Charity registration number SC023222 (Scotland) LITTLE SPARTA TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
LITTLE SPARTA TRUST LEGAL AND ADMINISTRATIVE INFORMATION Charity number SC023222 Indépèndent examlner M¢Fadden Associates Limtted 19 Rutland Square Edinburgh EH12BB Sollcltors Turcan Connell Princes Exchange 1 Earl Grey Street Edinburgh EH3 9EE
LITTLE SPARTA TRUST CONTENTS Page Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 7-13
LITTLE SPARTA TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their report and accounts for the year ended 31 March 2025. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the 's Trust Deed. the Charities Accounts (Scotland) Regulations 2006 (as amended) and under the requirements of 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}(effective 1 January 2016) - (Charities SORP (FRS 102)). Objectives and activities Little Sparta is a garden sel in the Penlland Hills near Edinburgh. It was the creation of lan Hamilton Finlay and is regarded as his greatest work of art. The garden was created from the artistic fusion of poetic and sculptural elements with those of the natural landscape of ils surroundings. ilst works of art are commonly viewed in galleries, public parks and streets, museum5 and private houses, il is a unique achievement to have crealed a garden which itself is a major artwork encompassing within it both horticultural elements and individual works in such materials as stone, wood and metal. Little Sparta is a place for contemplation, intellectual receptiveness and enjoyment. The garden as a whole discloses to the viewer who walks round it many complexilies of meaning. sentiment and wit. It is also a fragile plaGe, easily damaged by the northern climate and constantly requiring careful conservation. Strategies for achieving aims and objgctives The central aclivity of the charity is to raise funds to ensure the conservation and maintenance of the garden within Little Sparta. The objectives of the charity are.. (i) to maintain the garden to the high standards set by its creator, lan Hamilton Finlay., {ii) lo secure the long term future of Little Sparta and its treasures- (iii) to protect and improve the amenities of Little Sparta for the public benefit.. (iv) lo facilitate and encourage access to and the study and appreciation of Little Sparta by the general public, alone or in co-operation with others.. and (V) to build up a maintenance fund. Public benefrt These objectives will be achieved through a fundraising strategy that will include the following approaches: (i) personal contact., {ii) grant applications., {iii) fundraising events.. (iv) sales of books on Little Sparta., (v) admission charges., (vi) public agencies.. Ivii) grant aid. Achievements and perforniance Significant acts'vities and aGhievements against objectives The Trust continues to operate in a manner which will attain the above objectives, in accordance with the wishes of the creator of the garden. the late lan Hamilton Finlay. The garden and the buildings contained within the garden were transferred in title to Ihe Trust on 25th July 2005, and these are reflected in the Heritage Assets in these financial statements {nole 12).
LITTLE SPARTA TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Financial review Results for the year ended 31 March 2025 ale given in the Statement of Finan(yal Activities on page 5. The assels and liabilities are given in the Balance Sheet on page 6. The finanGial statements should be read in conjunction with the related notes which appear on pages 7 to 13. The Trustees regard the financial posltion of Ihe charlly at 31 MaTch 2025 to be satisfactory. They are content that the Gurrenl accumulated unrestricted reseNes position leaves it with a base from which future activity can be built. Fundraising remains necessary on a regular basis. In summary total incoming resources arnounted to £119,345 (2024 £160,710). total resour$ expended lotalled £102,902 (2024 - £186.854) resulting in net incoming reSoueS of £16,443 <2024 - ouigoing £26,144). The Dalance Sheet reflects total reserves of £351,191- see note 14 for further details. Reserves policy The Trustees are ever mindful that the abilty of the Trust to meet the objectives set and noted above is entirely dependent upon ralsing funds by way of grants, gifts and donations. Fund raising acliwty of this nature in recent years has ensured that there is at present a balance of fvnds for future needs and planned capilal expenditure can be met. Major risks The Trustees have assessed the major risks to which the Trust is exposed. and are satisfied that sysl8ms are in place lo mitigate exposure to the major risks. Plans for future periods Major repair5 and maintenance