Charity Annual Report and Accounts 2025 17
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Wheelchairs

The right wheelchair offers a child or young person independence, freedom to explore their environment, keep up with friends and take part in social activities and sport. Variety funds manual, powered, sports and all-terrain wheelchairs according to each child’s needs.

Sports wheelchairs accounted for nearly a third of all grants, demonstrating significant demand for equipment enabling participation in sport. The majority of grants went to young people aged 11–19, reflecting the particular importance of mobility during adolescence.

44

children supported with wheelchair grants

30%

of grants awarded were for sports wheelchairs

70%

of grants went to young people aged 11–19

£234,079 Total grant value

The Family Fund’s promotion of our programme through its network of over 40,000 low-income families, helped raise awareness and generate referrals.

18 Variety, The Children’s Charity Annual Report and Accounts 2025

Average scores of the impact of Variety-funded wheelchairs on a five-point scale (1 to 5)

----- Start of picture text -----
1 2 3 4 5
No Small Moderate Great Very great
extent extent extent extent extent
Health and wellbeing
Social connections
Independence
Confidence
Life skills
Educational outcomes
----- End of picture text -----

• Data from 10 beneficiaries shows consistently strong impact (mean score 4.18/5 )

• 90% reported improvements in health and wellbeing

• Recipients used their wheelchairs an average of 4.7 days per week, with 60% reporting daily or near-daily use

Variety, The Children’s Charity Annual Report and Accounts 2025 19

Izzie’s story

“How would it feel to wear really uncomfortable shoes all day? Many children have wheelchairs that don’t fit them properly, not getting any relief until bedtime when they can finally get out of them.”

Izzie, Young Ambassador

Izzie is a Young Ambassador for Variety and living proof that with the right support, determination, and adapted equipment, anything is possible.

Born with bilateral cerebral palsy, Izzie’s parents were told when she was just 22 months old that she might never walk, talk, or do anything independently. Today, she is an active sportswoman, a judo champion and a passionate advocate for disability inclusion. Izzie has made history by winning gold medal for Great Britain at the European adaptive kata championships.

“Before I received my wheelchair from Variety, I wasn’t very independent.” explains Izzie. “I spent a lot of my life doing what other people wanted to do. I wasn’t able to catch up with my friends, and I was very isolated because I wasn’t able to do what other people my age were doing.

“The wheelchair has allowed me to keep up with my friends and do what other teenagers do. I get less tired. I’m not damaging my shoulders because with previous wheelchairs, I’ve not been able to self-propel, or they’ve not been electric. I’ve had to put a lot of strain on my shoulders, which can be very difficult for someone in a wheelchair anyway, so it’s massively transformed my life.”

Variety first came into Izzie’s life when she was four, and since then, Variety has supported her with a manual wheelchair and recently a Tri-Ride electrical attachment. This transforms her chair into an electric one, allowing her to travel longer distances without fatigue.

20 Variety, The Children’s Charity Annual Report and Accounts 2025

Variety, The Children’s Charity Annual Report and Accounts 2025 21

Specialist equipment

In 2025, Variety’s specialist equipment grants were delivered through two complementary channels: the Individual Grants Programme and the Variety and Family Fund “Together Fund”, a landmark new partnership launched during the year.

Individual Grants programme

A total of 82 individual grants, averaging £1,744, provided specialist equipment tailored to each child’s needs, including sensory equipment (22%), beds and cots (13%), and hoists and harnesses (12%). Eight grants of £12k were paid to hospitals and schools for sensory equipment, rooms and toys.

732

£515,830 grants awarded Total grant value and children from both channels supported across the UK

Specialist cycles (2%) Together Fund grants Enhanced awarded sensory support (10%) Technology (28%) Sensory toys and equipment (60%)

The Together Fund

The Variety and Family Fund partnership delivered 650 grants averaging £574 and totalling £372,827, exceeding its initial target. The Fund achieved UK-wide reach: England (73%), Wales (10%), Scotland (10%) and Northern Ireland (7%), representing a meaningful expansion of Variety’s geographic footprint.

52% reported daily use of special equipment

5.5 days a week average usage: highest of all programmes

22 Variety, The Children’s Charity Annual Report and Accounts 2025

Average scores of the impact of Variety’s specialist equipment grants on a five-point scale (1 to 5)

Based on responses from 27 beneficiaries*

----- Start of picture text -----
1 2 3 4 5
No Small Moderate Great Very great
extent extent extent extent extent
Health and wellbeing
Social connections
Independence
Confidence
Life skills
Educational outcomes
----- End of picture text -----

*The Together Fund evaluation, due September 2026, will provide additional impact data

Variety, The Children’s Charity Annual Report and Accounts 2025 23

Alexander’s story

“Applying to Variety felt like a hopeful step, and we’re so grateful for the help we received – it meant Alexander could access equipment that makes a real difference in his everyday life.”

Zee, Alexander’s mother

In 2025, Variety supported Alexander, a determined, happy and sociable six-year-old boy with global developmental delay.

Alexander’s condition affects his motor skills, language and social interaction, which can make daily life frustrating, while at school he requires one-to-one support.

Alexander’s mother, Zee, explains, “Being non-mobile adds another layer of complexity, but it doesn’t define him or his potential. With the right equipment and support, Alexander can continue to make progress in developing his skills, reaching milestones in his own time.”

Alexander received a standing frame from the NHS, which he practised with daily, determined to stand and walk. His strength improved and he began initiating steps, though balance remained a challenge.

Knowing he benefited from repetition, his parents searched for specialist walking equipment and found the Upsee.

When the cost proved too high, they applied to Variety, which funded the equipment.

Since receiving this support from Variety, Alexander’s world has grown and so has his family’s. The Upsee allows him to practise walking safely, helping him build balance and experience movement. He can now stand, walk around school and play football.

“Having the Upsee has made a big difference to our family.” says Zee. “It’s opened more opportunities for fun and meaningful activities that we can now enjoy together with Alexander. “We’re especially excited to try new things – like going for a beach walk on our next holiday, which wouldn’t have been possible before.

“Being awarded this piece of equipment has also eased the financial pressure on us. Knowing it was fully funded has lifted a huge weight, allowing us to focus more on making memories with Alexander rather than worrying about the costs. We’re incredibly thankful for the support – it’s given our family more freedom and more joy.”

24 Variety, The Children’s Charity Annual Report and Accounts 2025

Variety, The Children’s Charity Annual Report and Accounts 2025 25

Great Days Out

Variety’s Great Days Out programme provides memorable childhood experiences that reduce social isolation and increase participation in previously inaccessible activities.

We held 14 events in 2025. Parents and carers consistently report the positive impact these experiences have, allowing families to enjoy quality time together away from the stresses of daily life.

4,544 young people and their families participated

26 Variety, The Children’s Charity Annual Report and Accounts 2025

The Timms Family’s story

“A massive thanks for the tickets. We had a fabulous time and made some gorgeous memories.”

In 2025, the West Midlands Safari Park marked 25 years of support for Variety through our Great Days Out Programme.

Over the years, they have helped to create many special memories for thousands of disabled and disadvantaged children, including the Timms family.

Parents Solange and Dan, and sons Jem and Seb, who are both nonverbal, were treated to a day of respite and fun at the safari park in summer 2025.

Solange Timms

----- Start of picture text -----
Variety, The Children’s Charity Annual Report and Accounts 2025 27
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Steven’s story

“Seeing my own progress and growing confidence week by week was the best part of this internship.”

Steven

Meet Steven, he’s 19 and lives with Becker Muscular Dystrophy, Autism Spectrum Disorder and learning difficulties.

These conditions can make navigating professional environments more complex, impacting physical stamina, information processing and social communication – factors that can pose a significant challenge in the workplace without the right structures in place.

Steven took part in the Access Interns programme in 2025 through an internship at IT company, Mastek. Steven gained valuable experience in a supportive environment that recognised his strengths and needs. He particularly enjoyed writing test cases and seeing them applied in real scenarios, using Jira to track bugs, and independently exploring web apps through hands-on testing.

“It has been a pleasure hosting Steven during his internship” said a Mastek HR Business Partner. “Over the past few weeks, he has demonstrated a strong work ethic, eagerness to learn and a positive attitude, which made his placement both productive and enjoyable. We truly value the opportunity to contribute to the development of emerging talent and look forward to supporting Access Interns in the future”.

28 Variety, The Children’s Charity Annual Report and Accounts 2025

Other programmes

Access Interns

Launched in October 2022 in partnership with The Kartik Foundation, the Access Interns programme provides supported work experience placements for disabled and disadvantaged young people.

In 2025, the programme placed 14 interns – significant growth from the pilot year’s intake of three. The programme is expected to expand in 2026, with new educational institution partnerships in development.

