A charitable foundation run by Britain’s highest-paid boss Bet365 exec Denise Coates is ‘sitting on’ millions in donations – but has funded a number of eclectic projects including an art exhibition, a gymnastics centre and research on genetic links to heart disease.
The Denise Coates Foundation was created in August 2012 by the tycoon, who it emerged this week had been paid a record £421million for her job.
She has personally donated millions to the fund and last year’s Charity Commission papers show £85million came into the cause, which has reserves and assets of £384million.
But £9.09million was spent on charitable activities, similar to the previous year when £9.56million was spent after £85million was again donated.
A MailOnline audit of public documents show the funds which have been spent have been sent to an eclectic mix of recipients.
They include £1million on a mentoring programme in the Lilongwe District of Malawi, £1.6million into medical research into if cardiovascular disease is genetic and £423,300 into the Tate Gallery exhibition of artist Lynette Yiadom-Boakye.
Bet 365 chief executive Denise Coates founded the foundation named after her in 2012
The Denise Coates Foundation building, bearing the name of the charity she founded
Artist Lynette Yiadom-Boakye attends the ICA fundraising gala at ICA on June 11, 2014
Elsewhere the foundation has paid £2,698,073 to help a local hospice to the Stoke-based firm, £3,088,700 to fund university bursaries and scholarships and £2,182,928 to renovate and create one of the country’s most advanced gymnastics centres.
Last year it announced in April it had donated £10million to the NHS, but the accounts documents are not available on this yet.
Most of the charity’s reserves are in an endowment fund, which lets it operate without the need for constant donations.
Matt Zarb-Cousin, director of Clean Up Gambling, agreed it was surprising such a large amount had been given to something like an art exhibition.
He added to MailOnline: “Bloated pay packets are made off the backs of addiction, and the priority should be to regulate these firms better so gambling harm is prevented.
“But given the vast majority of Bet365’s profits are coming from those harmed, the very least that should be expected of the judi online gambling sector is ensuring treatment services are not chronically underfunded, as they have been for years as operators consistently miss their target of donating 0.1% of profits.”
Kishan Patel, from the gambling harm group Talkgen, had earlier told the Times money could be used to fund services to address gambling addiction.
Charity Commission papers show donations over the years compared to charitable activity