The Trustees present their annual report and financial statements for the period ended 31 December 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Laidlaw Opera Trust purpose is to act for the advancement of opera as an art form, to expand opera’s reach and self-sufficiency.
The Laidlaw Opera Trust primarily makes charitable donations to opera companies and related organizations in the opera ecosystem where projects align with the major goals of the Trust. These are:
Bring opera to new audiences, making it accessible, inclusive and future-proof
Support new and outstanding productions
Sustain and retain British singers in the industry
Help opera to become more self-sufficient, encouraging innovation and collaboration
The Laidlaw Opera Trust is dedicated to supporting opera, ensuring the preservation of its rich tradition while fostering its evolution. Our commitment expends to opera houses, productions, companies and festivals as well as aiding British opera singers, through structured programs, to develop successful, lasting careers. We aim to cultivate a thriving, inclusive opera ecosystem that celebrates excellence and innovation, through strategic donations and targeted support.
1. Opera programmes
a. Laidlaw Opera Trust Partner Companies
In autumn 2024 LOT Trustees selected 5 Partner Companies to support. These were selected on the basis that they are doing exceptional work toward LOT’s stated aims, and covered a cross-section of company size and type. The companies submitted a list of ambitions and objectives, and the Trustees selected projects which align with LOT goals to support through restricted grants. Payments of £200k or €240k were made to each company in spring 2025 and projects were tracked throughout the year. Work was done on setting KPIs and measuring impact with the ultimate aim of sharing knowledge and experience across the sector. LOT partner companies are:
i. Irish National Opera – total gift €240k
€105k - Bartered Bride pocket opera tour. This was to trial a smaller scale opera in venues in communities where Irish National Opera does not traditionally perform.
€135k towards the sets of L’elisir d’amore, spring 2025, and Madama Butterfly, autumn 2025
ii. Pegasus Opera Comapny - total gift £200k
£179k - for Pegasus to commission and develop a Windrush Opera to be performed in 2028, coinciding with the 80th anniversary of the arrival of the Empire Windrush
£8.5k to fund four mentees for the 25/26 opera mentorship programme for singers of global majority heritage
£12.5k to launch the Encore programme, providing help and support to graduates of the Pegasus mentorship programme
iii. Opera North - total gift £200k
£100k - Revival of a South Asian Orpheua to be toured in 2027
£40k - Relaxed performances in autumn 2025 and spring 2026 which gives opportunities for cover cast to take leading roles with a full orchestra and staging
£60k - Open air concert in Leeds City Centre in June 2026 to bring Opera North to a wider local audience
iv. The Grange Festival - total gift £200k
£100k - subsidised tickets for under 36s to bring a younger audience to the festival
£11k - younger singer talent development
£45k - digital media campaign to build audiences
£44k - to subsidise a new role in audience impact and data
v. English Touring Opera - total gift £200k
The full gift for ETO goes towards the learning and participation work the company does which includes
A new commission of an opera for Key Stage 2 children
Workshops on composition and performing for GCSE level music students
Workshops on composition and lyrics for students at alternative provision settings.
b. Small Donation Companies
Unrestricted grants of £10k each were given to the following organisations in January 2025
Birmingham Opera Company
Buxton International Festival
Dorset Opera Festival
If Opera
Mid Wales Opera
Northen Ireland Opera
Opera de Monte Carlo
OperaUpClose
Scottish Opera
Shadwell Opera
Welsh National Opera
Wexford Festival Opera
c. Other Opera Donations
Unrestricted grants were given to the following organisations which was spent primarily on productions:
Music Theatre Wales - £23k (paid October 2024)
Royal Ballet and Opera - £50k (paid in 2025)
Glyndebourne - £250k (paid in 2025 as year 2 of a 2 year pledge)
The Metropolitan Opera of New York - $500k paid in 2025 as year 3 of a 3-year $1.5m total pledge. In addition $250k was brought forward from the 2026 pledge and paid in 2025, leaving $250k to be paid in 2026
Diva Opera 2024 - £28k in platter part of 2024
Diva Opera 2025 - £100k plus £20k for additional performances
d. Pledges for Payment in 2026
The following pledges were made for payment in 2026:
LOT Partner Companies
English Touring Opera - £208k
The Grange Festival - £208k
Opera North - £208k
Irish National Opera - €241k
Pegasus Opera Company - £200k
Other Grantees
Royal Ballet and Opera - £150k towards an opera and ballet gala evening
Diva Opera - £104k plus £60k available for additional performances
Oxford International Opera - £100k
Savonlinna Opera Festival - €100k
Glyndebourne - £250k for the autumn season
Northern Ireland Opera - £25k
Buxton International Festival - £25k
Opera Holland Park - £25k
Small Donation Companies
Birmingham Opera Company - £12k
Dorset Opera - £12k
Mid Wales Opera - £12k
OperaUpClose - £12k
Shadwell Opera - £12k
Welsh National Opera - £12k
Wexford Festival Opera - €13.7k
Blackwater Valley Opera Festival - €11.4k
Bogliasco Foundation - €11.4k
British Youth Opera - £10k
Celebrate Voice - £10k
Da Ponte Festival
Duchy Opera - £10k
Garsington Opera - £10k
Longborough Festival Opera - £10k
Mahogany Opera Group - £10k
Music Theatre Wales - £10k
National Opera Studio - £10k
New Sussex Opera - £10k
Opera Bohemia - £10k
Opera Collective Ireland - €11.4k
Opera della Luna - £10k
Opera Rara - £10k
Regents Opera - £10k
Waterperry Opera Festival - £10k
West Green House Opera Festival - £10k
Wild Arts - £10k
The Trustees decided to make Scottish Opera a new Laidlaw Opera Trust partner company.