of the garden and its artwork will continue. Structure, governance and management The Charity is an unincorporaled charity which operates under a d8claration of Trust. The Trust Deed was construed and administered in a¢¢ordan¢e with the law of Scotland and was subscribed to by the Trustees as from 1994. The Charity was originally recognised by the Inland Revenue as a voluntary oiganisation ur)der Scottish Charity Recognition Number SC023222 and it now appears on the Reglster of the Office of the Scottish Charity Regulator as an Unincorporated Association. The Charity Can be contacted al the Charil Office, I which precedes Ihis report, t at the Charity Infomiation page The Trustees who served during the year and up to the dale of signature of the financial statements were:
LITTLE SPARTA TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 RecMIt9nI and appointrn8nt of Irustees Under the Trust Deed the overall responsibility for the management of the charity vests in the Trustees as a body. the members of which for the purposes of Charty Law and Regulations are the Charity Trustees. The Board of Trustees shall comprise not less than five members, and new Trustees may be appointed by resolution of the Trustees. recorded in the minutes and signed by the new Trustee. The Trustees have the power to vary the Declaration of Trust and the terms thereof. The Trustees have been appointed lo bring appropriate skills and experience lo contribute to the implementstion of the objectives and aims of the charity. The Trustees meet four times a year to endorse decisions and define policy. The Chairman is in a position to make decisions beeen meetings, having consulted with the other Trustees. The trustees, report was approved by the Board of Trustees. rus 22 December 2025
LITTLE SPARTA TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LirrLE SPARTA TRUST I report on the financial statements of the for the year ended 31 March 2025, which are set oul on pa98s 5 to 13. Re5pectlve rosponslbllltles of Trustoes and examlner The charity's trusteès are responsible for the preparation of the accwnts in accordance with the terms of the Charities and Truslee Investment (Scolland) Act 2005 and the Charities Accounts (Scotland) Regulations 21)06. and they consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1)(G) of the Act and lo state whether particular matters have come to our attention. Basis of independent examinerfs report My examinalion was carried out in accordance wrth the Slalernent of Standards for Reporting Accountants and Regulation 11 of the Charities AG(L)unts (Scotland) Regulations 2006. An examinalion includes a rewew of the accounting records kept by tt)e charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts. and seeks explanations from the Iruslees con¢eming any such matters. The procedures undertaken do not provide all the ewdence that would be required in an audii and consequently I do not express an audit opinK)n on the view given by the accounts. Independent examinerfg statsment In ¢onnection wilh my examination, no other matter except that referred to in the previous paragraph has come to my attention.. (a) which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordance with section 44 (1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulalions., and (li) to prepare accounts which accord with Ihe accounting records and comply with the accounting requirements of Regulation 8 of the 2006 Accounts Regulations and with the methods and principles of the Statement of Recommended Practice.. Accounting and Reporting by Charities., have not been met., or (b) to which. in my opinion, attention should be drawn in order to enable a proper understsnding of the financial statements to be reached. Chartered Accountant 19 Rutland Square Edinburgh EH1288 Dated.. 22 December 2025
LITTLE SPARTA TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Unrestricted funds 2024 Restricted funds 2024 Total 2024 Notes Income from: Donations and legacies Charitable activities Investments Other material income 73,611 45,392 342 61,384 18,034 437 61.384 18,034 437 80,855 80,855 Total income 119,345 79.855 80.855 160,710 Expendlture on: Raising funds Charitsble activities 1,250 101,652 89,740 97,114 186.854 Total expenditure 102,902 89,740 97,114 186,854 Net incomel{expenditure) 16.443 (9.885) (16,259) (26,144) Transfers beeen funds {7,694) 7,894 Net movement in funds 16.443 (17,579) (8.5651 (26,1441 Reconclllatlon of funds: Fund balances at 1 April 2024 334,748 352.327 8.565 360.892 Fund balances at 31 March 2025 351,191 334,748 334.748 The statement of financial activities indudes all gains and losses recognised in the year. All income and expendilure derive from continuing activities.