14 interns placed in 2025

Voices for Change

Variety awarded four organisational grants through the Voices for Change campaign, totalling £15,068 to widen participation in sports for children with disabilities.

----- Start of picture text -----
1,879
children and
young people
supported
----- End of picture text -----

Variety, The Children’s Charity Annual Report and Accounts 2025 29

Fundraising

Thanks to the commitment and generosity of our incredible supporters, partners and volunteers, we were able to raise £7.2m in 2025.

This is a life-changing amount for disabled and disadvantaged children and young people across the UK. Thank you to every organisation, trust, foundation and individual who donated or raised money for us this year.

Variety is committed to fundraising in a way that is legal, honest, and open, in line with the Fundraising Regulator and the Code of Fundraising Practice. We do not receive government or statutory funding and rely on the generosity of our supporters. Variety has an experienced fundraising team who offers guidance, advice and account management to partners and fundraisers. We do not use any third-party agencies and received no complaints in 2025 about our fundraising practices.

Variety Golf

Variety Golf raised £1.6m through a calendar of golf days held throughout 2025 in support of the Sunshine Coach programme. The Trustees and staff at Variety would like to express their sincere admiration and appreciation to Variety Golf for their tireless efforts in raising these vital funds.

Thank you to everyone who attended a Variety Golf event in 2025 – your support makes an important contribution to the work of Variety.

Events

The Variety Club Showbusiness Awards is among the UK’s most prestigious celebrations of the entertainment industry, with a proud heritage dating back to the 1950s.

The 2025 awards, held at The Londoner Hotel, brought together a star-studded audience for a special evening that also celebrated the 70th anniversary of ITV.

Hosted by Katie Piper and Mark Wright, the event featured outstanding performances from Sydnie Christmas, Emmanuel Kelly, Alexandra Burke, Amy Di Bartolomeo and Fayth Ifil, accompanied by the Leo Green Orchestra.

Honourees on the night included Leah Williamson OBE, Sir Stephen Fry, Jamie Wilson, Petula Clark CBE, Vernon Kay, Sir Lloyd Dorfman CVO CBE, Olly Murs, Adam Hills MBE, Vanessa Williams, Zoe Aldcroft and the Red Roses Rugby team, Julia Morley CBE, Lesley Joseph, Anthony McPartlin OBE, Declan Donnelly OBE, Pip Burley, William Roache MBE and Barbara Knox MBE.

The 2025 Showbusiness Awards once again honoured outstanding achievements in show business while raising an incredible £441,800 for Variety, the Children’s Charity.

The PROPS Awards, now in its 34th year in London, is the property industry’s premier celebration of excellence, bringing together almost 1,000 of the sector’s leading figures for an afternoon of recognition, generosity and collective purpose. In 2025, the event raised an outstanding £569k, maintaining its position as the UK’s longest-running property awards lunch.

Thanks to the extraordinary generosity of sponsors, guests and supporters, The PROPS continues to be one of Variety’s most impactful annual fundraising events, empowering Variety to transform even more young lives. The North West PROPS Awards is no less impactful, raising an incredible £526k in 2025 which included funding for six Sunshine Coaches.

The Midlands PROPS awards raised £93k and the 2025 Legends of Industry Awards raised £264k while recognising exceptional achievements across business and industry.

30 Variety, The Children’s Charity Annual Report and Accounts 2025

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Patrons and supporters

A special thanks to all of Variety’s Patrons, supporters and regular donors without whom so many disadvantaged children across the UK would not receive the help and support they need.

Very special thanks to Robert Willis and the family of Cilla Black for generously donating more than 500 fashion items to Variety. These iconic outfits were offered in a unique, once-ina-lifetime auction that raised over £25,000 to support disabled and disadvantaged children.

Variety fundraising events are carried out through the charity’s wholly owned subsidiary company, Variety Events Limited. The profits are gifted to Variety, the Children’s Charity.

Variety’s Chief Barker

Corporate Partnerships

Thank you to our many corporate partners, including Bellway Homes, The Bingo Association, Cineworld, Accessible Retail, Dreams, DPD, James Hallam, the Builders Merchant Federation and the Pavestone Rally, for their valued support throughout the year.

Trusts and Foundations

We are also grateful to the many Trusts and Foundations that supported our work. The Inflexion Foundation launched a three-year partnership. Further support came from Kentown Wizard Foundation, The Tompkins Foundation, Medlock Charitable Trust and Bluston Settlement.

Dr Michael Josephson MBE served as Variety’s Honorary Chief Barker for 2025. A highly respected entrepreneur and philanthropist, he is dedicated to supporting the most vulnerable children in our society and also holds the role of Chair of Variety’s Patrons.

The Dr Michael Josephson MBE Charity Ball, is an annual fundraising gala held in the North West to raise money for children’s charities. The 2024 ball held in November raised a record-breaking amount of over £1.2 million across several charities, with Variety allocated the largest percentage.

The Trustees express their heartfelt gratitude for Dr Michael Josephson’s extraordinary efforts and unwavering support for Variety’s mission.

32 Variety, The Children’s Charity Annual Report and Accounts 2025

Employees and volunteers

At the end of December 2025, Variety employed 26 people (both full-time and part-time) in its offices across England and Scotland, an increase from 19 staff at the end of the previous year.

This growth is driven by the high levels of need experienced by children and young people and reflects the charity’s investment in its capacity to deliver its programmes and pursue its ambitious growth strategy.

The charity depends on the commitment and hard work of these staff, who are highly valued. During 2025, the team embraced a comprehensive programme of organisational transformation with professionalism, resilience and dedication.

Variety also relies heavily on volunteer involvement. Volunteers assist Variety in a diverse range of roles and activities, at many levels, and throughout the UK.

Volunteers serve on committees across England and Scotland to assist in the following activities: assessing individual grant applications, assessing Sunshine Coach applications, co-ordinating Great Days Out and in organising and fundraising for Variety’s events such as the London, Manchester and Birmingham Props Awards, Variety Disability Sports Awards and Showbusiness Awards.

In addition, dedicated research volunteers from the London School of Economics have supported Variety’s research projects, increasing the organisations breadth and depth of knowledge to better understand the needs and challenges facing children and young people.

The Trustees are enormously indebted to all of these volunteers and committee members for their continued and selfless support.

Management remuneration policy

The Chief Executive is appointed by the Trustees. All other key management personnel are appointed by the Chief Executive. Appointments and ongoing remunerations at this level take into account the following factors:

Equal opportunities

Variety is committed to the principle and practice of equal opportunities and is an equal opportunities employer.

Variety’s employment policy ensures that no job applicant or employee receives less favourable treatment on the grounds of age, disability, national origin, race, religion and sex or any other grounds which are unjustifiable in terms of equality of opportunity for all.

Variety, The Children’s Charity Annual Report and Accounts 2025 33

Looking forward: plans for 2026 and beyond

With a reinvigorated and strengthened Board, a complete Directorship team, and a solid financial and operational foundation now in place, Variety is ready to embark on its most ambitious chapter.

In 2026, we will begin the execution of “No Limits 2028”, our three-year growth strategy with the central goal of doubling charitable expenditure to approximately £10 million by 2028, funded by growing total income to £13 million.

This is a direct and necessary response to the deepening crisis facing disabled and disadvantaged children across the UK, where rising poverty, escalating needs, and the retreat of statutory services have created an urgent and widening gap that Variety is uniquely positioned to fill.

The strategy is built upon four interconnected pillars, see right.

The financial plan underpinning “No Limits 2028” incorporates a strategic investment in the capacity necessary for sustained growth.

This “invest to grow” approach is made possible by the financial stability achieved over the past two years and is designed to create a permanent step-change in Variety’s ability to deliver its mission for the children who depend on us.

Whilst we have an ambitious new strategy, we are also conscious of the current global geopolitical and economic instability, so we will continue to monitor our plans and progress to ensure the best outcomes for the charity and its beneficiaries.

1

Programme expansion

We will strategically scale all four core programmes. The Sunshine Coach Programme will aim to grow from 87 coaches delivered in 2024 towards a target of 105 annually by 2028, including the continued development of our electric coach offering.

Our individual grants and wheelchair programmes will see the most significant proportional growth, with combined expenditure targeted to rise from £908,000 in 2025 to £2.1 million by 2028, reflecting the acute shortfall in NHS and local authority provision.

The success of our matchfunding partnership with the Family Fund through the “Together Fund” will be built upon further.

The Great Days Out and Access Interns programmes will be expanded and embedded as core elements of our corporate partnership offering.

34 Variety, The Children’s Charity Annual Report and Accounts 2025

2

Fundraising transformation

We will grow and enhance our fundraising model to be a broader, more proactive relationship based engine for growth.

