For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

Enterprise North East Trust Limited is a private company limited by guarantee incorporated in Scotland. The registered office is 1st Floor, Blenheim House, Fountainhall Road, Aberdeen, Scotland, AB15 4DT.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

The directors have built financial scenarios to ensure that Elevator can continue its delivery programmes in the event that the organisation is not successful in any of its tenders. The organisation is also reaching out for grant and loan funding to expand its work.true

These scenarios indicate that Elevator currently has sufficient funds available to enable us to reshape our delivery should we be unsuccessful in the achieving all tenders. Our reserves position, combined with our plans should enable the organisation to continue its work, albeit in a smaller shape to our current delivery.

The directors have considered scenarios of restructuring our delivery and this combined with our current reserves position, and future plans provides sufficient comfort that Elevator can continue as a going concern for a period of no less than 12 months from date of approval of these financial statements. Whilst there is a material uncertainty related to these events or conditions that may cast significant doubt on the company's ability to continue as a going concern and, therefore that it may be unable to realise its assets and discharge its liabilities in the normal course of business the directors consider that the going concern basis of accounting is appropriate in preparing these financial statements.

Income and expenses are included in the financial statements as they become receivable or due.

Expenses include VAT where applicable as the company cannot reclaim it.

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 credited or charged to surplus or deficit.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

The company is not carrying on a business for the purposes of making a profit and is therefore exempt from corporation tax.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in surplus or deficit in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the income and expenditure account in the year they are payable.

The company also operates a defined benefit scheme. The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice. The detailed assumptions relating to the surplus or deficit recognised on the defined benefit scheme can be found in note 11.

The change in the net defined benefit asset or liability arising from employee service during the year is recognised as an employee cost. Net pension finance income or costs are also recognised as employee costs. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

Actuarial gains or losses are recognised on the profit and loss, through other comprehensive income. The pension scheme is shown separately on the face of the balance sheet.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in surplus or deficit as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Grants receivable in respect of tangible fixed assets are treated as deferred income, which is credited to the income and expenditure account over the estimated economic lives of the related assets.

Project funds

Funds receivable in respect of projects managed by the company are treated as deferred income, which is credited to the income and expenditure account in the period in which the related project incurs expenditure.

Capital grants

Grants receivable in respect of tangible fixed assets are treated as deferred income, which is credited to the income and expenditure account over the estimated economic lives of the related assets.

The average monthly number of persons (including directors) employed by the company during the year was:

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in surplus or deficit:

The impairment losses in respect of loans due from subsidiary are recognised in other gains and losses in the profit and loss account.

Included in land and buildings is Huntly Caravan Park with a carrying amount of £nil. It was revalued at 21 June 2023 by Graham + Sibbald LLP, independent valuers not connected with the company, on the basis of market value. The new value of the asset is £250,000. The valuation has been prepared in accordance with the RICS Valuation - Global Standards, incorporating International Valuation Standards and having regard to the UK National Supplement.

If Huntly Caravan Park was measured using the cost model, the carrying amounts would have been £nil (2024 - £nil), being cost £996,908 (2024- £996.908) less depreciation £996,908 (2024 - £996,908).

Targeting Innovation Solutions Limited, PeopleMatters Europe Limited and Targeting Innovation Limited are in the process of being wound up therefore this has resulted in a movement in the value of shares held in subsidiaries.

The company still controls The Elevator Foundation and Ellon Development Company Limited, companies limited by guarantee and without share capital. Each member’s liability is limited to £1. The company did not incur any cost in establishing these companies; therefore, the investment is recognised at £nil.

Details of the company's subsidiaries at 31 March 2025 are as follows:

Standard securities have been granted over Ellon Business Centre (O/W Unit 4) and Balmacassie Industrial Estate, Ellon, AB41 9RE in favour of the companies lenders. There is a bond and floating charge over all property assets.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The company operates a defined benefit scheme, whose assets are held in a separate trustee-administered fund.

The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at 31 December 2024 by The Prudential, Fellow of the Institute of Actuaries. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.

The defined benefit scheme is closed to new members and therefore under the projected credit unit method, the current service cost would be expected to increase as the new members of the scheme approach retirement.

Assumed life expectations on retirement at age 65:

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

The defined benefit obligations arise from plans which are wholly unfunded.

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

The revaluation reserve of £250,000 included in the balance sheet represents the revaluation of an interest at Huntly Caravan Park when the carrying value of £nil was revalued on 21 June 2023 on a market value basis.

The company has provided a cross guarantee to Bank of Scotland in respect of a loan taken by Ellon Development Company Limited, a wholly owned subsidiary undertaking. At 31 March 2025, the balance outstanding on the loan, which has been secured over the leasehold interest in the Crichiebank Business Centre was £97,211 (2024 - £139,485). This loan was repaid in June 2025 when Crichiebank Business Centre was sold.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

During the year the company charged Ellon Development Company Limited £27,000 (2024 - £27,000) in respect of the sub-lease of Ellon Business Centre and recharged specific identifiable costs of £99,731 (2024 - £98,619).

During the year Ellon Development Company Limited charged the company £nil (2024 - £18,227) for the sub-lease of Crichiebank Business Centre as they moved premise in April 2024. No interest was charged on intercompany balances throughout the year (2024 - £nil).

At the year end, the amount owed to the company by Ellon Development Company Limited was £1,184,618 (2024 - £615,520). A prior year impairment of £509,014 was reinstated in the year as the full loan is going to be paid over a 10 year period.