2. Other programmes
a. Business of Opera summit, October 2024
The Trust held the first biennial Business Opera Summit in October 2024 with the aim of bringing together senior representatives of the art form from across the UK and beyond to discuss the challenges face and explore ways forward. The overwhelming feedback we received was that this was a fantastic opportunity for the industry to get together, it was extremely timely and necessary and that this was the first time the art form in the UK and Ireland had this opportunity, and safe space in which to share ideas. One outcome from this was the development of the Opera and Music Theatre Group, and industry grouping to coordinate communication with government bodies and the wider public as well as to cooperate on ideas which align with the aims of the Trust.
b. Small scale meetings
i. Change Management Conversations, July 2025
The Trust convened 10 CEOs and senior executives of large opera companies in the UK and Ireland to share experiences and lessons of change management in organisations experiencing changes to funding.
ii. Opera Chairs' Meeting, October 2025
The Trust brought together the Chairs of 20 opera companies in the UK and Ireland to discuss ways that chairs and boards can be more intentional in helping opera companies achieve their ambitions within financial and operational constraints. This was the first meeting of its kind in the UK and was extremely well-received. Most of the attendees knew of one another but had not previously met and had a chance to compare notes.
c. Marketing help from The Meteropolitan Opera of New York
The Trust worked with Gilly Brierley, Deputy General Director, Marketing and Communications of The Metropolitan Opera of New York to work with four of the LOT Partner Companies; Pegasus Opera Company, Irish National Opera, Opera North and English Touring Opera on their marketing and communications strategies. This involved initial virtual communication, followed by one-day meetings in July 2025 with each of the companies in turn. Follow up included sharing templates, documents and strategies. The intention is to continue with follow up work in summer 2026.
The Trustees take seriously their responsibilities to implement appropriate financial controls to ensure the Trust is managed to a high standard.
During this extended financial period ended 31 December 2025, total expenditure of £3,023,454 (2024 - £2,446,790) was covered by total charitable income of £3,025,000 (2024 - £5,264,496). The grants payable and committed to by the Foundation at the year end of £1,571,178 (2024 - £1,037,849), shown within grant creditors, will be funded by the Trust's sole sponsor, Lord Laidlaw of Rothiemay, as they fall due.
The charity's income is derived from its sole sponsor, Lord Laidlaw of Rothiemay.
Total grants payable during the financial period amounted to £2,731,846 (2024: £1,943,730) (see note 4, Grants Payable)
At 31 December the Trust had negative reserves of £644,723 (2024 - £704,386) due to future commitments made prior to the year end. These commitments will be met by donations received from the Trust's sole sponsor, Lord Laidlaw of Rothiemay.
The Trustees have assessed the major risks to which the charitable company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The Laidlaw Opera Trust (formerly Laidlaw Foundation) is a company limited by guarantee without share capital, incorporated on 19 May 2017. On 26 April 2023, the Laidlaw Foundation (Switzerland) was established by Lord Irvine Laidlaw as an independent foundation in accordance with Articles 80 et seq. of the Swiss Civil Code (CC) for a period of 35 years from his passing. The registered office of the Foundation is Route de Chêne 30A, c/o L&S Trust Services SA, 1208 Genève. The agreements relating to the charitable activities of Laidlaw Foundation, Switzerland were transferred from Laidlaw Opera Trust in December 2023 and January 2024.
The Trustees, who are also the directors for the purpose of company law, and who served during the period and up to the date of signature of the financial statements were:
Trustees of the charity are nominated by Lord Laidlaw of Rothiemay, the main sponsor of the charity. The subscribers to the Memorandum (being the first Members) are also the first Trustees. Subsequent Trustees are appointed by notice in writing by the Founder to the Foundation whilst he is alive and thereafter by the Members by ordinary resolution. A Trustee's term of office automatically comes to an end on the tenth anniversary of his initial appointment.