This requires significant, phased investment in a high-performing fundraising team across London and the regions, the launch of a formal major donor programme, the development of strategic multi-year corporate partnerships, and strengthened trust and foundation engagement.

Our Salesforce CRM system will be further developed to provide the data-driven infrastructure underpinning this transformation. Our flagship events, including the PROPS Awards, Legends of Industry Awards, and the Variety Club Showbusiness Awards, will continue to grow as key cultivation and stewardship platforms.

3

Governance and Board development

To support our growth ambitions at the highest level, in 2026 we are recruiting two additional Trustees with deep connections in the finance sector, who will drive fundraising growth through new corporate partnerships and corporate foundations.

A new Trustee-led Fundraising Committee will be established, leveraging the extensive networks of our strengthened Board to open doors to highvalue supporters.

4

Organisational capacity

We will invest in the people, systems, and processes required to deliver our mission at double the scale.

This includes a

phased expansion of our programme and fundraising teams, a digital transformation centred on Salesforce, continued investment in HR and staff development, and the full embedding of our Theory of Change and impact monitoring framework across all programmes.

35

Objectives and activities

The legal objects of the charity, as set out in the Memorandum and Articles of Association, the governing document of Variety, are as follows:

In setting our objectives and planning our activities, the Trustees have given due regard to the Charity Commission’s guidance on public benefit.

The History of Variety

The history of Variety began with a single act of compassion on Christmas Eve 1928, when a baby girl was found abandoned at the Sheridan Square Theatre in Pittsburgh. Named Catherine Variety Sheridan by the eleven theatre owners who found her and provided for her upbringing, the infant became the inspiration for a global philanthropic movement that has raised more than $1.5b for vulnerable children and young people across the world.

This mission reached the United Kingdom in 1949 with the establishment of the Variety Club of Great Britain, inaugurated at a prestigious gala at London’s Savoy Hotel by HRH Prince Philip and Frank Sinatra. Since that star-studded debut, Variety has become an intrinsic part of British life, most notably through its iconic Sunshine Coaches which provide essential mobility to disabled and disadvantaged children across the UK. For over seven decades, Variety, the Children’s Charity has brought people together from all walks of life to help meet the urgent needs of the UK’s most vulnerable children.

In May 2024, as Variety celebrated its 75th anniversary in the UK, the charity reached a historic milestone when His Majesty King Charles III graciously offered patronage. This Royal recognition solidifies Variety’s enduring legacy as a vital national institution. Today, Variety remains dedicated to ensuring that the kindness shown to a child in a theatre nearly a century ago continues to transform the lives and opportunities of disabled and disadvantaged children across the country.

36 Variety, The Children’s Charity Annual Report and Accounts 2025

About this report

The Trustees submit their Annual Report and Financial Statements of Variety, the Children’s Charity, a company limited by guarantee, for the year ended 31 December 2025.

The Trustees’ Annual Report includes the Directors’ Report for the purposes of the Companies Act 2006 and the financial statements are prepared in compliance with the Companies Act 2006, the Charities Act 2011, the Charities Statement of Recommended Practice (FRS 102), the Charities Accounts (Scotland) Regulations 2006 and Charities and Trustee Investment (Scotland) Act 2005, FRS 102 The Financial Reporting Standard applicable in the UK and Republic Ireland and requirements of the Articles of Association which is the governing document.

Structure, governance and management

As of 31 December 2025, the charity had 12 Trustees. The Trustees, who are re-elected every three years, convene at least four times each year. There is a supporting committee covering Audit, Finance and Risk which also convenes at least four times each year.

All Trustees give their time voluntarily and receive no benefit from the charity.

New Trustee appointments are made by the existing Board of Trustees. They are selected on the basis of the skills, experience and overall contribution they are able to bring to the charity.

To ensure diversity and representation, candidates are sourced through a wide range of channels, including direct approach, referrals and advertising. Once recruited, new Trustees have an induction and are provided with ongoing support and training to meet their responsibilities.

Variety, The Children’s Charity Annual Report and Accounts 2025 37

All new Trustees are given guidance published by the Charity Commission on the responsibilities of being a Trustee and a copy of the latest edition of the Charity Governance Code, supported and endorsed by the Commission.

Trustees’ induction and ongoing involvement includes, inter alia, participation in the Charity’s events and activities, meetings with staff, volunteers, donors, beneficiaries and other stakeholders.

On appointment, Trustees sign a register of interests, which is renewed annually.

The Trustees are responsible for governance, strategy, risk management, setting headline objectives and monitoring performance against these objectives. To this end, Trustees receive quarterly updates, including full reports on activities, targets, impact and financial information, including management accounts.

Strategic plans and objectives are discussed, agreed, amended and revised by the Trustees at Board meetings.

To facilitate effective operations, the Chief Executive has delegated authority, within the terms of delegation approved by the Trustees, for the operational responsibility of the charity.

Variety’s Chief Executive Officer, Laurence Guinness, was appointed in April 2024 and started in August 2024. The key management personnel of Variety comprise, the Chief Executive Officer and Directorate. In 2025, the Directorate was completed with the appointment of Lindsey Cape as Director of Fundraising and Communications in May 2025. Lindsey’s appointment has strengthened Variety’s capacity to achieve its growth ambitions. Lyn Staunton is the Director of Development and joined the charity in 2011. Pooja Aggarwal serves as Director of Finance and Operations, having joined the charity in December 2024.

The Chief Executive reports on performance against the strategic and operational plans approved by the Board and meets with the Chair on a regular basis. The Chief Executive has responsibility for recruitment and management of the Senior Management Team to ensure that programmes and values are delivered and upheld against plans and priorities agreed by the Board.

The Senior Management Team has experience in charity communications and marketing, charity programmes, fundraising, finance, HR and operations and meets on a regular basis with the Chief Executive to discuss operations and strategy.

Following a widescale search and selection process, Andrew Carnie was appointed as Chair-Elect in May 2025 and succeeded Professor Jonathan Shalit OBE as Chair of Trustees in January 2026. Andrew is the CEO of Soho House and Co and an experienced charity Trustee with over 20 years’ commercial experience.

Professor Jonathan Shalit OBE and Tushar Prabhu stepped down as Chair and Co-Chair respectively at the end of December 2025. Dilly Kitchlew-Williamson’s term as Trustee concluded in early 2026. Jonathan, Tushar and Dilly each received the honorary title of Chair Emeritus in recognition of their outstanding contributions to Variety.

The Trustees during the year were:

Professor Jonathan Shalit OBE (resigned December 2025), Tushar Prabhu (resigned December 2025), Dilly Kitchlew-Williamson (resigned January 2026), Tesula Mohindra, Guy Remond (resigned May 2025), Ben Whittle, Candice Sammeroff, Tania Bryer OBE, Talya Shalson, Andrew Geddes, Helen Davies KC, Stefanie Reid MBE (joined May 2025), Andrew Carnie (joined May 2025).

38 Variety, The Children’s Charity Annual Report and Accounts 2025

Financial review

The financial statements reflect the activities of Variety, the Children’s Charity, and its trading subsidiary, Variety Events Limited, for the year ended 31 December 2025.

Total income for the year was £7,196,255 (2024: £6,642,590,) representing an 8.3% growth in income from 2024. Income includes £133,004 (2024: £76,883) in gifts in kind and overall growth in income was driven by several factors led by the new senior management team which included strategic recruitment in the fundraising team to enhance engagement with a range of donors resulting in significantly increased donations and implementing operational changes that increased efficiency across income streams.

The trading subsidiary performed particularly well, generating a profit of £566,252 (£455,433), a 25% uplift from 2024, all of which was donated to the Charity under Gift Aid.

Income raised at fundraising events was a total of £1.933m. Our regular events such as the London Props have continued to perform strongly raising income of £569k, our props events in the North West enjoyed increased success raising income of £526k, and the 2025 Showbiz awards event generated income of approximately £441k.

Total expenditure for the year amounted to £6,661,589 (2024: £6,466,211), with charitable activities accounting for £5,291,943 (2024: £4,819,892), or 79.4% (2024: 75%) of total spend.

When excluding the expenditure of fundraising events, total expenditure was £5.77m (2024: £5.63m), with charitable activities representing 91.5% (2024: 86%) of that amount.

Total costs increased by £195k from 2024 which is a 3% increase (2024:10%) and is mainly due to an increase in grant expenditure on wheelchairs and individual grants.

The Sunshine coach programme performed well with 62 coaches delivered in 2025 (2024:87 coaches which included a backlog from 2023) against a budgeted figure of 60. In 2025, support costs were £604k (2024: £875k), a reduction of 30% due to careful cost control and operational efficiencies.

