Registered number: SC703147 Charity number: SC051388 THE ELEVATOR FOUNDATION (A company Ilmlted by guarante8) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE ELEVATOR FOUNDATION (A company Ilmlted by guarantee) CONTENTS Page Reference and admlnlstratlve detalls of the company, Its Tru8tee8 and advlsers Trustegs. report Trustoas, ro8ponslbllltle$ statement Independent examlnor's rèport Statemont of flnanclal actlvltlo8 Balance 8heet Noto8 to the flnanclal 8tatement8 9-15
THE ELEVATOR FOUNDATION (A company Ilmlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustee8 S Dowds. Director (resigned 18 December 2025) M Gibson, Director (resigned 31 March 2025) G Leask, Director (resigned 31 March 2025) S MacDonald, Director {resigned 31 March 2025) G McEwan, Dlrector R Ross, Director A Crossland, Dir8Ctor (appointed 17 Decemb8r 20251 Company regl8tered number SC703147 Charlty reglstered number SC051388 Regl•tar•d offlce 1st Floor Blenhelm House Aberdeen AB15 4DT Accountant8 AAB Audlt & Accountancy Llmlted Klngshill View Prlme Four Buslness Park Klngswells Aberdeen AB15 8PU 8ankor• Bank of Scotland 39 Albyn place Aberdeen AB10 1YN Sollcltor8 Aberdeln Consldln8 & Co 5-9 Bon Accord Cr8scent Aberdeen AB116DN Page 1
THE ELEVATOR FOUNDATION (A company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present Iheir annual report together with the financial statements of the The Elevator Foundation for the year 1 April 2024 10 31 March 2025. The Annual report serves the purposes of both a Trustees, report and a directors, report under company law. Th8 Trustees confirm Ihat the Annual report and financial stat8ments of the charitable company comply with the current statutory requlrements, the requlrements of the charitable companrfs governing document and tho provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102) (effecllve 1 January 2019). Sinc8 the company qualifies as Small under section 382 of th8 Companles Act 2006, the Strategic report r8quired of medium and large companles under the Companle8 Act 2006 (Strateglc Report and Dlrectors, Report) Regulations 2013 has been omltted. ObJectlva8 and actlvlt188 Pollcla8 and obJectlv08 The company's objectlves are to carry on activities whlch are for the advancement of educatlon and the advancement of citlzenshlp and communlty d8velopment, and in partlcular, but without limitation, to support entrepreneurs and potentlal entrepreneurs (up to and Including the age of 30) resldlng In Scotland by., a. Th8 provision of educatlon and networklng opportunltl88 to advance enterprlse and buslness skills; b. The provlslonlng of mentorlng,, and Th8 provision of grants. Achlevement8 and perfomianca a. Maln achlevemont• of Iha company The Elevator Foundation officially launched last year and held panels In Aberdeen Clly and Shlre, TaysSde and North and South Lanarkshire. A grant of £300 was awarded to 1 indivldual to d8velop and grow thelr buslness. The buslness contlnues to be supported by the Foundatlon's network of mentors. Flnanclal revlew . Golng concern Durlng the year the company recelved donatlons amountlng to £NIL (2024.. £3,089) and Incurred expendlture amounting lo £5,079 12024.. £2,595) giving rise to net expendilure for the year of £5,079 (2024 :net income £494). The company had deficit reserv88 carrled foTward at the year 8nd of £1,720 (2024: surplus £3,359). All reserves are unrestrlcted at thls tlme. It is the policy of the company that unrestrlcted funds which have not be designated for a specific use should be malntained at a level equivalent to between three and slx month's of running costs. The directors consider that reserves at this level will ensure that, in the event of a significant drop in funding, the company will be able lo continue in 8xislence whilst consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The directors have assessed the major risks to which the company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Page 2
THE ELEVATOR FOUNDATION (A company Ilmlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management a. Constitutlon The charity is a company Ilmited by guarantee and governed by Its Articles and Memorandum of Association and Is recognised as a charily by the Office of the Scottish Charity Regulator in accordance with the provisions of The Charities and Trustee Investment (Scotlandl Act 2005. In accordance wlth the Artlcles of Assoclatlon. every member is liable to contrlbute a sum of £1 in the event of the company belng wound up. The members elect dir8Ctors and make decisions In relation to changes in the Artlcl88. The directors hold regular meellngs and generally control and supeNlse the actlvlties of the company,. In partlcular, the dlrectors are responsible far monitoring the fin8nclal position of the company. The company has a relatlonshlp wlth Enterprlse North East Trust Llmlted, whlch operates under the name Elevator, due to both entities sharlng key direclors, Enterprise North East Trust Limlted Is also a member of The Elevator Foundation. Approved by order of the members of the board of Trustees and slgned on thelr behalf by.. R Ross Director Date., 24 March 2026 Page 3
