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The foundation believes in providing 'risk capital for social innovation' through evidence-led collaborative philanthropy. It focuses on supporting outstanding organisations with untied operational funding, investing in innovative and collaborative translational research, and leveraging its funding with like-minded funders to support vulnerable community sectors. The foundation conducts regular grantee surveys (every five years with CEP) to continually improve its approach and maintains a commitment to addressing gaps in government funding while using its reputation to draw attention to crucial issue areas.

Variety believes every child deserves the chance to dream, achieve and thrive regardless of their circumstances. The organization takes a holistic approach to child welfare, providing both tangible items (like Sunshine Coaches, mobility equipment, sensory devices) and intangible benefits (experiences, scholarships). Their theory of change centers on removing barriers that prevent children from participating fully in life, whether those are financial, physical, or experiential. They act as a safety net when other support systems fail, focusing on immediate needs while also investing in long-term outcomes through education scholarships.