The charity generated a net surplus of £534,666 (2024: £176,379) which was made up of a surplus on unrestricted funds of £96k, before investment property revaluation (2024: £496k) and a surplus of £437k (2024: deficit of £320k) on restricted funds. A designated fund of £100,000 held in the prior year was fully utilised during the year in support of the Charity’s activities. This forms part of the unrestricted spend on individual grants and wheelchairs.

The investment property which is the second floor at Bayham Street was revalued at year end by a third party valuer. There was a downward revaluation of £255k which has been reflected in the SOFA and offset against fixed assets.

Long term liabilities primarily relate to the mortgage secured on the Charity’s property.

This includes an AVIVA mortgage with £1.061 million outstanding at the end of 2025, with quarterly payments continuing until March 2028 and a CBILS loan with £25k outstanding, scheduled for full repayment by June 2026.

The charity remained in a strong financial position at year end, with cash at bank and in hand of £2.71m (2024: £1.79m). Net cash provided by operating activities was £1.07m, reflecting improved trading and working capital management.

Variety, The Children’s Charity Annual Report and Accounts 2025 39

Financial position and reserves policy

Variety’s charitable giving commitments are conditional upon the raising of specific funds.

The Trustees had set a target for unrestricted free reserves of between four and six months’ forecast operating and administration costs, which has been achieved.

As of December 31, 2025, the organisation maintained reserves as follows: — Restricted funds at year end were £1,280,141 (2024: £881,579) and unrestricted funds stood at £3,008,225 (2024: £3,127,122) including fixed assets net of the mortgage) Free unrestricted reserves (excluding fixed assets) are calculated at £1,161,312 (2024: £1,052,423). In the budget for 2026, we have forecasted the operating and administration costs (including staff costs) to be approximately £2.19m which would indicate a targeted free reserves level of between £730k and £1.096m. The level of free reserves at £1.16m therefore marginally exceeds the level required and provides assurance of more than 6 months which the Trustees consider appropriate in the current uncertain economic environment

The Trustees are satisfied that the Charity remains a going concern, with sufficient financial resources, healthy reserves, diversified income streams and effective cost control. The Charity enters 2026 in a stable position, enabling it to continue delivering its charitable objectives.

Investment policy

The charity’s primary investment objective is to maintain the value of its investments.

Since 1998 the charity has owned the freehold interest in a commercial office building from which its head office operates and of which 35.51 per cent is sublet. All income arising from it is unrestricted income. In addition, certain office car parking spaces that form part of the curtilage of the freehold office building are rented out on a short-term basis.

Although rental income from the property remains modest and the valuation decreased during the year, the building is primarily held to support the charity’s operational needs, with only part sublet. The Trustees therefore consider that financial return is a secondary objective. The reduction in value reflects wider market conditions in commercial property rather than specific issues with the asset.

The charity’s commercial activities are undertaken by its wholly owned subsidiary, Variety Events Limited with all profits of £566k, donated under Gift Aid to the charity.

Principal risks and uncertainties

There are a number of risks and uncertainties that can impact on the performance of the charity, some of which are beyond the control of Trustees. The Audit, Finance and Risk Committee meets regularly to assess and review the major risks to which Variety is exposed and maintains a comprehensive risk register covering people, finance, operations, fundraising, programmes, brand and reputation and volunteering.

Key risks identified were as follows:

40 Variety, The Children’s Charity Annual Report and Accounts 2025

Variety mitigates these risks in a number of ways:

Going concern

The Trustees have considered the level of funds held and the expected cashflows and income and expenditure for the foreseeable future, being a period of at least a year from the date the accounts are signed. The Trustees have a reasonable expectation that the charity will be able to continue in business and meet its liabilities as they fall due. The accounts have therefore been prepared on a going concern basis.

Variety, The Children’s Charity Annual Report and Accounts 2025 41

Statement of Trustees’ responsibilities

The Trustees (who are also directors of Variety, the Children’s Charity, for the purposes of company law) are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that 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, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended).

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

In so far as the Trustees are aware:

There is no relevant audit information of which the charitable company’s auditor is unaware; and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website.

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006, relating to small companies.

This report of the Trustees was approved by the Board of Trustees and signed as authorised on its behalf on 20 July 2026 by:

Tesula Mohindra Trustee

Date: 20 July 2026

42 Variety, The Children’s Charity Annual Report and Accounts 2025

Part 2

Independent auditor’s report

Variety, The Children’s Charity Annual Report and Accounts 2025 43

IbllA i¥i¥i. _

Independent auditor’s report to the Trustees and members

Opinion

We have audited the financial statements of Variety, the Children’s Charity (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 December 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Cash Flow Statement 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).

In our opinion the financial statements:

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 and parent charitable company 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.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information.

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.

Variety, The Children’s Charity Annual Report and Accounts 2025 45

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 course of 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.

Other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 42, the Trustees (who are also the directors of the parent 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 the 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 group and the parent 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 group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

46 Variety, The Children’s Charity Annual Report and Accounts 2025

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and under the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under those Acts.

Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole 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 reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the Trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements.

We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with Trustees and updating our understanding of the sector in which the group and parent charitable company operate.

Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and guidance issued by the Charity Commission for England and Wales and the Office of the Scottish Charity Regulator.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve noncompliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of noncompliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business.

Variety, The Children’s Charity Annual Report and Accounts 2025 47

We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

Our audit work has been undertaken so that we might state to the parent charitable company’s members and Trustees 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 parent charitable company, the parent charitable company’s members and Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Helen Wilkie

Senior Statutory Auditor

for and on behalf of Saffery LLP, Statutory Auditors 71 Queen Victoria Street London EC4V 4BE

Date: 24 July 2026

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Use of our report

This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the parent charitable company’s Trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006.

48 Variety, The Children’s Charity Annual Report and Accounts 2025

Part 3

Financial statements

Variety, The Children’s Charity Annual Report and Accounts 2025 49

Consolidated statement of financial activities

Consolidated Statement of Financial Activities

(incorporating an Income and Expenditure account) For the year ended 31 December 2025

Unrestricted Restricted Total Unrestricted Restricted Total
Notes funds funds 2025 funds funds 2024
£ £ £ £ £ £
Income and expenditure
Income from:
Donations and legacies
Donations, including tax credits 1,181,691 4,181,443 5,363,134 1,010,726 4,050,238 5,060,964
Legacies and bequests 223,835 - 223,835 202,185 508 202,693
3
Donated goods and services		 36,034 96,970 133,004 - 76,883 76,883
Other trading activities
2
Turnover of trading subsidiary		 1,337,863 109,000 1,446,863 1,289,355 - 1,289,355
Trading income 4,400 - 4,400 - - -
Investments
Rental income 14,055 - 14,055 9,433 - 9,433
Investment income and bank interest
9,828		 - 9,828 3,262 - 3,262
Other income 1,136 - 1,136 - - -
Total income 2,808,842 4,387,413 7,196,255 2,514,961 4,127,629 6,642,590
Expenditure on:
5
Raising funds		 1,368,863 784 1,369,647 1,644,681 1,638 1,646,319
1,368,863 784 1,369,647 1,644,681 1,638 1,646,319
5
Charitable activities
Sunshine Coaches 684,055 3,405,569 4,089,624 22,985 3,898,858 3,921,843
Wheelchairs 157,195 234,094 391,289 105,759 225,870 331,629
Equipment Grants 377,204 140,188 517,392 73,126 189,628 262,754
Variety Great Days Out 40,183 152,052 192,235 79,373 131,818 211,191
Access Interns 76,335 10,000 86,335 92,475 - 92,475
Voices for Change 8,068 7,000 15,068 - - -
1,343,040 3,948,903 5,291,943 373,718 4,446,174 4,819,892
Total expenditure 2,711,903 3,949,687 6,661,590 2,018,399 4,447,812 6,466,211
Net income/(expenditure) before gain/
(loss) on investments
96,939 437,726 534,665 496,562 (320,183) 176,379
9 Unrealised loss on revaluation
of investment property (255,000) - (255,000) - - -
Net income/ (expenditure) for the year (158,061) 437,726 279,665 496,562 (320,183) 176,379
14 Transfers between funds 39,164 (39,164) - - - -
Net movement in funds (118,897) 398,562 279,665 496,562 (320,183) 176,379
Reconciliation of funds
Total funds brought forward 3,127,122 881,579 4,008,701 2,630,560 1,201,762 3,832,322
14 Total funds carried forward 3,008,225 1,280,141 4,288,366 3,127,122 881,579 4,008,701

All amounts relate to continuing activities.

All recognised gains and losses are included in the consolidated statement of financial activities. The notes on pages 54 to 66 form part of these financial statements.