THE ELEVATOR FOUNDATION (A company Ilmlted by guarantee) STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees (who are also the directors of the company for the purposes 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 Acceptad Accounting Praclicel. Company law requires the Trustees to prepare financlal statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they glve a tru8 and falr vlew of the stale of affalrs of the company and of Its Incoming resources and application of resources, Includlng It5 income and expenditure, for that perlod. In preparing these financlal statements, the Trustees are required to: select sultable accountlng pollcles and then apply them conslstently; observe the melhods and prlnclples of the Charllles SORP (FRS 102),, make judgments and accounllng estlmates that are reasonable and prudent., state whether appllcable UK Accountlng Standards (FRS 102) have been followed, sublect to any materlal departures dlsclosed and explaln8d in the financlal statements. prepare the flnanclal statements on the golng concern basls unless It Is Inapproprlate to presume that the company wlll contlnue In buslness. Th8 Trustees are responslble for keeplng adequate accountlng records that are sufficient to show and explain the company's transactlons 8nd dlsclose wlth reasonable accuracy at any ilme the flnancSal posillon of the company and enable them to ensure thal the financial statemenls comply wlth the Companles Act 2006, the Charitle5 and Trustee Investment (Scolland) Act 2005 and the Charities Accaunls (Scolland) Regulations 2006 (as amended). They are also r8sponslble for safeguardlng the assels of the company and hence for taklng reasonable steps for the preventlon and detectlon of fraud and other Irregularltles. Page 4
THE ELEVATOR FOUNDATION (A company Ilmlted by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Independent Examlner's Roport to Ihe Trustees of The Elevator Foundatlon I report on the accounts of the company for the year ended 31 March 2025 whlch are set out on pages 7 to 15. R68P•Ctlve Re8pon8lbllltle8 of Truste08 and Examlner The trustees, who are also directors of the company for the purposes of company law, are responsible for the preparation of the flnanclal statements In accordance wlth the terms of the Charltles and Trustee Investment (Scollandl Act 2005 ('Ihe Act,) and the Charities Accounts (Scolland) Regulation 2006 ('th8 Accounts Regulations,). The trustees consider that the audit requlrement of Regulation 1011){a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examlne the financlal stat8m8nts as requir8d under section 44(1)Ic) of the Act and to state whether partlcular matters have come to my attentlon. Ba•18 of Independent Examlnar'8 Statamont My examlnatlon was carried out In accordance wSth regulatlon 11 of the Accounls Regulatlons, An ex8mlnation Includes a revlew of the accountlng r8cords kept by the company and a comparison of the financlal statements presented wllh those records. It also Includes conslderatlon of any unusual Items or dlsclosures In the flnanclal statements, and seeklng explanations from you as trustees concerning any such matters. The procedures undertak8n do not provld8 all th8 evidence thal would be requlred In an audSt. and consequently I do not express an audlt opSnlon on the vlew glven by the accounts, Page 5
THE ELEVATOR FOUNDATION (A company limlted by guarantee) INDEPENDENT EXAMINER'S REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Independent Examlner's Statement In the course of my examlnatlon, no matter has come to my attention.. whlch gSves m8 reasonable caus8 to belleve that In any materlal respect the r8qulrements'. to ke8p accounting r8cords In accordance wlth section 44{1){a) of the Act and regulallon 4 of the Accounts Regulations., and to prepare financial slatements which accord wlth the accounting records, Accountlng and Reporting by Charities preparing their 8ccounts in accordanc8 wlth the Financial Reporting Standard In the UK and Republic of Ireland (FRS 102) and in other respects comply with regulation 8 of the Accounts Regulations have not been met., or lo whSch, In my opinion, attenllon should be drawn Sn order to enable proper understandlng of the financlal statements lo be reached. This report Is made solely to the company's Trustees, as a body, In accordance wlth regulatlon 11 of the Charitles Accounts (Scolland) Regulations 2006. My work has been undertak8n so Ihat I might state to the companls Truslees those matters l am requlred to state to them In an Independent examlner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the companYs Tru8t88S as a body, for my work or for thls report. Slgned.. Dat8d. Z 7 M&LL ZO ZG Graeme Penman CA Member of Institute of Chartered Accounts Scotland AAB Audlt & AcGountancy Llmlted Klngshlll Vlew Prlme Four Buslness Park KSngswells Aberdeen A815 8PU Page 6