LITTLE SPARTA TRUST BALANCE SHEET AS Af31 MARCH 2025 2025 2024 Notes Flxed assets Tangible assets 12 310.594 319,107 Current assets Stocks Cash at bank and in hand 13 12,250 28.347 12,250 3,391 40.597 15,641 Net current assets 40,597 15,641 Total assets le$$ Current liabilities 351,191 334,748 The funds ofthe Unrestricted funds 351,191 334,748 351,191 334,748 The financial statements were approved by the Trustees on 22 December 2025 Trustee
LITTLE SPARTA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Company information The Charity is an unincorporated charity which operates under a declaration of Trust. The Trust Deed was construed and administered in accordance with the law of Scotland and was subscribed to by the Trustees as from 1994. 1.1 Accounting convention The financial statements have been prepared in accordance with the Charities and Trustee Investment (Scolland) Acl 2005. the Charities Accounts {Scotland} Regulations 2006 (as amended) and "Accounting and Reporting by Charilies.. 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 IFRS 102) (effective 1 January 2019)" The is a Public Benefit Entity as defined by FRS 102. The has taken advantage of the provisions in the SORP for charities applying FRS 102 Updat8 Bulletin 1 not lo prepare a Statement of Cash Flows. The financial statements are prepared in steding, which is the functional cuencY of the . Monetary amounts in these financial slatements are rounded to the nearesl £. The financial statements have been prepared under the historical cost convention. Imodified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair valuel. The principal accounting policies adopied are sel out below. 1.2 Going concern At the time of approving the financial stalements, the Trustees have a reasonable expectalion Ihat the has adequale resources to continue in operational existen for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statemeAts. 1.3 Charftable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their ¢haritable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintsined by the . 1.4 Incoming resources Income is recognised when the is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably. and it is probable that income will be received. Cash donations are recognised on receipt. Other donalions are recognised once the has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gifi Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the ha5 been notified of an impending distribution, the amount is known, and receipt is expecled. If the amount is not known, the legacy is treated as a contingent asset.
LITTLE SPARTA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies {Continued) 1.5 Resources expended Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relaled to that category and include irrecoverable VAT. These are allocated between Charitable expenditure, Fundraising costs and Governance costs. Charitable expenditure is incurred in direct pursuance of the charity's principal objects as set out in the Trustees, Report. Fundraising costs represent those Gosts incurred to generate voluntary income. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. These costs include the completion of the Independent Accountant's Report, legal and professional fees and costs associated with meetings of Trustees. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at ¢ost 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.. Heritage Assets Heritage Buildings Property Improvements Plant & Machinery No depreciation 2°/0 Straight line 24/a Straight line 200A slraight line The gain or loss arising on the disposal of an asset is detemined as the difference between the sale proceeds and the carrying value of the asset. and is recognised in the slalement of financial activities. 1.7 Impaimient of fixed assets At each reporting end dale, the reviews the carrying amounts of its tangible assets to determine whelher there 15 any indication that those assets have suffered an impairment loss. If any such indication exists. the reGoverable amount of the asset is estimated in order to determine the extenl of the impairment loss (if any). Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing va5ue 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 lo the asset for which the estimates of future cash flows have nol been adjusted. If the recoverable amount of an asset is eslimated to be less than its carrying amount, the carrying amounl of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in incomel (expenditure for the year, unless the relevant assel is carried at a revalued amount. in which case the impaimient Ios5 IS treated as a revaluation decrease. Recognised impairment losses are reversed if. and only if, the reason5 for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amounl, but so that the increased carrying amount does not exceed the carrying amount Ihal would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
LITTLE SPARTA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies {Continued) 1.8 Stocks Stocks are stated at the lower of cost and estimated selling price less cos15 to complete and sell. Cosl comprises direct materials and, where applicable, direct labour costs and those overhead5 that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net rèalisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.9 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-lerm liquid investmenls with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Basic financial assets Basic financial assets. which include debtors and cash and bank balances. are initially measured at Iransaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constilutes 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. Baslc flnancial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditor5 are obligations to pay for goods or seNices Ihal have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as currenl liabilities if payment is due within one year or less. If not. they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financlal liabiliti.es Financial liabilities are derecognised when the 's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's serVIS are received. Termination benefi15 are recognised immediately as an expense when the is demonstrably committed to lerminate the employment of an employee or to provide termination benefits. 1.11 Value Added Tax The charity is not registered for VAT and accordingly expendilure includes VAT where appropriate.
