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 reSou￿eS 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
RecMIt￿9nI 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 be￿een 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 be￿een 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 cu￿encY 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 serVI￿S 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 eS￿MateS 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 Ca￿led out on the "Welcome Project" This expenditure has
been capitalised and therefore a separate Designated Fund has been created tranSfe￿ing 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-