THE VARKEY FOUNDATION
Latest income
£4.4m
Latest spending
£4.4m
Registered
2011
Accounts read
FY2024
Financial health, per its FY2024 accounts
The accounts state that the charity reported a group deficit of £354,953 for the year, resulting in a reduction of total unrestricted reserves to £493,795. The trustees identified material uncertainties regarding going concern due to erratic funding receipts and a reduced level of free reserves, noting that the foundation is dependent on cash from Varkey Group Limited to meet its obligations.
What the accounts disclose
Reserves position: below the charity's own stated reserves policy
“As at 31st March 2024 designated funds held in Argentina were £455,667 (2023: £803,084) leaving free reserves of £38,128 (2023: £45,664) which is below the target level of £165k.” — page 20
Per its FY2024 accounts as filed with the Charity Commission.
Going concern: material uncertainty disclosed
“After considering these factors, the Trustees have concluded that the foundation has a reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future and have therefore prepared the accounts on a going concern basis but there are material uncertainties as discussed above.” — page 19
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Debt conversion to grant
“During the financial year the Trustees agreed for the balance of £377,183 due from Fundacion Varkey Argentina to be granted in furtherance of the charity's objectives and inability for the funds to be repatriated from Argentina.” — page 46
“£1,782,773 of cash donations were received in the year from VGL (2023: £461,200).” — page 46
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Donations from VGL
“During the financial year the Trustees agreed for the balance of £377,183 due from Fundacion Varkey Argentina to be granted in furtherance of the charity's objectives and inability for the funds to be repatriated from Argentina.” — page 46
“£1,782,773 of cash donations were received in the year from VGL (2023: £461,200).” — page 46
Per its FY2024 accounts as filed with the Charity Commission.
Related-party transaction: Trustee expense reimbursement
“During the financial year the Trustees agreed for the balance of £377,183 due from Fundacion Varkey Argentina to be granted in furtherance of the charity's objectives and inability for the funds to be repatriated from Argentina.” — page 46
“£1,782,773 of cash donations were received in the year from VGL (2023: £461,200).” — page 46
Per its FY2024 accounts as filed with the Charity Commission.
Governance: The board does not presently review its own performance nor that of individual trustees.
“The board does not presently review its own performance nor that of individual trustees. Consideration will be given to the introduction of a formal review process as prescribed by the code.” — page 5
Per its FY2024 accounts as filed with the Charity Commission.
Leadership, per the charity’s website
- Nicole Lui — Executive Director
- Peter Knight — Finance Director
- Nicholas Piachaud — Director of Advocacy and Strategic Partnerships
- Agustin Porres — Regional Director, Latin America
- Leonela Navarrete — Executive Director, Latin America
Structured financials (annual return, FY ending 31/03/2025)
Total income
£4.4m
Total spending
£4.4m
Reserves (reported)
£629k
Employees
29
Trustees
- Jay Sunny Varkey
- Marc Nicholas Fabian Boxser
Income and spending
| Financial year end | Income | Spending |
|---|---|---|
| 31/03/2025 | £4.4m | £4.4m |
| 31/03/2024 | £3.2m | £3.5m |
| 31/03/2023 | £1.7m | £2.2m |
| 31/03/2022 | £3.4m | £3.8m |
| 31/03/2021 | £2.4m | £3.5m |
Common questions
Is THE VARKEY FOUNDATION financially healthy?
The accounts state that the charity reported a group deficit of £354,953 for the year, resulting in a reduction of total unrestricted reserves to £493,795. The trustees identified material uncertainties regarding going concern due to erratic funding receipts and a reduced level of free reserves, noting that the foundation is dependent on cash from Varkey Group Limited to meet its obligations. Its FY2024 accounts were audited by Crowe U.K. LLP.
Funders of similar charities
| Funder | Similar charities funded | Amount to them |
|---|---|---|
| ZOUQ FOUNDATION | 1 | — |
| SABEEL FOUNDATION | 1 | £424k |
| EPSOM AND EWELL ISLAMIC SOCIETY | 1 | £52k |
| ROYAL COMMISSION FOR THE EXHIBITION OF 1851 | 1 | £15k |
| THE DAKRI CHARITABLE TRUST | 1 | £4k |
| Indigent Welfare and Education Trust | 1 | £2k |
| THE CMA WELFARE TRUST | 1 | £2k |