LITTLE SPARTA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Critical accounting eSMateS and judgements In the application of the 's accounting policies, the Trustees are required to make judgements. estimales and assumplions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affeds both current and future periods. Donations and legacies Unrestrictsd Unrestricted funds funds 2025 2024 Donations and gifis 73,611 61,384 Income from charftable activities Unrestricted Unrestricted funds funds 2025 2024 Sales and entry fees Sale of goods 45,392 18,034 Income from investments Unrestrlcted Unrestrictsd funds funds 2025 2024 Interesl receivable 342 437 Other materlal income In the prior year substantial damage was caused to the site, which resulted in a large insurance claim. The amount ofthis claim of£80,855 is shown as Material olher inGome in the 2024 year. 10-
LITTLE SPARTA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ExpendltUTe on ralsing funds Unrestricted Unrestricted funds funds 2025 2024 Fundraising and publicity Olher fundraising costs 1,250 Expenditure on charltable activities Charltable Charltable expenditure expenditure 2025 2024 Dlrect costs Slaff costs Depreciation and impairment Garden maintenance House and library maintenance Repair of damage to site 58,710 8,513 26.681 7.010 58,311 8,513 13.942 8.296 97.114 100,914 186,176 Share of support and governance costs (see note 91 Support 738 678 101,652 186,854 Analysis by fund Unrestricted funds Restricted funds 101,652 89,740 97,114 101.652 186.854 Support costs allocatsd to activitles 2026 2024 738 678 Analysed between: Charitable expenditure 738 678 10 Trustees None of the Trustees (or any persons connected with them) received any remuneralion or reimbursement of expenses during the year. 11
LITTLE SPARTA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Employees The average monthly number of employees during the year was.. 2025 Number 2024 Number Employment costs 2025 2024 Wages and salaries Other pension Costs 58,530 180 58,131 180 58,710 58,311 There were no employees whose annual remuneration was more than £60,000. 12 Tangible fixed assets Hgrltay• A$$ets Herltage Property Buildings Improvoments Plant & Machln¢ry Total Co$t Al 1 April 2024 13,334 294,324 131.349 7.419 446,426 At 31 March 2025 13.334 294,324 131,349 7,419 446,426 Depreciation and impaimient At 1 April 2024 Depreciation charged in the year 4.760 73,413 5,886 41,727 2,627 7,419 127,319 8,513 At 31 March 2025 4,760 79,299 44,354 7.419 135.832 Carrying amount Al 31 March 2025 8,574 215.025 86,995 310,594 At 31 March 2024 8,574 220.911 89.622 319,107 13 stocks 2025 2024 Finished goods and goods for resale 12,250 12.250 12-
LITTLE SPARTA TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Unrestricted funds 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 truslees for specific purposes. At 1 April 2024 Incoming Resources resources expended Transfers At 31 March 2025 Welcome Project General funds 51.518 283,230 (1,096) (101.806) 50,422 300.769 119.345 334,748 119,345 {102,902} 351,191 Previous year: At 1 April 2023 Incomlng resources Resources expended Transfers At 31 March 2024 Welcome Project General funds 52,614 299,713 (1,096) (88,644) 51,518 283,230 79,855 (7,694) 352.327 79,855 (89,740) {7,694) 334,748 In the year to 31 st March 2022 Building work was Caled out on the "Welcome Project" This expenditure has been capitalised and therefore a separate Designated Fund has been created tranSfeing the amounts expended in the year from Restricted Funds. The depreciation charged against this capital expenditure will be set against the Designated Fund until fully depreciated. 15 Related party transactions There were no disclosable related party transactions during the year {2024 - none). 13-