The training and induction provided for new Trustees will depend on their existing experience. Where necessary, induction will provide training on charity, legal and financial matters.
The persons responsible for the day to day running of the charity are Katie Roberts (CEO), Matt Waugh and Piero Puccini.
In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.
The Trustees' report was approved by the Board of Trustees.
The Trustees, who are also the directors of Laidlaw Opera Trust (Formerly Laidlaw Foundation) for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Opinion
We have audited the financial statements of Laidlaw Opera Trust (Formerly Laidlaw Foundation) (the ‘charitable company’) for the period ended 31 December 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the Trustees' report for the financial period for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and
the directors' report included within the Trustees' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a strategic report.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members, as a body, those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Laidlaw Opera Trust (Formerly Laidlaw Foundation) is a private charitable company limited by guarantee incorporated in England and Wales. The registered office is The Clement Rooms, 217 Strand, Temple, London, WC2R 1AT, United Kingdom.
The trust's period end was extended from 31 July 2025 to 31 December 2025. As a result the 17 month period ending 31 December 2025 is not entirely comparable with the 12 month period ending 31 July 2024 comparative.
The financial statements have been prepared in accordance with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charitable company is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.
The charitable company's period end was extended from 31 July 2025 to 31 December 2025. As a result, the 17 month period ending 31 December 2025 is not entirely comparable with the 12 month period ending 31 July 2024 comparative.
The financial statements have been prepared under the historical cost convention.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements.
Based on these considerations, although the Trust's reserves are currently showing a deficit of £644,723 due to future commitments made, these will be met by donations received from the Trust's sole sponsor Lord Laidlaw of Rothiemay as they fall due.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
All expenditure is accounted for on an accruals basis and has been classified under headings 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, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
A subsidiary is an entity controlled by the charitable company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Foundation's balance sheet when the Foundation becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in net income/(expenditure) for the period.
Consolidation
The Foundation has taken the exemption from preparing consolidated accounts in accordance with FRS 102 9.9A as the inclusion of the subsidiary is not material for the purpose of giving a true and fair view.
Legal and professional fees
Programme costs
Consultancy fees
Travel costs
Website running costs
Branding and event costs
Bank charges
General expenses
Subscriptions
Governance costs include payments to the auditors of £11,100 (2024 - £9,295) for audit fees.
None of the trustees (or any persons connected with them) received any remuneration during the year.
During the year, travel expenses of £283 were reimbursed to 2 trustees (2024: £510 to 1 trustee).
The average monthly number of employees during the period was:
Key Management Personnel were compensated £131,246 during the year ended 31 December 2025 (2024 - £142,066).
Contributions totaling £3,387 (2024 - £827) were made to defined contribution pension schemes on behalf of employees whose emoluments exceed £60,000.
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
Grant creditors relate to commitments made to future grants payable by the Trust prior to the period end. These grants will be funded by donations made by the Trust's sole sponsor, Lord Laidlaw of Rothiemay.
Grant creditors relate to commitments made to future grants payable by the Trust prior to the period end. These grants will be funded by donations made by the Trust's sole sponsor, Lord Laidlaw of Rothiemay.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
During the year the Trust received donations of £nil (2024 - £4,614,266) from Highland Group Holdings Ltd, a company wholly owned by Trustee Lord Laidlaw of Rothiemay. The Trust also received donations of £2,150,000 (2024 - £90,000) from Bay Star Ltd, £nil (2024: £90,000) from Dellacqua Ltd, £nil (2024: £90,000) from Speleto Ltd, £nil (2024: £90,000) from Aberlour Ltd, £nil (2024: £90,000) from Pterasour Ltd, £nil (2024: £110,000) from Hindscrarth Ltd, £625,000 (2024 - £90,000) from Bay Beauty Ltd, £200,000 from Heathrow Elements B.V (2024: £nil) and £50,000 from Laidlaw Estates (UK) Limited (2024: £nil) companies wholly owned by Trustee Lord Laidlaw of Rothiemay.
At the year end, a balance of £nil (2024: £67,660) was owed to the Trust by Specialised Transportation Ltd, £226,499 (2024: £139,768) by Laidlaw Foundation, Switzerland and £nil (2024: £32,981) by Laidlaw Schools Trust.
These financial statements are separate charitable company financial statements for the year ended 31 December 2025.
Details of the charitable company's subsidiary at 31 December 2025 is as follows:
The charitable company had no material debt during the year.