50 Variety, The Children’s Charity Annual Report and Accounts 2025

Consolidated balance sheet

At 31 December 2025
Company number: 509811
Notes 2025 2024
£ £
Fixed assets
8
Tangible assets		 1,558,473 1,588,346
9
Investments		 1,350,000 1,605,000
2,908,473 3,193,346
Current assets
10
Debtors		 418,770 745,464
Cash at bank and in hand 2,706,059 1,788,584
3,124,829 2,534,048
11 Creditors: amounts falling
due within oneyear (743,471) (632,033)
Net current assets 2,381,358 1,902,015
Total assets less current liabilities 5,289,831 5,095,361
12 Creditors: amounts falling
due after more than one year (1,001,465) (1,086,660)
Total net assets 4,288,366 4,008,701
The funds of the group:
13 Restricted funds 1,280,141 881,579
13 Unrestricted funds
14
General funds		 3,008,225 3,027,122
14
Designated funds		 - 100,000
Totalgroup funds 4,288,366 4,008,701

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The parent charity has taken advantage of the legal dispensation not to present its own income and expenditure account as permitted under Section 408(3) of the Companies Act 2006. The charity’s net income for the year was £279,665 (2024: net income of £176,379).

These financial statements were approved by the Board of Trustees and signed as authorised on its behalf on 20.07.2026 by:

Trustees
Andrew Carnie
Tesula Mohindra

The notes on pages 54 to 66 form part of these financial statements.

Variety, The Children’s Charity Annual Report and Accounts 2025 51

The charity balance sheet

At 31 December 2025
Notes 2025 2024
£ £
Fixed assets
8
Tangible assets		 1,558,473 1,588,346
9
Investments		 1,350,100 1,605,100
2,908,573 3,193,446
Current assets
10
Debtors		 1,001,196 1,129,748
Cash at bank and in hand 1,849,290 1,174,600
2,850,486 2,304,348
11 Creditors: amounts falling
due within oneyear (469,228) (402,433)
Net current assets 2,381,258 1,901,915
Total assets less current liabilities 5,289,831 5,095,361
12 Creditors: amounts falling due after
more than one year (1,001,465) (1,086,660)
Total net assets 4,288,366 4,008,701
The funds of the charity:
13 Restricted funds 1,280,141 881,579
13 Unrestricted funds
14
General funds		 3,008,225 3,027,122
14
Designated funds		 - 100,000
Total charity funds 4,288,366 4,008,701

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

These financial statements were approved by the Board of Trustees and signed as authorised on its behalf on 20.07.2026 by:

Trustees

Andrew Carnie Tesula Mohindra

The notes on pages 54 to 66 form part of these financial statements.

52 Variety, The Children’s Charity Annual Report and Accounts 2025

Consolidated statement of cash flows

For the year ended 31 December 2025
Notes 2025 2024
£ £
19 Net cash (used in)/ provided by operating activities 1,071,174 (674,328)
Cash fows from investing activities:
Dividends, interest and rent from investments 23,883 12,695
8
Purchase of tangible fxed assets		 (15,436) (3,853)
Net cashprovided by investing activities 8,447 8,842
Cash fow from fnancing activities:
Repayments of borrowing (106,989) (103,954)
Interestpaid (55,157) (62,249)
Net cash used in investing activities (162,146) (166,203)
Change in cash and cash equivalents in the year 917,475 (831,689)
Cash and cash equivalents at the beginning of the year 1,788,584 2,620,273
Cash and cash equivalents at the end of theyear 2,706,059 1,788,584
Analysis of changes in net debt
2025 At start of year Cash-fows Transfers At end of year
£ £ £ £
Cash 1,788,584 917,475 - 2,706,059
Loans falling due within one year (106,989) 106,989 (85,195) (85,195)
Loans falling due after more than one year (1,086,660) - 85,195 (1,001,465)
Total 594,935 1,024,464 - 1,619,399

The notes on pages 54 to 66 form part of these financial statements.

Variety, The Children’s Charity Annual Report and Accounts 2025 53

Notes to the financial statements

1 Accounting policies

Variety, the Children’s Charity (Variety) is a charitable company limited by guarantee incorporated in England and Wales, registered address Variety House, 93 Bayham Street, London NW1 0AG.

Variety meets the definition of a public benefit entity under FRS 102. Monetary amounts are presented in pound sterling as that is the functional currency of the Charity. Figures are rounded to the nearest £.

The Trustees have considered the level of funds held and the expected cashflows and income and expenditure for the foreseeable future, being a period of at least a year from the date the accounts are signed. The Trustees have a reasonable expectation that the charity will be able to continue in business and meet its liabilities as they fall due. The accounts have therefore been prepared on a going concern basis.

The following principal accounting policies have been applied:

1.2 Income and expenditure

All incoming resources, including legacies but excluding governments grants, are recognised as income when Variety is entitled to the income, that it is probable the income will be received, and the amount can be measured reliably. The accrual model is not applicable to Government grants in accordance with SORP (FRS 102) and will be recognised based on performance related conditions.

Expenditure is included on an accruals basis and includes irrecoverable VAT. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Grants payable are charged in the year where the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions are no longer seen to be within the control of the Trustees. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

1.8 Basis of consolidation The consolidated accounts incorporate the financial statements of Variety, the Children’s Charity (Variety) and its subsidiary undertaking, Variety Events Limited (Events), consolidated on a line by line basis.

1.9 Fund Accounting

54 Variety, The Children’s Charity Annual Report and Accounts 2025

Unrestricted funds: are donations and other incoming resources received or generated for the charitable purposes. There are two funds within unrestricted funds:

Movements in these funds are detailed in note 14 to the financial statements.

1.10 Depreciation

Tangible fixed assets are capitalised if they exceed £500 in value and are expected to be used for more than one year. Assets costing below this threshold are expensed in the year of acquisition. Depreciation is provided on capitalised fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Freehold building: 2% per annum Office equipment: 20% per annum Computer equipment: 33% per annum

1.11 Pension costs

Contributions to Variety’s money purchase group personal pension plan are charged to the Statement of Financial Activities in the accounting period in which they are payable.

1.12 Investment property

Investment property, which is property held to earn rent and/or for capital appreciation, is initially recognised at deemed cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the Statement of Financial Activities.

1.13 Financial instruments

Variety only has financial instruments and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors, and cash and bank balances, are initially recognised at the transaction price. Such assets are subsequently carried at amortised cost using the effective interest method, less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party.

Basic financial liabilities, including trade and other creditors, and loans from third parties are initially recognised at the transaction price. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are initially recognised at the transaction price and are subsequently carried at amortised cost using the effective interest method.

Debt instruments include bank loans and mortgages. These are subsequently carried at amortised cost using the effective interest method.

1.14 Critical accounting judgements and key sources of estimation uncertainty

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The financial statements include the following key estimates:

The freehold property comprises three floors, two of which are occupied by Variety and the third floor is let at a commercial rent. The third floor investment property was revalued as at 31 December 2025 at £1.35m on 6 March 2026 by Robert Irving Burns Limited, 29-30 Fitzroy Square, London W1T 6LQ. The estimated market value was based on the long leasehold interest, with vacant possession.

The Charity estimates the value of intangible income using publicly available price lists, or through direct confirmation with the suppliers of the amount that would have been charged had the gift or donated service been invoiced.

Variety, The Children’s Charity Annual Report and Accounts 2025 55

2 Net income from trading activities of subsidiary

The principal activity of the subsidiary, Variety Events Limited (company no. 02280720), is the organisation and promotion of fund-raising activities and the sale of merchandise on behalf of Variety. A summary of the results is set out below.

Unaudited accounts will be filed with Companies House. The trading subsidiary is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

Proft and loss account 2025 2024
£ £
Turnover 1,446,863 1,289,355
Cost of sales (693,131) (659,569)
Gross proft 753,732 629,786
Interest received 1,411 1,505
Administrative costs(includingmanagement fee of £152,962,2024: £175,814)
Net proft		 (188,891)
566,252		 (175,858)
455,433
Gift aid donation to Charity 566,252 455,433
Retainedproft - -
The aggregate of the assets, liabilities and funds was:
Assets 1,025,858 885,922
Liabilities (1,025,758) (885,822)
Funds(representing100 ordinaryshares of £1 each) 100 100

A fee of £10,000 + VAT was paid to Green Room Ents Ltd for their professional support in relation to the Showbiz 2025 event.

3 Donated goods and services

Donated goods and services
2025 2024
£ £
Intangible Income — Gift in Kind 133,004 76,883
133,004 76,883

Total expenditure includes £133,004 (2024: £76,883) an equivalent amount being described as Intangible Income (Gift in Kind) in the Statement of Financial Activities. This amount comprises £96,970 (2024: £76,883) in respect of Variety Great Days Out activities, and £36,034 relating to donated fundraising conference facilities and marketing services provided to support the charity’s activities during the year.