THE ELEVATOR FOUNDATION (A company limlted by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Total funds 2025 Total funds 2024 Note Incomg from: Donations and legacles 3,089 Total Income 3,089 Expendllure on: Charitable actlvi1188 5,079 5,079 2,595 Total expendlluro 5,079 5,079 2.595 Net movoment In fund8 (5,079) (5,079) 494 Roconclllatlon of funds: Total funds brought forward Net movement In funds 3,359 (5,079) 3,359 (5,079) 2.865 494 Tolal fund8 carrlod forward (1,720) {1,720) 3.359 The Statement of Flnanclal Activities Includes all galns and losses recognlsed In Ihe year. The notes on pages 9 to 15 fomi part of these flnanclal statement8. Page 7
THE ELEVATOR FOUNDATION (A company Ilmited by guarantee) REGISTERED NUMBER: SC703147 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Flxed a88et8 Current a880ti Cash at bank and In hand 1,580 4,859 1,580 4,859 Current Ilabllltle8 Credltors: amounts falllng due wlthln one year <3,300) (1,500) Nat curront Ilabllltlos l a88at• (1,720) 3,359 Total net a88et• (1,720) 3,359 Charlty fund8 Restricted funds Unreslrlcted funds 11 11 {1,720) 3,359 Tolal fund8 (1,720) 3,359 The company was entitled to exemptlon from audlt under sectlon 477 of Ihe Companles Act 2006. The members have not requlred the company to obtaln an audlt for the year In question In accordance wlth sectlon 476 of Companles Act 2006. The Trustees acknowledge thelr responsibilities for complying wilh the requlrements of the Act wilh respect lo accounting records and preparation of financial statemenls, The financial statements have been prepared in accordance with Ihe provlsions appllcable to entlties subject to th8 small companies regime. The financial statements were approved and authorlsed for issue by the Trustees and signed on their behalf by.. R Ross Director Dale: 24 March 2026 The notes on pages 9 to 15 fomi part of these financial statements. Page 8
THE ELEVATOR FOUNDATION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General Informatlon The Elevator Foundatlon Is a prlvate company Ilmlted by guarantee Incorporated In Scotland. The registered office if 1st Floor, Blenheim House, Fountainhall Road, Aberdeen, AB15 4DT. Accountlng pollcle8 2.1 Bas1• of proparatlon of flnanclal 8tatoment8 The financlal statements have been prepared In accordance wlth the Charltles SORP {FRS 1021 Accounting and Reporting by Charltles: Statement of Recommended Practice applicable to charities preparing th8ir accounts in accordance with the Financial Reporting St8ndard applicable In Ihe UK and Republic of Ireland IFRS 1021 leffectlve 1 January 20191, the Flnanclal Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Th8 Elevator Foundatlon meets the definltlon of a publlc beneflt entity under FRS 102. Assets and liabilities are initially recognlsed at historical cost or transaction value unless otherwise slated In the relevant accounting pollcy. The financlal stalements are prepared In sterllng, whlch Is the functlon81 currency of the company. Monetary amounts In these financial statements are rounded to the nearest £. 2.2 Golng concern At the tlme of approvlng the financlal 8tat8ment8, the directors have a reasonab18 8xpectatlon that the company has adequate resources to conllnue In operatlonal exlstence for the foreseeable future. Thus the directors continue to adopt the golng concern ba81s of accountlng In preparlng the flnanclal statem8nts. 2.3 Fund accountlng General funds are unrestrlcted funds whlch are avallable for use at tha dlscrellon of the Trust88s In furtherance of the general oblectives of the company and whlch have nol been designated for other purposes. 2.4 Income All Income Is recognised once the company has enlltlement lo the incom8, it is probable th8t the ncome w511 be received and the amount of Income receivable can be measured rellably. 2.5 Expondlture Expenditure is recognised once there is a legal or construcllve 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 amounl of the obligatlon can be measured reliably. Expenditure Is classified by activily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activily. Direct costs attributable to a single activily 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 Ihe basis of time spent, and depreciation charges allocated on th8 Portion of the asset's use. Expendilure on charitable activities is incurred on directly undertaking the activities which further the companls objectives, as well as any associated support costs. Page g
