Charity Registration No. 1175245 Company Regi5tratlon No. 10780520 (England and Wdles) LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020
LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) LEGAL AND ADMINISTRATIVE INFORMATION Trustees Chris Maybury Lord Irvine Laidlaw Steffen Dietel Sir David Cart (Appointed 9 September 20191 (Appointed 20 October 20201 LoLAse M Richardson Charity number 1175245 Company number 10780520 Registered office Eversheds House 70 Great Bridgthvater Street Manchester M15ES Audltor AzetsAudit Servis Titanium 1 KFng's Inch Place Renftew PA4 8F
LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) CONTENTS Page Trustees, report Statement of Trustees. responybiltkn.es Independent auditorfs report 8-10 Stslemenl of financial activities 11 8alan sheet 12 statement of cash flows 13 Notes to the finawal statements 14-22
LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JULY2020 The Trustees present their report and financial stalemenls for the yeaf ended 31 July 2020. The financial statements have been prepared in accordan %wth the accounting PDli¢5es set out in note 1 10 the financial statements and comply th the Foundab"on's Mem¢xandum and Arti¢les of Assoaation. the Companies Act 2006 and 'Accounting and Reporbng by Charitses". Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Finanual Reporting Stsndard applicable in the UK and Republ of Ireland IFRS 1021. Objectlves and activities Incorporated on 19th May 2017, the object of the Foundation is the thancement of e(ILKalion. especially the ediJ¢alion of deprived young people. in parttcular by means of grants and other fornis of financial assistance to inslitLrtions which are engaged in the provision ol edu(3b"onal servi5 in any part of the worfd_ In June 2018 the Foundation adopted an additional object, Ihe advancement of arts and cultu for the public benefit in particular by means of grants and other foms of finanual assistance" to expand the Spe of the Foundation's work. During this financial year the Foundation's activtts.es We primarity the provssion of ftjnding in three main areas.. LAIDLAW SCHOOLS TRUST ILST) (company number 05735093} Approved by The Department for Education as a multpacademy sponsor. the mission of tr¥"s trust is to work in partnership wth children their families and the wder community, by providing a safe and nurturing environment for each child, irrespective of ability or background. Ils aim is to empower children to believe in themselves and lo embrace the future as active. respecfful and responsible citizens. The Tnjst is based in the North East of England, serving children and families in the west of Newcasde. in Pennywell and Sotrth Hylton in Sunderfand. and in Sedgefield in County Durham. The Trust's vision is lo transfomi the lives of children and communities in the North of England through inspirat'onal educab"on'. LAIDLAW SCHOLARS - Ihese are Research and Leadership Development programmes whose purpose is lo provide funding to Univer&tie5 to equip a body of OLrtstanding urergraduateS wth the skills, experien. efv4orks and values necessary lo become leaders in their chosen cttupab"ons. There are foul core elements lo the programme". a research project. leadership train2ng, a leadershipirtraction experience and a global virtual network. By working wrf¢h ar 2cademi¢ supervisor or a skilled and experienced research team land in some cases bDthI, scholars will develop thr abilTti"es in anatysis, Problem solving and data management. L6adership training and d¢v¢lopment covers Gore attributes which employers have said are most important to them as well as building on Universibes, academic findings into the skills that makè the best leaders. The leadershipin-action component Nyas newly introduced this year and is intended to ensure that Scholars know the practs.ce as well as the theory of leadership. It is also designed to facilitate their undetslanding of diverse and developing communities. making them better global cibzens and bLFilding their moral musele. WOMEN'S BUSINESS EDUCATIONAL SCHOLARSHIPS - The programme's aim is lo encourage more women lo graduate wth an MBA, MovIng one of the obstades to women achieving pay party and better representabon in executive leadership roles. The programme provides finanual aSssIan on a merit anLI needs basis lo full time female MBA students enrolled at Columbia Business School and London Business School, giving them access to an ur7paralleled business edu¢ab"on. Cclumbia Business School, located in the heart of New York Ci ty, wrth an exceptional repLrtalion, deep relationships across industry and a strong alumni network. provides a perfect platfom) to accelerate women's path to the boardroom_ London Business School has campuses in London and Dubai. and a presence in thr additional International ¢rties- New York, Hong Kong anrs Shanghai. It is consistendy ranked among the best business s¢hoo15 globally and is widely ackni)wledger* a5 a centre for outstanding ¥esear¢h. The School has moTe than 44,000 alumni working in over 155 countries. Together, they are a community defined by a wealth of knovAedge. business. experience and worfthide nefvffjrking opportunities.
LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2020 New gift activitie5 stsrted in the year Sedgefield Communty College (Bulldingsl With the incorpoiation of Sedgefield Community Cdlege on March 1st, 2020 irrto The Laidlaw Schools Trust the Foundation committed to funding a new Teaching and Leadership Centre at the school_ The Foundation has made a gfft commitment of £3.2m to cover the budgeted constJuction cost of this new centre. 11 is being designed in partnership th Durham Univer5tty since as well as prowding much neeoled additional classroom space fc>r the College, it wll become the teacher training hub for Durham Llniversity's PGCE secondary- teacher-training students,. enabling them to leam from Subject Leaders in the immersive setting of an Outstanding School. The building wll l¢)ok lo challenge conventional thinking on circulation. break-out and flexible design. The mukn-fun¢tional spaces be used for collaborative leaming, perfomances, and examinations for students, as well as being Ihe [tre for leaching and leaming leadership development for current and future NE Sd)ools Leaders. Oxford Said Business School Iwomen's Leadershlp Fund) On March 9th 2020 the Foundation announced that r( woul(J fJonate £1.35m to fund Oxford MBA Scholarships Over three years. The scholarships are intended lo encourage extraordinary women wth dear leadership potential to enrol onto the MBA programme when they would not have previously considered the qualifi¢ats"on due lo financial constraints. The final gift agreement was signed on 23rd September 2020. The Tnjstees have paid due regard to guidance issued by the Chafity Commission in deuding what activities the Foundati¢Jn should Undertake. Achlevements and performance Laldlaw Schools Trnst ILST) The Foundation sponsors LST. a growng multi4cademy trust in the North East of England that serves disadvantaged comrnunities. In FY2020 there were 7 academies wrthin LST." two all through schools, one secondary school and four primary schools. The schools have double Ihe nattonal average for every marker of disadvantaged comrnunities.. Free Schools Meals. Pupil Premium. speal Educational Needs, English as an Additional Language and Mobility. The Foundation gives ad¢Jib"onal fijnding to the Trust in order to pay for half of the central team costs and to raise the level of ftjnding per pupil to the same level as that of a Londo borough in order to give ¢hildien better lrfe ChanS. The intenb.on of the programme is to help break the Gycle of poverty and generational unemployment in North East England. By funding the ntral team, the Foundation ensures Ihat.. Schools are asked for a smaller lop slice" of thr fvnds going lo central costs. LST academies pay 2.50h of their income cornpared to the nat.onal MAT nom) of 5+°/0. IT and propety management costs can be negotiated ntrally. redtjang the tangible and intangible costs for schools. HR provides professional recruitment. development and restrucbJrtng support to the sthools, allowng schools to oplimise their stsff and team effe¢ts"veness. Finance and administration is managed trally. ensuring that the 5choc4s maintain a healthy operating accoLinl and financial reserves, avoiding the finanaal stresses and threats that many schools face.Best pradice leaching and leaming methoI0g1es and wodd dass curriculums are developed for and embedded at every school. EdTech ancl digital leaming, so crib.cal dullng the Covid lockdown, is bjlly enabled throughout the Academies, ensuring that the LST pupils accessed and engaged wth Remote Learning.
LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2020 The school improvement spend was sptr( irrto five key tegories.. additional leaming provision." smaller class sizes., welfare.. leadership transition at ExcelgorAcademy. the Trust's largest sch¢JDI'. and Covid response. Additional Leaming Provision indudeif". Before and after school dubs Holiday and weekend school programmes Specialist subject tutors Exam board CPD for staff Pmgress tutors forA-levels Internatsonal NewAtrivals programme at primary Smaller Class Sr2es induded.. Additional teachers in key rewrting years Additional teachers targeting speufically weak cohorts Higher level TeachingAssistslll's to support intervention group Teach First eandidates to reduce dass sizes and 'grow our own, teachers Welfare Provision induded.. Attendance and behawour support workers Vvelfare and family support workers Counselling and emotional supwrt The ExcelsiorAcademy Leadership Transrtion included.. An interim Executive Principal to manage the tran&b"on to the new leadership Temporary uplifts in salary to leaders and staff from Sedgefield College supporting Excelsior, in particular in embedding their successful leaching and leaming model". InevVÉable Progress Covid response induded". The launch of leaming hubs per school Laptops and dongles for pupils wrthout access to devices or A Free School Meals programme to ensure that children woukl eat healthy and regular meals during lockdown Proving food parcels lo families in parb"uJlar hardship. During the IrKkd¢)wn. h05 were dosed to all but keywother and vulnerable children. the Trust successfully launchsj its leaming nub-, this was live on the first day of lockdown. Thanks lo the Laidlaw Funding Year 10$, who wll be working Iowdrds their GCSE'S next year. also had 1..1 labs wrth their teachers on-line lo mthgale the damage of the lockdown. Remote access and engagement across LST in the first lockdown was above the national levels of private schools * 54%, arKI o three time5 the national state school rate of 21 Yo. The number of LST pupils receiving Free Sth(x)l Meals is alrnosl double the national avèrage. The Foundation partnered wth BiteBa¢k2030. the charity founded by Jamie Oltver to reduce Childhood obesfy by 50Q/o In the next len years, which launched the campaign to fvnd FSMS over the holidays. Together, the Foundation and Bff(eBack created a PrOgraMe that ensured panIS and childien made healthy shopping and meal choices all vthhin the £15 a week budget. Every week. the charity produced a shopping list to be sent out wth the FSM vouchers. Daily.. a Jamie Oliver chef, called Jack. hosted a lunchb'me cook-a-look using ingredients exclusively frorrTr the week's shopping lists. Tesco added the shopping lists to rts website. The menus and videos were all shared on YouTube and Instsgram. The kIng lessons were embedded into the LST remote learning timetable and a number of othei MATS. Vvhile results were me8sLEred differenlly this sumrner due to CovK1 resth"ctions, LST saw strong progress thanks to the Foundation support. Reading for KS2 was the best rt has been in the past three years, With 700/0 of students achieving the expe¢ted stsndaid. Maths at tK)th KS1 and 2 was the best rt has been in three years. Spelling, Punctuation and Grammar (SPAG} was also the best it has been in three years wth 72% of students achieving the expected stsndard. Combined Reading. Writiftg and Maths (R) loo reached the highest attainment scores it has in the past three years Wth 63°k of students achieving the expected standard and ve School exceedin its 2019 outcomes.
LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED} FOR THE YEAR ENDED 31 JUL Y 2020 At GCSE the Trust improved by 8% for students achievtng a pass in English and Maths and by 9% for those receiving a good pass i.e. 5+ Progress 8 Scores at both SCC and EA were strong, at 0.21 and 0.60 respectively. Excelsior had the biggest turnaround in Teachir#J and Learning shDTrMng a strong retum on the additional investment made there. Atl sixth fofmers were accepted al their first Choi of universty. Detailed reports are available pei school. Laldlaw Scholars - Undergraduate Research and Leadership Programme The Foijndation provides scholarships for up to 25 sttJdent5 at each of the Foundation's partner universities. These sd)olarships are aimed al developing a generab.on of diverse leaders who embrace data-based decision making, believe in the moral imperatEve of ethical leadership and are active global olizens. It is ¢lear, looking al today's polrtical and business leaders, that theie is an urgent need to develop leaders wth the skills and will lo address the world's most intrartable problems. This programme is designed lo do that. In financial year 2020 the progfamme delivered". Stipends to c. 25 new scholars in each of 12 universthes for Tesearch projects. These are projects in arts and hutvTranities. health and medical, social sciences and STEM subjects. An extensive selection of project papers can be found on the www.laidJawschOi8rs.nerkln the research channel. Leadership training using the actton leadership model to cover indwidual team and situatsonal leadership to all scholars lo develop the followng attributes". Seff-knovledge and awareness Effective communicatons Creating and critical thinking Collaboration and team working Social and cultural intdligence and awareness Inclusion and diversity commitment Resilience and determinab.on to achieve Research and project management skills Gbbal connections, intelligence and inspirab.on through its virtual communrty.. the Laidlaw Scholars NeOrt( A global talk series fowsed on drffererrt aspects of Leadership with Schotars attending wort(hNide A leadershipiri-action experience for Scholars in partnership with the charity Makesense. whose mission is lo inspire and equip citrzens, entrepreneurs and organisations to build a more inclusive and sustainabte soaety - together. The Makesense l Laidlaw Scholars programme helped support childn, parents and teachers during the crisis to ensLFre that d)ildren continue(f to learn and aspire. The launch of a Laidlaw Scholars alumni society. Laldlaw Scholars, Women In Business The Women's MBA Progiamme is designed to help propd more women into leadership positions and tackle one of the barriers lo women breaking through the glass ceiling. It sponsor5 outstanding women who would not otherwise be able to afford an MBA from a fir5t4ass business school lo attend Columbia Business School and London Business sch1. During this financial year Columbia Business Sthtx>I tecnjrted its final cohort of 20 s¢holars to start in the new academic year, bringing the lolal number of women to have benefitted from Laidlaw Scholarships al the School to 303. Thirty percent of the women are underrepresented minonties in the US. and they represent six countries. The average award for the illcoming dass is $43,523. London Business School welcomed its first iwo Laidlaw Scholars and recwited its firsl full cohort of Scholars to start in the Academic year 20121. The Foundats'on's lath"OnshIp with LBS has brotjght additional beneffts lo the Foundation, in¢asIng its brand awareness, promotional reach and connections vthhin the Educab'on SeOr.
LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2020 Flnancial revlew The Trustees lake seriously their resFM)nsibdibes to iMeMent appropriate finanaal controls lo ensure the Foundation is managed to a high starKlard. During this financial period ended 31st Juty 2020, totsl expenditure of £5,336.264 was covered by lotsl charitable income of £13.334,894. The grants payable committed to ty the Foundation at the year end of £2,755.000 wll be fjJnded by the Foundation's sole ¥)nsor, Lord Irvine Laidlaw. as they fall due. The charity's income is derived from its sole swnsor, Lord Irvine Laidlaw. Total Charitable expenditure during the finawal peri¢)d was as fdlows.. - Laidlaw Scholars Research & Development Programme- £1.843:324 - The Laidlaw Schools Trust- £2,768,672 Buildings- £91,647 Other- £10.715 The Trustees continually review the reseThe levels of Foundation and ensure that income matche5 ongoing commitments. The Foundation holds minimal reserves as all rts fvnding is derived from ils 501e donor, Lord Irvine Laid13w, and this 15 provided as the Foundatson's pre-agreed Commitments arise. The Foundation may not spend more than 30% of rts Gumulative assets during ils esIen on grants to build educational andlor medical buildings. In the event that the Foundatson makes a grant lor equivalentl or provides financial assistance lor equivalent) that funds more than 33% of the purchase pri (or equivalenll or 33% of the construthon of a building th building must indude'LaidW in rts name. At the 31st July 2020 the Found8kn"on had reserves of £2.715.774 due to future commrtments made prior to the year end. These commitments will be met by donations received from the Foundation's sole sponsor, Lord Irvine Laidlaw. The Trustees have assessed the major risks to which the Foundation is exposed. and are sab"sfied that systems are in pla lo mitsgale exposure to the majcy risks. Plans for the future Laidlaw Scholars On 1 August 2020 the Foundation signed a gtft agreement for three years wilh Come]1 University in New York. There are a numbw of other universities IkIrj lo join the progTrmme for Ihe academic year 2021r22. Ethical Leadetship The Foundation is keen to develop an elhicAI leadership in business programrne in conjunciton wrth rts netw(Yk of universrties and, as part of this initiative. a budget allocation has been made for FY2021 to commission a book to be produced along wrth the imementalion of a related training programme. Leeds Universlty (Laidlaw West Student Hub) In April 2019 the Foundat'on signed a grft ¢ommitment of £8m lowards the constnjth'on of a new leaming centre on the weslem campus of the univeTSrty. lIst the project has been paused due to the covi&19 pandemic. work has continued on creating the operab.ng model for the building and the universtty has Set up a steering committee lo prepare for additional fi&r>d raising for the project. It has confirnied that no construction work wll be undertaken dullng the current academic year and therefore no gfft monies will be due from the Foundation until calendar year 2022.
LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2020 Structure, govgmance and man8gement The Foundation is a company limtted by guarantee w7thout share caprtd and was i[FcoOratd on 19 May 2017. The Foundation is govemed by arb'des of assoctration adopted on incorporation and amended by speual resolutions registered at Companies House on 10 October 2017. 16 October 2017. 20 June 2018 and 5 Juty 2019. The Trustees, who are also the dire¢tor5 for the purpose of company law, and who served during the year and up to the date of signatL¥re of the financial statements were.. Chris Maybury Lord Irvine Laidlaw Peter Fair OBE Steffen Dietel Sir David Carter Louise M Richardson {Re&gned 31 August 2019) {Appointed 9 September 20191 {Apwnted 20 October 20201 Trustees of the charity are nominated by Lord Irvine Laidlaw. the main sponsor of the charity. The subscribers lo the Memorandum (being the first Members) are also the first Trustees. Subsequent Trustees are appointed by notice in writing by the Founder lo the Foundation whilst he is alive and thereafter by the Members by ordinary resolution. A Trustee's tem) of office automatically comes to an end on the lenlh anniversary of his initial appoinlmenl. The training and inductton provided for new Trustees wll depend on their estIng expenence. Where necessary, induction will provide training on charity, legal and finanry matters. During the year, the Foundation made a charrtae donation to the Laidlaw Schools Trust, of which Lord Laidlaw is 8 member, totslling £2,768,672. The persons responsible for the day to day iunning of the charity are Susanna Kempe, Matt Wdugh, and Giaham Robertson. Audrtor Following the acquisrtion of Campbell DallasAudit SeTVtces byAzets. Campbell Dallas Audit Services resigned as auditor and were replaced by AzetsALKltt Servi5 Limrted. trading as Azels Audit Servi, a company owned by Azets. Azets Audit Services have expressed their willingness lo continue in office as audi£or and will be proposed for reappointment at the Annu General Meeting. Disclosure of information to auditor Each of the Trustees has confirmed that there is no inf(xmation of Ythith they are aware which is relevant to the audit, but of 1¢h the audrtor is unaware. They have further confimied that they have taken appropriate steps lo identify suth relevant inloirnats.on and to establish that the auditor is aware of suth infomiation. The tees. report sapp ed by the Board of Trustees. Lo Irvine Laldlaw Dsted. .10....MA.KCH Zoii
LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) STATEMENT OF TRUSTEES. RESPONSIBILrriES FOR THE YEAR ENDED 31 JULY2020 The Trustees, who are also the directors of Latdlaw Foundation Iformety The Irvine Laidlaw Foundation) for the purpose of company law. are responsible for pieparing the Trustees, Report and the financial statements in accordan wlh applicAble law and United Kingdom Accounting Stsndards IUnrte(J Kingdom Generally ACpted Accounting Pracbcel. Company Law requires the Trustees to prepare )Inancial statements for each finanDal year lch give a true Snd fair view of the state of affairs of the Foundation and of the incoming sourceS and application of resources, including the income and expenditure, of the char[tae company for that year. In preparing these financial statements, the Trustees are required to.. - select suitable accounting policies a* then apply them consistenlly.. observe the methods and prinpIeS in the chariti.es SORP". - make judgements and estimates that are reasonable and prudent." and prepare the finanual statements on the gung CA)ncem basis unless it is inappropriate lo presume that the Foundation will ¢onts"nue in operation. The Trustees are reSponsie for keeping adequate accounting records that disclose wilh reaSonae accuracy al any time the financial position of the Foundation and enable Ihenl to ensure that the financial slalemenls comply wth the Companies Act 2006. They are also respK)nsible for safeguarding the assets of the Foundation and he for laknng reasonable steps lor the pvention and detection of fraud and other irregularities.
LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) Opinion We have audited the financial statements of Laidlaw FourKlakn"on Ifom)edy The Irvine Laidlaw Foundalionl (the 'Foundation'l for the year ended 31 July 2020 which comprsse the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the finarrial statements. induding a sumrnary of signilicant accounting policies. The financial reporting framework that has t)een applied in their preparation iy applicable law and United Kingdom A¢¢ounling Standards, Iuding Finan Reporting Stsndard 102 The Financial Reportpng Standanl applicable in UK and RepublK of Iland (United lQngdom Generally Accepted Accounting Practice). In our opinion, the finanal statements". give a true and fair view of the stale of Ihe charitable company's affairs as at 31 July 2020 and of ils incorning resources and applicab'on of resources. for the year then ended, have been properly prepared in accordan with Unrted lQngdom GenerallyA¢cepted Ac¢ounts"ng Practice," and have been prepared in accordance Trmth the requ1mentS of the CompaniesAct 2006. Basis for oplnion We conducted our audit in accordance wrth Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those starHJards are further described in the Auditorfs responsibilitses for the audit of the financial statements section of our report. We a independent of the Foundation in accor(ance with the ethical requirements that are relevant to our audit of the financial statements in the UK, inclLJding the FRC'S Ethical Standard. and we have fvlfilled our other ethic21 respon&bilities in accordance wrth these requirements. We believe that the audit eviden we havè obtained is suffi(ienl and appropttate to provide a basis for our opinion. Conclusions relatlng to going concèrn We have nothing lo report in respect of the fdlowing matters in relth.on to vh)ich the ISAS {UKI require us to report lo you where". the Trustees, use of the going concem basis of accounting in the preparth.on of the finanaal statements is not appropriate., or the Trustees have not disdosed in the finanual statements any identlfied material uncertainties that may cast significant doubl about the Foundation's ability to continue to adopt the goino coricern basis of accounting for a period of al least e1ve months from the date when the finanuaj slalements are authorised for issue. Other Information The Trustees are responsible for the other information. The other infomation comprises the information induded in the annual report, other than the finanual ststemenls and our audttor's report thereon. Our opinion on the finanThal statements does not cover the other infomiation arid. except to the extent othetwse explicitsy stsled in oijr report, we do not express any form of assurance Conclusion thereon. In Connection wth our audit of the finanual statements. our responsibilty is lo re2d the ofher information and, in doing so, consider whether the other information is materially inconsistent wtth the financial statements or our knowledge obtained in the audit or otheThYise appears to be materially misstated. If we idenb'fy such material inconsisteneies or apparent material misstslemenls, we are required lo detemiine whether there is a material misstatement in the financial statements or a merial mi5Statement of the other infom)alion. If, based on the work we have performed, vle condude that there is a material misstatement of this other informa*ion, we are required to report that fad. We have nothing to report in this regard.
LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) Opinions on other mattef5 prnscrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course ol our au(Jttr. the information given in the Tntstees. Report, which indudes the directors. report prepared for the purposes of company law. for the financial year for vthich the financlal statements are prepare(l is consistent wrth the financial statements., and the directors, report in¢Euded wrthin the Trustees, retort has been prepared in accordanc£ Trmlh applicable legal requirements. MatteF5 on which we are rgqulred to report by exceptlon In the light of the knowledge and understanding of the Foundation and rts env?ronment obtsined in the course of the audit, we have not identsfied materia misstslemenls in the directors, report indLKled vnthin the Trustee5' report. We have nothing to report in respect of the fcllowng matters in relation lo vthi¢h the Companies Act 2006 requires u5 to report lo you if, in our oynion". adequate accounting records have not LEen kept, or rettsms adequate for our audit have not been received from branches not visrted by us.. or the financial statements are Trol in agreement the ac£ounb"ng records and retums,. or certain disclosures of trustees, remunerats.on spefied by law are not made., or we have not received all the irrforniation and explanations we require for our audit.- or the Trustees were not entitted lo prepare the finanaal statements in accordan with the small companies regime and lake advantage of the small mpanieS. exemptsons in pteparing the Trustees. report and from the reqUi[ent to prepare a strategic report. Responsibilities of Trustees As explained more fully in the statement of Tiuslees. responsibilthes. the Trustees, are also the directors of the Foundation for the purpose of Company law, are responsible for the preparation of the finanoal statements and for being satisfied that they give a tJue arKI fair view, and for such inlemal Control as the Trustees determine is necessary to enable the preparation of finanryal statements that are free from m*erial misstatement. whelhef due lo fraud or error_ In preparing the financial stalements. the Trustees are responsiblè for a$sesgng the Foundati(>n'$ ability to continue as a going concern, disdosing. as applicable, matters related to going COnM and using the going concem basis of accounting unless the Tnjstees either intend to IiquKlate the charttable company or to cease operations, or have no realistic attemab.ve but to do so. Audltorfs responslbllltles for the audit of the financial statements Our objectives are lo obtain reasonable aSSUrar about vlhether the financial statements as a whole are free from material misstslemenl, whether due to fraud or error, and to issue an auditorfs report that Includes our opinion. Reasonable assurance is a high level of assuran. but is not a guarantee that an audit conducted in accordance with ISAS IUKI wll aayS detect a material misstslemenl when tl exists. Misstatements can arise from fraud or error and are considered material If. individually or in the aggregate, they could reasonably be expected lo inftuence the economic deasions of users taken on the basis of these finanaal statements. A ftjrther description of our responsibilrties for the audrt of the finanual statements is located on the Financial Reporting Council's website at.. http..IlVh_fr¢.Qrg.uk1adItQrsreSponbil1ties. This dewpbon forms part of our audilorfs report.
LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) Use of our report This report is made solely to the charitable companys members, as a body, in accordance ¥Mth Chapter 3 of Part 16 of the Companies Act 20. Our audrt work has been undertaken 50 that we might state to the charitable company's members. as a body. those matters we a required to state to them in an aLidilors' report and for no other purpose. To the fvllesl exient permitted by law, we do accept or assume responsibility to anyone other than the charitable Cofnpany and the charrtable company's members as a body, for our audit work, for this report, or for the Op1105 we have formed. JenniferAl&xander (Senior Ststutory Auditor) for and on behalf of Azets Audit Service5 Charted Accountants Statutory Audttor 10 March 2021 Trtanium 1 ng'5 Inch Place Renfrew PA4 6WF 10-
LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY2020 Unrestricted Unrestricted funds funds Year ended 14 months 31 July 2020 ended 31 July 2019 Notes ncom Donations and legaCS 13,334.894 14,703,260 Ex ure on.. Charitable achvf(ies 5,336,264 19,014,555 Net Incomellexpenditure} for the year 7,998,630 14,311,295) Other recognised gains and losses Other Ilossesllgains (28,8711 42,177 Net movemont in funds 7,969,759 14.269,118} Fund balances al l August 2019 15.253,9851 1984.8671 Fund balanc8s at 31 July 2020 2,715,774 15,253,985) The stslemenl of finanual activities indudes all gains and losses recognised in the year. Al income and expenditure derive from oxttinuing acb"vrt"tes. The statement of finarrial a¢tivikn"es also complies th the requirements for an income and expenditure acUnt under the Companies Ad 2006. 11
LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) BALANCE SHEET ASAT31 JULY2020 2020 2019 Notss Fixed assots Investments Current assets Debtors Cash at bank and in hand 67.660 5.496,938 67.660 585.501 5,564.598 653.161 Credltoys: amounts falling due within one year 10 (1,618,825) {2,898,1471 Net cuffent asselsllliabiliti'es} 3.945,773 12,244.9861 Totsl assets less current liabilities 3,945,774 12,244,9851 Creditors: amounts falling due after more than one year 11 11.230.O¢JOI 13,009,000) Net as$etsllliabilitiesl 2.715.774 15,253,985} Income funds Unrestricted funds 2.715.774 15,253,985> 2,715.774 15,253,985} fin ncial ststeFne reap ed by the Trustees on .. Lor Irvine Laidlaw Trustsg Company Reglstratlon No. 10780520 12-
LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JUL Y2020 2020 2019 Notes Cash flows from operating activltles Cash generated from operats.ons 14 4.911.437 369,713 Net cash used in investing actlvtties Net Cash used In financing activities Net increas8 in cash and cash equlvalents 4.911,437 369,713 Cash and cash equivalents at beginning of y 585.501 215,788 Cash and cash equivalents at end of year 5,496,938 585,501 13-
LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JUL Y 2020 Accounting policie$ Charlty infomiatlon Laidlaw Foundakn"on {formerly The lThir Laidlaw Fournlab"on) is a private charrtable company limrted by guarantee incorporated in England and Wales. The registered office is Eversheds House, 70 Great Bridgewaler Street. Manchester, M1 SES. wrth effect trom 21 August 2020: the name of the charrtabte company Ivas changed from The Iivine Laidlaw Foundation to Laidlaw Foundation. 1.1 Accounting convention The financial statements have been prepared in accordance with the FotJndkn"on's Memorandum and Articles ofAssociation, the Companies Act 2006 and -Accounting and Reporbng by Charities.. Statement of Recommended Practice applicable lo charikn.es preparing their accounts in accordan¢e wf(h the Financial Reporting Standard applicable in the UK and RepUtC of Ireland IFRS 7021. The Foundatson is a Public Benefit Entty as defined by FRS 102. The financial stslemenls are prepared in steding. which is Ihe ftjnctional currency of the Foundation. Monetary amounts in these finanaal *ements are rounded lo the nea$t £. The finanual slalements have been drawn up for the year ended 31 July 2020. The MparatiVe period is drawn up for the 14 months ended 31 July 2019. The finanaal statements have been prepared urhder the histon.cal cost convention. 