Varied late change by colour (7)
I believe the answer is:
altered
'varied' is the definition.
('alter' can be a synonym of 'vary')
'late change by colour' is the wordplay.
'change' indicates anagramming the letters.
'by' is a charade indicator (letters next to each other).
'colour' becomes 'red' (red is a kind of colour).
'late' anagrammed gives 'alte'.
'alte'+'red'='ALTERED'
(Other definitions for altered that I've seen before include "Treadle (anag)" , "Metamorphosed" , "Changed, adapted" , "Changed, modified" , "Change" .)