4 Analysis of staff costs, staff numbers and the cost of key management personnel

2025 2024
£ £
Staff costs
Wages and salaries 973,345 792,479
Social security costs 114,133 73,380
Otherpension costs 67,623 50,948
1,155,101 916,807

Included in the above are payments arising on termination of employments of £nil (2024: £34,964).

The average number of employees (head count based on number of staff employed) during the year was 22 (2024: 20).

56 Variety, The Children’s Charity Annual Report and Accounts 2025

The average monthly number of employees (full-time equivalent) during the year was as follows:

2025 2024
Fundraising 3 6
Events 3 3
Sunshine Coaches 7 2
Wheelchairs 2 1
Grants 2 1
Variety Great Days Out 0 1
Access Interns 1 -
Support 2 3
20 17

The number of employees whose total remuneration (excluding pension) exceeded £60,000 was as follows:

No. No.
2025 2024
£80,000 - £89,999 1 -
£120,000 - £129,999 1 -

The key management personnel of Variety comprises the Chief Executive Officer and Directorate.

The new Director of Fundraising and Communications joined SMT in May 2025.

The total combined contractual benefits of the key management personnel of Variety was £344,382 (2024: £350,688).

5 Expenditure
2025
Expenditure on raising donations and legacies
Cost of sales of trading subsidiary
Events support
Sunshine Coaches
Wheelchairs
Equipment Grants
Variety Great Days Out
Access Interns
Voices for Change		 Direct staff
Grant costs
Other direct Support costs
costs
(note 17)
costs
(note 6)
Total
£
£
£
£
£
181,782
-
146,196
105,945
433,923
-
-
693,131
-
693,131
152,962
-
-
89,631
242,593
334,744
-
839,327
195,576
1,369,647
436,474
3,414,669
-
238,481
4,089,624
97,904
234,079
-
59,306
391,289
97,904
355,090
4,652
59,746
517,392
26,010
152,157
-
14,068
192,235
49,214
-
30
37,091
86,335
-
15,068
-
-
15,068
707,506
4,171,063
4,682
408,692
5,291,943
1,042,250
4,171,063
844,009
604,268
6,661,590
2024
Expenditure on raising donations and legacies
Cost of sales of trading subsidiary
Events support
Sunshine Coaches
Wheelchairs
Equipment Grants
Variety Great Days Out
Access Interns		 Direct staff
Grant costs
Other direct Support costs
costs
(note 17)
costs
(note 6)
Total
£
£
£
£
£
243,672
-
71,840
314,312
629,824
-
-
659,569
-
659,569
175,814
-
-
181,112
356,926
419,486
-
731,409
495,424
1,646,319
122,458
3,646,214
-
153,171
3,921,843
61,860
196,693
-
73,076
331,629
44,710
161,765
-
56,279
262,754
35,700
134,960
-
40,531
211,191
35,602
-
-
56,873
92,475
300,330
4,139,632
-
379,930
4,819,892
719,816
4,139,632
731,409
875,354
6,466,211

Variety, The Children’s Charity Annual Report and Accounts 2025 57

6 Support Costs

6 Support Costs
7
8		 Staff
Depreciation
Other
Total
2025
£
£
£
£
Governance/legal
20,903
-
97,042
117,945
Finance and administration
28,087
-
-
28,087
IT and database
17,732
-
37,655
55,387
Offce costs
-
-
101,989
101,989
Interest payable
-
-
55,157
55,157
HR/staff related costs
-
-
105,952
105,952
Media/publicity
46,130
-
-
46,130
Other support costs
-
45,309
48,312
93,621
112,852
45,309
446,107
604,268
Staff
Depreciation
Other
Total
2024
£
£
£
£
Governance/legal
10,749
-
87,168
97,917
Finance and administration
134,034
-
-
134,034
IT and database
24,867
-
43,096
67,963
Offce costs
-
-
80,183
80,183
Interest payable
-
-
62,249
62,249
HR/staff related costs
-
-
90,358
90,358
Media/publicity
27,342
-
172,128
199,470
Other support costs
-
49,003
94,177
143,180
196,992
49,003
629,359
875,354
Net income/ (expenditure) is stated after charging:
2025
2024
£
£
Depreciation
— offce equipment
21,125
24,819
— freehold building
24,184
24,184
Auditors’ remuneration — audit
28,500
29,000
Auditors’ remuneration — taxation and advice services
1,425
1,350
Operating lease expenditure
-
1,164
Tangible assets
Freehold land
Offce
and buildings
equipment
Total
The group and the charity
£
£
£
1 January 2025
2,279,182
108,408
2,387,590
Additions
-
15,436
15,436
31 December 2025
2,279,182
123,844
2,403,026
1 January 2025
711,020
88,224
799,244
Charge for theyear
24,184
21,125
45,309
31 December 2025
735,204
109,349
844,553
Net book value at 31 December 2025
1,543,978
14,495
1,558,473
Net book value at 31 December 2024
1,568,162
20,184
1,588,346

58 Variety, The Children’s Charity Annual Report and Accounts 2025

9 Fixed asset investments
The group
The charity
The group
The charity
2025
2025
2024
2024
£
£
£
£
Investment in subsidiary
-
100
-
100
-
100
-
100

Variety owns all the issued shares (100 Ordinary shares of £1 each) in Variety Events Limited, a Company which is registered and operates in England (Variety House, 93 Bayham Street, London NW1 0AG) and whose main activity is the organisation and promotion of fund-raising activities and the sale of Gold Hearts and other merchandise on behalf of Variety. These are included in the financial statements at cost. Details of the result for the year and financial position of Variety Events Limited are provided in Note 2 to the financial statements.

The group The charity The group The charity
2025 2025 2024 2024
Investment property £ £ £ £
Fair value at the start of the year 1,605,000 1,605,000 1,605,000 1,605,000
Revaluation duringtheyear (255,000) (255,000) - -
1,350,000 1,350,000 1,605,000 1,605,000

The freehold property comprises three floors, two of which are occupied by Variety and the third floor is let at a commercial rent. The third floor investment property was revalued as at 31 December 2025 at £1.35m on 6 March 2026 by Robert Irving Burns Limited, 29-30 Fitzroy Square, London W1T 6LQ. The estimated market value was based on the long leasehold interest, with vacant possession.

10 Debtors

Debtors
The group The charity The group The charity
2025 2025 2024 2024
£ £ £ £
Trade debtors 236,131 103,606 271,490 47,950
Amounts due from subsidiary undertaking - 751,515 - 656,222
Other debtors 32,311 21,067 44,558 21,560
Prepayments and accrued income 150,328 125,008 429,416 404,016
418,770 1,001,196 745,464 1,129,748
All debtors are due within one year.

11 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
The group The charity The group The charity
2025 2025 2024 2024
£ £ £ £
Accruals for grants payable 184,444 184,444 63,042 63,042
Mortgage (secured – see note 12) 60,195 60,195 56,989 56,989
Bank loan (see note 12) 25,000 25,000 50,000 50,000
Trade creditors 74,264 57,506 89,961 52,569
Accruals and deferred income 326,709 69,224 262,697 72,097
Other creditors 72,859 72,859 109,344 107,736
743,471 469,228 632,033 402,433

Variety, The Children’s Charity Annual Report and Accounts 2025 59

Accruals for grants payable are as follows:

Accruals for grants payable are as follows: 2025
£
Wheelchairs 132,166
Sunshine Coaches -
Equipment Grants 52,278
184,444
2024
£
Wheelchairs 34,450
Sunshine Coaches -
Equipment Grants 28,592
63,042

Deferred income

Deferred income comprises advance ticket sales for various events.

Deferred income comprises advance ticket sales for various events. The group The charity
£ £
Balance as at 1 January 2025 176,450 1,000
Amount released to income earned (176,450) (1,000)
Amount deferred inyear 263,275 7,500
Balance as at 31 December 2025 263,275 7,500
Deferred income comprises advance ticket sales for various events. The group The charity
£ £
Balance as at 1 January 2024 60,842 -
Amount released to income earned (60,842) -
Amount deferred inyear 176,450 1,000
Balance as at 31 December 2024 176,450 1,000

12 Creditors: amounts falling due after one year

Creditors: amounts falling due after one year
2025 2024
The group and the charity £ £
Mortgage (secured) 1,001,465 1,061,660
Bank Loan(Coronavirus Business Interruption Loan) - 25,000
1,001,465 1,086,660

Mortgage (secured)

The mortgage is secured on Variety’s freehold land and building and is repayable over the remaining period of 2 years and 3 months at interest rates of 5.51% and 3.19% per annum as follows:

2025 2024
£ £
In more than one year but not more than two years
In more than two years but not more than fve years
In more than fveyears		 1,001,465
-
-		 60,195
1,001,465
-
1,001,465 1,061,660
Theproportion of the loan to the value of the assets charged is: 32% 33%

60 Variety, The Children’s Charity Annual Report and Accounts 2025

Bank Loan (Coronavirus Business Interruption Loan)

A bank loan of £250,000 was taken out in 2021 at an interest rate of 2.09% over base rate and will be fully repaid by June 2026.