THE ELEVATOR FOUNDATION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcle8 (contlnued) 2.5 Expendlture (contlnued) Grants payable are charged In the year when th8 offer is made except In those cases where th8 offer is conditional, such grants belng recognised as expenditure when the conditions attachlng are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as 8XP8nditure. All expenditure Is inclusive of irrecoverable VAT. 2.6 Ca8h at bank and In hand Cash al bank and in hand Includes cash and short-term highly liquld Investments with a short maturlty of three months or less from the date of acqulsltlon or openlng of the deposlt or slmllar account. 2.7 Llabllltle8 and provl8lon8 Llablllll88 are recognls8d when there Is an obllgatlon at the Balance sheet dale as a result of a pasl event, st is probable that 8 Iransfer of economlc benefit will be required In settlement, and the amount of the settl8m8nt cen be eslSmated rellably. LI8bllitles are recognSsed at the amount that the company antSclpates It wlll pay to settle the debt or the amount It has received as advanced payments for the goods or servlces it must provSde. Provlslons are measured at the best estlmate of the amounts requlred to settle Ihe obllgatlon. Where the effect of the lime value of money Is malerlal, the provision is based on the present value of those amounts, dlscounted at the pre-tax dlscount rate that reflects the rlsks speclfic to the Ilablllty. The unwlnding of the dlscount Is recognlsed In the Statement of financlal actlvltles a8 a flnance cosl. 2.8 Flnanclal Instrumonls The company only has financlal assets and financlal Ilabllllies of a kind that qualify as basic financial nstruments. Basic financial inslruments are InS1Sally recognised at transaclion value and subsequently measured at thelr settlement value wlth the excepllon of bank loans whlch are subsequently measured at amortlsed cost uslng the effective Interest method, Income from donatlons and legacles Unrestricted funds 2025 Total funds 2025 Donations and gifts Unrestricted funds 2024 Total funds 2024 Donations and gifts 3,089 3.089 Page 10
THE ELEVATOR FOUNDATION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysls of grant8 Grants to Individuals 2025 Total funds 2025 Grants to Individuals 300 300 Grants to Individuals 2024 Totsl funds 2024 Grants lo Indlvlduals 875 875 AnalyBI8 of oxpendlture on charltable actlvltle• 8ummary by fund type Unrestrlct8d funds 2025 Total 2025 Charltable actlvllles 5,079 5,079 Unrestricted funds 2024 Total 2024 Charltable actlvltles 2,595 2,595 Page11
THE ELEVATOR FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysls of expendlturo by actlvlt108 Grant fundlng of actlvilies 2025 Support costs 2025 Total funds 2025 CharStable actlvltles 300 4.779 5,079 Grant funding of actlvltles 2024 Support costs 2024 Total funds 2024 Charltable actlvltles 875 1,720 2,595 Analy818 of 8UPPOrt cost• Total funds 2025 Actlvltles 2025 Legal and professional fees Other costs 4,620 159 4,620 159 4,779 4,779 Total funds 2024 Activltles 2024 Legal and professional fees Other costs 1,500 220 1,500 220 1,720 1,720 Page 12
THE ELEVATOR FOUNDATION (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Indapondent examlnerfs romunoratlon 2025 2024 Fees payable to the companys independent examiner for the independent examination of the companls annual accounts 2,400 850 Tru8too8' remuneratlon and expon808 Durlng the year, no Trustees recelved any remuneralion or other benefits (2024 - £NIL). During the year ended 31 March 2025. no Trustee expense8 have been Incurred {2024 - £NILI. CredltorB: Amount8 falllng due wlthln one year 2025 2024 Accruals and deferred Income 3,300 1,500 10. Flnanclal Instrument• 2025 2024 FlnancSal a88et• Flnancial assets measured at amortised cost 1,580 4,859 FlnancSal assets measured at amortlsed cost comprlse of cash and bank balances. Page 13
THE ELEVATOR FOUNDATION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Statemont of funds Statement of fund8 - current yoar Balance at 31 March 2025 Balance at 1 April 2024 Expendilure Unrestrlcted funds Reserves 3,359 (5,079) {1,720) Slatomont of funds - prlor yoar Balance at 31 March 2024 Balance at 1 April 2023 Income Expendlture Unreetrlcted funds General Funds 2,865 3,089 (2,595) 3,359 12. Summary of funds Summary of funds - current year Balance at 31 March 2025 Balance at 1 Aprll 2024 Exp8ndltur6 General funds 3,359 (5,079) (1,720) Summary of funds - prlor year Balance at 31 March 2024 Balance at 1 April 2023 Income Expenditure General funds 2,865 3,089 (2,595) 3,359 Page 14
THE ELEVATOR FOUNDATION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. Analysls of net assots botweon funds Analysls of net assets bgtween fund8 . current year Unrestricted funds 2025 Total funds 2025 Current assets Credltors due wlthin one year 1,580 (3,300) 1,580 {3,3001 Total (1,720) (1,7201 Analy818 of net a888t8 between funds - prlor year Unrestricted funds 2024 Total funds 2024 Current assets Credltors due wSthln one year 4,859 (1,500) 4,859 (1,5001 Total 3,359 3,359 14. Llmlt•d Llablllty The members of Ihe company have no liability to pay any sums to help meet the debts (or other Ilabllltiesl of the company Sf It Is wound up. At 31 March 2025 there was one member. Page 15