1.2 Going concern At the lime of approving the financial statements. the Trustee5 have a reasonable expectation that the Foundab'on has adequate resources to continue in operational existen for the foreseeable fLrture. Thus the Trustees continue to ad¢Jpt the going o)ncem basis of accounting in prep8ring the ffinan¢ial statements. The financial statements have been prepared on a going it1nM basis as the Trustees believe that no material Unrtainty'eS exist. The Trustees have considered the level of funds held and the expeGled level of in¢ome and expenditure for 12 m¢Mlhs trom authorisAng these financial Statements. Based on these considerth"ons, althugh the Foundation's reserves are currently showing a Surplus of £2.715,774 due to future cotnmilmenls made. these will be met by donations received from the Foundation's 501e sponsor Lord Irvine Laidlaw as they fall due. The trustees. have considered Covid-19 as part of assessment 1.3 Charitable funds Unreslrioled funds are available for use at the discretson of the Trustees in ftjrtherance of their charitable objectives. 1.4 In¢omirFg resources Income is recognised when the Foundakn"M is legalFy entiued to rt after any perfom)ance conditions have been met, the amounts can be measured liablY, and rt is probable that income wll be received. Cash donations are recogniwj ort receipt other donations are reoyJnised once the Foundation has been notified of the donation. unless perfO[ran condth.ons require deferral of the amount. Income tax recoverable in relation lo donations received under Grft M"d 01 deeds of covenant is recognised al the lime of the donation. 14_
LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2020 Accounting pollcles Icontlnuedl 1.6 Resources expended ASI expendrture is accounted for on an accruals basis and has been dassified under heaclings that aggregate all Costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties. il is [vobae that the settlement wll be required and the amount of the obligation Can be measured ieliabty. IrrecL)verable VAT is eharged as an expense against the acbvty forwhich expendituie arose. Grants payable to third parties are within the charItae objecbves. unconditsonal grants are offered, this Is accrued as soon as the recipient is notified of the grant. as this gives rise lo a reasonable expectation that the recipient receive the grants. Where grants are conditional relating lo perfomiance then the grant is onty accrued when any unfulfilled conditions are OLJtside of the control of the ¢harrty. 1.6 Fixed asset investments Fixed asset investments are intbally measured at transac"on pri exduding transath.on costs, and are subsequently measured at fair valLJe at each reporb.ng date. Changes in fair value are recognised in net incotnellexpenditurel for the year. Transaction costs are expensed as Incurr1. A subsi(liary is an entity controlled by the Foundation. Control is the power to govem the financial and operating poliaes of the entity so as lo obt&"n benefits from ils ac"vib"es. 1.7 Financial instruments The Foundation has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12'0ther Financial InslruTnenls Issues, of FRS 102 to all of rts financial instruments. Financial instrumerts are recognised in the Foundatioll's balance sheet Nthen the Foundation boMeS party to the contra(aual provisions of the instwment. Financial assets and liabilities are offset with the net amounts presented in the financial slalements, when there is a legally enforceable right lo set off the recognised amounts and there is an intention lo setue on a nel basis or to realise the asset and settle the liabilty gmultaneou51y. Basic financial assets Basic financial assets. which include debtors and cash and bank balances, are initially measured al transaction price induding transadion Gosls and are subsequendy Carried al amortised cost using the effective interest method unless the arrangement consbtute5 a finanng transaction. Whe the transaction is measured al the present value of the fLrture receipts dsscounted al a market rale of interest. Finanaal assets dassified as receivable wthin one year are not amortised. 8asic financial liabilities Finanaal liabilf(ies and equity instruments are dassified according lo the substsnee of the contractual arrangements entered into_ An equity in5ttument is any contract that evidences a residual interest in the assets of the company after dedu(*"ng all of rts liabilitie5. 1.8 Employee benefits The cost of any unused holiday entiuement is recognised in the period in which the employee's services are received. Tem)in8b"on benefits are recognised immediatety as an expense vthen the Foundation is demonstrably commrtted lo terminate the employment of an employee or to PTovide temiinatson benefits.
LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2020 Accounting polleies {Contlnuedl 1.9 Retirement benefits Payments lo defined (x)ntn"bubon ts"[ement benefit schemes are tharged as an expense as they fall due. 1.10 Foreign exchange Transactions in currenues other than pndS steding are recc*ded at the rates of exchange prevailing al the dates of the transactions. Al each reporting end date. monetary assets and liabilities that are denominated in foreign currenues are retran51ated at the rates prevailing on the reporting elld dale. Gains and losses arising on translation are induded in net incomellexpendtturel for the period. Donatlons and legacies Unrastricted Unrestricted funds funds Year ended 14 months 31 Juty 2020 ended 31 July 2019 Donations and gifts 13,334,894 14,703,260 Donations and glfts Highland Group Holdings Ltd 13.334.894 14,703.260 13,334.894 14,703.280 16_
LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2020 Charitable activities Year ended 14 months 31 July 2020 ended 31 July 2019 Staff costs Legal and professional fees Programme costs Consultancy fees Website development costs Travel costs Website running costs Branding and event costs Bank charges Entertainment General expenses Printing and stslionery Subscriptions 381,009 28.570 19,256 118,950 2,378 30,934 6,291 6,848 341 172,417 23,368 127,542 9,057 26,789 48,720 600 361 1,282 4.684 606 325 19.798 615,306 414,820 Grant fijnding of activrties (see note 4) Goverance costs 4,714,358 18,592,735 6,600 7.000 5,336,264 19,014,555 Govemance costs Inducte payments to Ihe audrtors of £6.60012019' £7,000) for audrt fees. 17_
LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2020 Grants payablg Year ended 14 months 31 July 2020ènded 31 July 2019 Grants to inslilution$-. Laidlaw Schools Trust Laidlaw Scholars Lord Irvine A.S. Laidlaw E5 Scholarship FuTrJ men's Leadership FurKI Building's Grant Other 2,768,672 1,843.324 2.906,517 3.125,920 4.693,419 3.690.000 4,000,000 176,879 91,647 10,715 4,714,358 18,592,735 Trustèès None of the Iruslees {or any persons connected thwm) receivgd any remuneratlon during Ihg pgriod. During the period, expans for travel of £80 were reimbursed to truslgos {2019.. £8,890). 18-
LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2020 Employ8eS Number of employees The average monthly number of emrAoyees durirg the year Wds". Year ended 14 months 31 July 2020 ended 31 Juty 2019 Number Number Staff Employment costs Year ended 14 months 31 Juty 2020 ended 31 July 2019 Wages and salaries Social security costs Other pension StS 327.617 43,478 9,914 150,628 17,289 4.500 381,009 172,417 Key Management Personnel were compensated £348,737 during the year ended 31 July 2020 {2019- £169,317 during the period ended 31 July 2019). The number of employees whose total remunerabon was £60,000 or more were". Year ended 14 months 31 Juty 2020 endod 31 July 2019 Number Number £120.000- £130,000 £300,000- £310.000 Contributions lot81ing £9,000 were made to defird contributton penOn schemes on behalf of employees whose emoluments exceed £60,000. Other gains or losses Unrestricted Unrestrlctèd funds Year ended 14 months 31 July 2020 ended 31 July 2019 Foreign exchange lossesl{gainsl 28,871 142,177} 19-
LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2020 Flxed asset investsnents Other Investments Cost or valuation At 1 August 2019 & 31 July 2020 Carrylng amount Al 31 July 2020 At 31 July 2019 2020 2019 Other investrnents comprise.. Notes Investments in subsidiaries 13 Debtors 2020 2019 Amounts falllng due wlthln one year- other debtors 67.660 67,660 10 CTrditors: amounts falling due vthhin one year 2020 2019 other taxation and soryal se(yJrity Trade Creditors Other creclrtors Acctuals and deferred income 13,021 15,993 1,583.509 6,302 11.846 2,859,000 27,301 1,618,825 2.898,147 Included within Other Creditors are (x)mmitrnents made prior to the year end for future grants payable by the Foundation, amounting to £1.525,000.
LAIDLAW FOUNDATION (FORMERLY THE IRVINE LAIDLAW FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2020 11 Creditots.. amounts falling due after more than one year 2020 2019 Other creditors 1,230.000 3,009,000 Other creditors relate lo commthents rnade to firture grants payab]e by the Foundation prior to the period end. These grants wll be ftjnded by (fr)natior made by the Foundation's sole sponsor, Lord Irvine Laidlaw. 12 Related party transactions During the year the Foundation received donation5 of £13.334,894 12019". £14,703,260) from Highland Groijp Holdings Ltd, a company wholly owned by Trustee Lord Irvine Laidlaw. At the year end, a balance of £67,660 {2019." £67,660) was owed lo the Foundation by Specialised Transportation Ltd. During the year the FoUra.0n made a chatitabje Ilonth"on to the Laidlaw Schools Trust lotslling £2,768.67212019.' £2.906,51n of which Lord Irvine Laidtaw is a member. 13 Subsldiaries These financial ststements are separate Foundation finanaal statements for the year ended 31 Juty 2020. Details of the Foundation's subsidiary at 31 July 2020 is as follovts.. Name of undertaking Registered office Nature of business Class of % Held share5 held DI¢t Indire Rolhiemay Trading L5mited England Propety Énvestment company Ordinary 100.00 The aggregate capital and reserves and the result for the year of the subsidiary excluded from consolidation was as follows.. Name of undertaking ProfiV{Loss} Capltal and Reserves Rothiemay Trading Limited 110,745) -21_
LAIDLAW FOUNDATION {FORMERLY THE IRVINE LAIDLAW FOUNDATION) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2020 14 Cash generated from operations Year ended 14 months 31 July 2020 ended 31 2019 Surpluslldefiut) for the year 7,998,830 {4,311.2951 Adjustrnenls for. Foreign exchange differences {28,871) 42,177 Movements in working caprtal.. Ilrtcreasel in debtors IDe¢reasellincrease in credi(ors {46,3751 4,685.208 13,058,322} ash 9enoratgd from operations 4,911,437 369,713 15 Analysis of changes in net funds The Foundation had rv) debt during Ihe year.