2025 2024
£ £
In
In		 more than
more than		 one year but not more than two years
twoyears but not more than fveyears		 -
-		 25,000
-
- 25,000

13 Analysis of group net assets between funds

Analysis of group net assets between funds
2025 2025 2025
Unrestricted Restricted Total
funds funds funds
£ £ £
Fixed assets 2,908,473 - 2,908,473
Current assets 1,660,244 1,464,585 3,124,829
Current liabilities (559,027) (184,444) (743,471)
Long-term liabilities (1,001,465) - (1,001,465)
Total net assets 3,008,225 1,280,141 4,288,366
2024 2024 2024
Unrestricted Restricted Total
funds funds funds
£ £ £
Fixed assets 3,193,346 - 3,193,346
Current assets 1,589,427 944,621 2,534,048
Current liabilities (568,991) (63,042) (632,033)
Long-term liabilities (1,086,660) - (1,086,660)
Total net assets 3,127,122 881,579 4,008,701

14 Movement on funds

Group and company

Group and company 2025 2025 2025 2025 2025
Transfers/
Opening gains and Closing
balance Income Expenditure (losses) balance
£ £ £ £ £
Unrestricted funds:
General funds 3,027,122 2,808,842 (2,611,903) (215,836) 3,008,225
Designated funds 100,000 - (100,000) - -
Total unrestricted funds 3,127,122 2,808,842 (2,711,903) (215,836) 3,008,225
Restricted funds:
Sunshine Coach Programme incl. Variety Golf 481,936 3,756,812 (3,406,353) 17,429 849,824
Wheelchair Programme 60,316 148,206 (234,094) 58,953 33,381
Special Purpose Funds 246,240 257,489 (140,188) (145,234) 218,307
Variety Great Days Out - 202,364 (152,052) 29,688 80,000
Access Interns - 10,000 (10,000) - -
Voices for Change - 12,542 (7,000) - 5,542
Kings College Hospital 93,087 - - - 93,087
Total restricted funds 881,579 4,387,413 (3,949,687) (39,164) 1,280,141
Total funds 4,008,701 7,196,255 (6,661,590) (255,000) 4,288,366

Variety, The Children’s Charity Annual Report and Accounts 2025 61

2024 2024 2024 2024 2024
Transfers/
Opening gains and Closing
balance Income Expenditure (losses) balance
£ £ £ £ £
Unrestricted funds:
General funds 2,630,560 2,514,961 (2,018,399) (100,000) 3,027,122
Designated funds - - - 100,000 100,000
Total unrestricted funds 2,630,560 2,514,961 (2,018,399) - 3,127,122
Restricted funds:
Sunshine Coach Programme incl. Variety Golf 661,442 3,738,076 (3,917,582) - 481,936
Wheelchair Programme 124,989 161,197 (225,870) - 60,316
Special Purpose Funds 322,244 228,355 (304,359) - 246,240
Kings College Hospital 93,087 - - - 93,087
Total restricted funds 1,201,762 4,127,628 (4,447,811) - 881,579
Total funds 3,832,322 6,642,589 (6,466,210) - 4,008,701

Sunshine Coaches Programme

The fund comprises monies raised to provide Sunshine Coaches, including funds raised by Variety Golf or contributions from Variety’s Special Purpose Funds. Sunshine Coaches are presented to schools, hospitals, children’s homes and other such organisations throughout the UK.

Wheelchair Programme

The Wheelchair Programme Committee raises funds to deal with the heavy demand for indoor/outdoor electric wheelchairs and sports/lightweight wheelchairs which are not currently provided by the NHS.

Special Purpose Funds

Variety works closely with donors to help them raise funds and to match those funds to suitable projects. Special Purpose Funds reflect restricted funds raised to help sick, disabled and disadvantaged children and young people who have not yet been matched to specific projects in line with the restrictions placed on the use of funds by donors.

Variety Great Days Out

Variety Great Days Out utilises donor restricted funds to provide inclusive recreational, educational and social activities and experiences for disabled and disadvantaged children and young people that would otherwise be inaccessible, helping to improve wellbeing, build confidence and reduce isolation.

Access Interns

Access Interns utilises donor restricted funds to provide supported internship opportunities for young people with disabilities or additional needs. The programme improves employability, independence and life skills through structured work placements and tailored support.

Voices For Change

Voices For Change utilises donor restricted funds to campaign for and improve access to sports for disabled and disadvantaged children and young people. The programme directly improves access to sports as well as providing a platform for young people to share their lived experiences, influence decision-making and drive positive change.

Kings College Hospital

A donor restricted fund contributing to the development of the Variety Children’s Hospital at Kings College Hospital.

Designated funds

Funds of £100,000 had been set aside by the Trustees to fund individual grants and/or wheelchairs as per requirement. These funds are part of unrestricted funds and designation is made by the Trustees, not imposed by donors or external restrictions. Some of these funds were used to fund the Together Fund, which is in partnership with the Family Fund, a designated grant fund for direct provision of a wide range of special equipment to improve the lives of disadvantaged and disabled children and young people.

Transfers from restricted funds

Transfers represent movement in funds between restricted funds with permission from the funder. Any transfers between restricted and unrestricted reserves occur because, in some cases, income is fully recognised as restricted when received. When the coach, wheelchair, or other specialised equipment is delivered in the following financial year, the associated administrative charge is then released to unrestricted funds.

62 Variety, The Children’s Charity Annual Report and Accounts 2025

15 Taxation status

Variety is a registered charity and is exempt from corporation tax on its charitable income, provided this is spent on charitable purposes. The subsidiary undertaking’s profits are donated to Variety under Gift Aid through a deed of covenant. Accordingly there is no provision for taxation on its profit for the year.

16 Members’ liability

As Variety is limited by guarantee, there is no share capital. At 31 December 2025, there were 10 members (2024 - 11), each of whom have undertaken to contribute to the assets in the event of Variety being wound up, such amount as may be required, not exceeding £1.

17 Grants and donations

Grants and donations
2025 Individuals Individuals Institutions Institutions Total Total
£ No. £ No. £ No.
Equipment Grants 143,003 82 212,087 8 355,090 90
Sunshine Coaches - - 3,414,669 62 3,414,669 62
Wheelchairs 234,079 44 - - 234,079 44
Variety Great Days Out 152,157 8,227 - 6 152,157 8,233
Voices for Change - - 15,068 4 15,068 4
529,239 8,353 3,641,824 80 4,171,063 8,433
Analysis of grants £5,000 and over made to institutions: £
Family Fund Trust 200,000
Woodlands Secondary School, Luton 117,580
Reynalds Cross School, Solihull 66,007
Saltley Academy, Birmingham 61,371
Furze Down School, Buckinghamshire 61,290
Beaucroft Foundation School, Dorset 59,030
Alfreton Park School, Amber Valley 58,790
Astrum Multi Academy Trust, Redbridge 58,790
Castledon School, Basildon 58,790
Crosby High School, Sefton 58,790
Five Acre Wood School, Maidstone 58,790
Foxfeld School, Wirral 58,790
Hadrian School, Newcastle upon Tyne 58,790
Hill Park School, Brighton and Hove 58,790
Kids Can Achieve, Harrow 58,790
Marjorie McClure School, Bromley 58,790
Milestone Academy, Sevenoaks 58,790
Ravenswood School, North Somerset 58,790
Shaftesbury High School, Harrow 58,790
St Luke’s School, St Albans 58,790
St Piers School and College, Tandridge 58,790
Willoughby Academy, South Kesteven 58,790
The Collett School, Hemel Hempstead 58,790
St Nicholas School, Canterbury
Applefelds School, York		 57,116
54,616
Beacon Hill Academy, Thurrock 54,616
ELHAP, Redbridge 54,616
Granta School, South Cambridgeshire
Ifeld School, Gravesham		 54,616
54,616
Linden Lodge College, Wandsworth 54,616
Mandeville Special School, Ealing 54,616
Pear Tree SEND School, Stockport 54,616
Redburn School, North Lanarkshire 54,616
Shooting Star Children’s Hospices, Richmond upon Thames 54,616

