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 Servi￿s
Titanium 1
KFng's Inch Place
Renftew
PA4 8￿F

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 servi￿5 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 S￿pe 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 ur￿ergraduateS 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 th￿r 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. spe￿al 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 Chan￿S. 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 th￿r 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 meth￿￿oI0g1es 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. ￿h0￿5 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 PrOgra￿Me that ensured pa￿nIS 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.ne￿rkln 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
Ne￿Ort(
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 child￿n, 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 sch￿1.
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
Se￿Or.

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 iM￿eMent 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 e￿sIen￿ 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 I￿kIr￿j 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 im￿ementalion 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[Fco￿Orat￿d 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 e￿stIng expenence. Where
necessary, induction will provide training on charity, legal and finanry￿ matters.
During the year, the Foundation made a charrta￿e 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 Servi￿5 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
AC￿pted 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[ta￿e 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 prin￿pIeS 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 reSponsi￿e for keeping adequate accounting records that disclose wilh reaSona￿e 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 p￿vention 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, I￿uding Finan￿￿ Reporting Stsndard 102 The Financial
Reportpng Standanl applicable in UK and RepublK of I￿land (United lQngdom Generally Accepted
Accounting Practice).
In our opinion, the finan￿al 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 requ1￿mentS 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 m*erial 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 spe￿fied 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 COn￿M 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 a￿ayS 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.uk1a￿dItQrsreSpon￿bil1ties. 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 Op1￿10￿5 we have formed.
JenniferAl&xander (Senior Ststutory Auditor)
for and on behalf of Azets Audit Service5
Charte￿d 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 legaC￿S
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 ac￿Unt
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 RepU￿tC 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 it1n￿M basis as the Trustees believe that no
material Un￿rtainty'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[r￿an￿ 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 [voba￿e 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 charIta￿e 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 Incurr￿1.
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 b￿oMeS
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 finan￿ng 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 p￿ndS 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 defir￿d contributton pen￿On 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 FoUr￿a￿.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.