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