Variety, The Children’s Charity Annual Report and Accounts 2025

63

The Lavinia Norfolk Centre Charitable Trust, Arun 54,616
Tulip Academy Spalding, South Holland
Warren Clark Golfng Dreams, Tandridge		 54,616
54,616
St Nicholas School, Canterbury
Cockfeld Primary School, County Durham		 52,873
52,477
Eslington Primary School, Gateshead 52,477
Manor Mead School, Virginia Water 52,477
Meadowbank Primary School and Nursery, Wigan 52,477
Oakley School, Tunbridge Wells 52,477
Streatham Youth and Community Trust, Lambeth 52,477
Nyland School, Swindon 52,477
Football Beyond Borders, Lambeth
Southfeld Primary Academy, Luton		 51,850
51,850
The Rise Partnership Trust , Brent 51,850
Hillborough Junior School, Luton 50,373
Hollinwood Academy, Oldham 50,373
Wolverdene Special School, Test Valley 50,373
The Windmill School, Barnet 50,373
Cardinal Winning Secondary, Glasgow City 49,350
Gosden House School, Guildford 49,350
Haywood Grove School, Dacorum 49,350
Laleham Gap School, Canterbury 49,350
LWS Academy, Fareham 49,350
Oaklands School, West Berkshire 49,350
Seashell Trust, Stockport 49,350
Sidestrand Hall School, North Norfolk 49,350
St Andrew’s RC Secondary School, Glasgow City 49,350
Braidwood Trust School for The Deaf, Birmingham 49,350
We Do Tennis CIC 8,050
Manchester Hospital 5,575
Solihull Hospital 5,000
Donations under £5,000 20,613
3,641,824
2024 Individuals Individuals Institutions Institutions Total Total
£ No. £ No. £ No.
Equipment Grants 151,516 71 10,249 2 161,765 73
Sunshine Coaches - - 3,646,214 87 3,646,214 87
Wheelchairs 196,693 44 - - 196,693 44
VarietyGreat Days Out 134,960 9,093 - - 134,960 9,093
483,169 9,208 3,656,463 89 4,139,632 9,297
Analysis of grants £5,000 and over made to institutions: £
Rotherhithe Primary School, Southwark
Meadowfeld School, Swale		 72,556
64,056
Comberton Village College and Sixth Form, South Cambridgeshire 61,290
Vale School, Haringey 61,290
Walton Leigh School, Elmbridge 61,290
Ambitious about Autism, Haringey 58,790
Amwell View School and Specialist Sports College, East Hertfordshire 58,790
Applebee Wood Community Specialist School, South Ribble 58,790
Carrongrange High School, Falkirk 58,790
Five Acre Wood School, Maidstone 58,790
Five Acre Wood School, Maidstone 58,790
Greenwood Academy, North Ayrshire 58,790
Hazelwood School, Glasgow City 58,790
Lady Zia Wernher School, Luton 58,790
Newbridge School Parents and Friends Association, Elmbridge 58,790
North Ridge High School, Manchester 58,790

64 Variety, The Children’s Charity Annual Report and Accounts 2025

Oak Grove College, Worthing
Pantysgallog Primary School, Merthyr Tydfl		 58,790
58,790
Sandelford Special School, Causeway Coast and Glens
Stubbin Wood School, Mansfeld		 58,790
58,790
The Glasgow Gaelic School, Glasgow City 58,790
The Ridgeway School, Waverley 58,790
The Wyvern School, Ashford 58,790
Tor View School, Rossendale 58,790
Watergate School, Lewisham 58,790
We are Beams, Sevenoaks 58,790
Woodlawn School, North Tyneside 58,790
Woodlawn Special School, North Tyneside 58,790
Kingsley High School, Harrow 57,116
The Village School, Brent 57,116
Bleasdale School, Lancaster 54,616
Kingsley High School, Harrow 54,616
Palatine Primary School, Worthing 54,616
Park Lane Special School, Cheshire East 54,616
Piper Hill Specialist Support School, Manchester 54,616
Redbridge High School, Liverpool 54,616
The Abbey School, Waverley 54,616
The Chiltern School, Central Bedfordshire 54,616
West SILC, Leeds 54,616
St Margaret Mary’s Catholic Junior School, Knowsley 54,177
Bowman Academy, Charnwood 52,477
Harehills Primary School, Leeds 52,477
Our Ladys R.C Primary School, Wigan
Queen’s Croft High School, Lichfeld		 52,477
52,477
St Joseph’s R.C. High School, Bolton 52,477
The Brook Special Primary School, Haringey 52,477
The Dockland Settlement — Parkview Outdoor Play, Tower Hamlets 52,477
Tredegarville Primary School, Cardiff 52,477
Westcroft School, Wolverhampton 52,477
Cornerstone School, Bexley 51,850
Muntham House School, Horsham 51,850
Oakwood School, Walsall 49,350
Cavendish High Academy, Halton 49,350
Fosse Way School, Bath and North East Somerset 49,350
Glendinning Academy, Teignbridge 49,350
Linwood School, Bournemouth, Christchurch and Poole 49,350
Manor Green College, Crawley 49,350
Park Community Academy (form. Park School), Blackpool 49,350
Pioneer House High School, Manchester 49,350
The Pendlebury Centre, Stockport 49,350
Princes Primary School, Liverpool 49,350
Rainbow Federation Bryn Hafod and Glan yr Afon School, Cardiff
Rowan School, Sheffeld		 49,350
49,350
The Wymering School, Portsmouth
Oakfeld Primary School, Cardiff		 49,350
49,350
Colnbrook School, Three Rivers 32,077
DABD Disablement Association of Barking Dagenham, Barking and Dagenham 9,440
Manchester Children’s Hospital 5,575
Donations under £5,000 9,873
3,656,463

18 Pensions

Variety contributes to a group defined contribution personal pension plan for certain employees with Standard Life.

Variety, The Children’s Charity Annual Report and Accounts 2025 65

19 Reconciliation of net income/ (expenditure) to net cash flow from operating activities

2025 2024
£ £
Net income/ (expenditure) for the reporting period 279,665 176,379
Depreciation charges 45,309 49,003
Unrealised loss on revaluation of investment property 255,000 -
Dividends, interest and rent from investments (23,883) (12,695)
Interest paid 55,157 62,249
Decrease/ (increase) in debtors 326,694 (177,352)
Increase/ (decrease)in creditors 133,232 (771,912)
Net cashprovided by/ (used in) operating activities 1,071,174 (674,328)

20 Transactions with Trustees and connected persons

None of the Trustees received either remuneration or reimbursed expenditure during this financial year or the last financial year.

The total amount of donations received from the Trustees or their companies during the year was £35,050 (2024: £107,600) of which £10,700 was given towards Variety Great Days Out (2024:£nil). The remainder £24,350 was unrestricted (2024: £96,600).

As at year end trade debtors includes £11,500 due from Mr Andrew Geddes.

Trustees also supported the Charity’s fundraising events. The total amount received from Trustees or their companies during the year from tickets and other purchases in support of the Charity’s fundraising events was £36,750 (2024: £22,445).

During the year, as permitted and subject to strict protocols, the Group entered into the following arrangements in which the following Trustees had an interest:

Variety International

Variety has a licensing arrangement with Variety International, a US based organisation that holds certain Variety trademarks, service marks, and registrations. Under this arrangement, Variety pays a licence fee of 1% based on turnover, net of support costs. In 2025, the charity did not receive any financial support from Variety International (2024: £37,706). One of Variety’s Trustees, Tushar Prabhu, is a Board member of Variety International.

The Kartik Prabhu Memorial Foundation, a foundation of which Mr Tushar Prabhu is a Trustee, made unrestricted donations of £nil (2024: £13,050). It also donated £10,000 for Access Interns (2024: £7,000).

Licence arrangement with The Kartik Prabhu Memorial Foundation

Variety, the Children’s Charity has entered into a license agreement with The Kartik Prabhu Memorial Foundation on 1st October 2024, a charitable organisation where one of Variety’s Trustees is also a Trustee and founder. Under the terms of the agreement, Variety license property to The Kartik Prabhu Memorial Foundation at a peppercorn rent of £1 per annum. The arrangement is considered a related party transaction and was carried out on terms that the Trustees consider to be in the best interests of the charity. The Trustee involved did not take part in any decision-making relating to this transaction.

An amount of £355 towards usage of the building was outstanding at year-end.

Transactions and balances between the Charity and its trading subsidiary, Variety Events Limited, are set out in the notes to the accounts (see notes 2 and 10).

21 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

66 Variety, The Children’s Charity Annual Report and Accounts 2025

Variety, The Children’s Charity Annual Report and Accounts 2025 67

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www.variety.org.uk 020 7428 8100

© Variety, the Children’s Charity 2025. Registered In England And Wales (209259) and Scotland (SC038505). Part Of Variety International, A Global Charity. Head Office: Variety, the Children’s Charity, Variety House, 93 Bayham Street, London NW1 0AG. Royal Patron: His Majesty, King Charles III.