The Old Glenalmond Club S¢holarship and Bursary Fund Annual report and financial statements for the arened 31 July 2024 S¢oltlsh ¢harlty number SC014091
The Old Gl•nalmond Club Scholarship and Bursary Fund Contents Page Charity information Trustees, report Stslement of Trustees, responsibtlities Independerrt examiner's report Slalemenl of financial activities Balancg sheet Notes to the financial statements 9-14
The Old Glenalmond Club Srholarship and Bursary Fund Charlty Information Independent examiner Aeiideistsri Lugyi2 LLP The Vision Building 20 Greenmarkel Dundee DD14QB Investment managers Brooks Macdonald Asset Management Limited Hobart House 80 Hanover Street Edinburgh EH2 1EL Address clo Directo¥ of AlurNni Relations Glenalmond College Perth Perthshire PH1 3RY Charlty numbor SC014091
The Old Glenalmond Club Scholarship and Bursary Fund Twst¢•s' report The Trustees present their annual report and financial stslements of the Fund for the year ended 31 July 2024. The financial statements have been prepared in accordance with the accounting policies sel out in note 1 to the financial slalernenls and comply with the Fund's Conslilution. the Charities and TNslee Investment (Scotlandl Act 2005, the Charities Accoun (Scotlandl Regijlalions 2006 las amended) and Accounting and Reporting by Charities.. Statement of Re¢ommÈnded Pracli applicable to charilles preparing their financial slal&menls in accordance vllh the Financial Repothng Standard applicabl8 in the UK and Rapublic of lieland {FRS1021. The Fund irrforTnaliori Sel out on page 1 fo¥ms part of this report. structurei govemance and managomant Foundlng document The Constitution was recorded in the Books of Council and Session on 27 March 2006. Trustees The Trustees at the date ol this re ort and Ihro Iiout the ear Appointment of Trustees The power to apwint new Truslees rests with the Tfustees in offic*. Trustee induction and training The Trustees have considered a policy on Trustee induction and training prior to new Trustees being approached. This includes awareness ol a Trustee's reStKinsi.I1lies, the gov6rning document, 8dministrativ8 procedures, and the history and philosophical approach of the Fund. A new Trustee receiv8s copies of the previous year's financial statements. minutes of Trustees, meetings and a copy of the OSCR leaflet Guidan and Good Practice for Charity Trusteès" if appropriate. Key manag¢m¢nt porsonnel The Tmslees consider the Board of Tfuslees to be the key management personnel of the Fund. in charge of directing and controlling the Fund and running and operating Ihe Fund on a day-lo-day basis. All Trustees give their time freely and no Trustee remuneration or expenses were paid in the year. rruslees are required to disclose all relevant intestS and in accordan¢e with the Fund's policy withdraw from decisions whore a confliGI of interest arises. Rl$k management The principal risk faced by the Fund lie in the performance of investments. The Trustees consid¢r variability of investment returns to constitute the Fund's Major financial risk. This 18 niitigaled by retaining expert invesiment managèrs and having a diversified investment portfolio. Related parties The Old Glenalmond Club is open to all former puplls of the Colleg&. The key officers of the Club are as noted on page 1. The Club has funds. The Ordinary Fund supports thè activities of the mombers and the Scholarship and Bursary Fund provides scholarships lo College pupils.
The Old Glenalmond Club Scholarshlp and Bursary Fund Trustees, report {contlnued} Related parties Icontlnuedl The Trustees of the Scholarship and Bursary Fund 8re also the princip81 officers of the Ordinary Fund. A loan of £66,570 from the Ordinary Fund was outstanding at 31 July 2024 (2023 - £64,656). Oblectlves and actlvltles Obl8¢tlves of Ihe Fund The key objectwe of the Fund is to provide scholarships to support the education of Glenalmond College pupils. Grant maklng pollcy The Trustees have continued their poli¢y of making bursaries, scholarships, grants, loans or any form of financial assistance to those pupils they feel require most support and whose purposes fall within the spectrum of the founding document. Achlevemonls and p9rformance Report of the activitie5 of the Fund During 2023124 the Fund provided annual general scholarships of £nil12023 - £nil) as the payment made in 2021 reflected full yaar fees up to the year 2024125. During the year, the Fund provided a donation of £400,000 to Glenalmond College as part of the Craigclowan merger. Using these funds, the school will provlde 2 full scholarshipslbursaries in the Old Glenalmond Club's name for 10 years. Flnanclal r&vlgW The results of the year are set out Lh& stslemenl of financial activities showing net deficit of £308,46712023- £11,764). Th6 Fund received investment Sn¢ome of £14,15912023 - £12.6651 during the financial year. and a £25,000 donalion12023 - £nill was received from Old Glgnalmond Ordinary Fund. The investments of the Fund have a fair value of £361.184 (2023 - £669,258) and there are nel current liabilities of £52,568 P023- £52,175) held by the Fund, resulting in nel assets of £308.616 12023- £617,083). Investment policy In ac¢ord8nce wlh the Founding Document, the Trustees have power to invest in such stocks, shares, investments and property as they in their sole discretion think fit. The Trustees engage Brooks Macdonald, as investment managers. Th$ Trustees investment policy is geared towards a balanced return between capital and income. In the year to 31 July 2024 capital valLJes have decreased by 46 / 12023- decreased by 1.6°Al, however this was due to £400,000 boing drawn from the portfolio to donate to Glenalmond College. The capital value of the remaining investrnenl ho5dings had increased by the 2024 year-end.
The Old Glenalmond Club Scholarshlp and Bursary Fund Trustees. report Icontinuedl Resèrves policy The Fund is an unreslricted fund represented by a portfolio of investrnents and cash balances. These arè managed on a part4isGretionary basis by the investment managers. The Trustees have power to draw upon the fund in furtherance of the Fund's objectives whilst retaining sufficient funds to me81 any commitments they may undertake. Capital and revenue balances are retained primarily lo meet significant requests for financial assistance and stock markot rlsks. The Trustees hav8 trslablished a policy whereby the unrestricted reserves held by the Fund should amount to 3 month5 of the unrestricted reserve5 expended, which equates lo £2,29512023- £2,438) in general funds lexduding the £400,000 donation made in 20231241. The level of free reserves held al 31 July 2024 was £308,61612023 - £617.0831. Futurg Stratggy As the Fund is predominantly a granl giving charity and has no material ongoing commitments the current cost of living crisis has not malerially affected the Fund's operations as yel. However the Trustees are mindful both of the potentially increased neads of many IradttlOn81 benefi'ciaries and the potential deere8sÈ in ftjluré inveslmenl in¢ome and will manage the Fund's affairs in a manner that will ensure the Fund's ability to achieve its tharitable objectives in the medium to long temi can be mel. Going concem Given the level of investments held and planned expenditure going forward, the Trustees consider th81 there are no material UnrtaInlieS about the Fund's atxltty lo continue as a going concem. Approved by the Trusleas Trustee 2025
The Old Gl8nalmond Club Scholarship and Bursary Fund Statement of Trustèes, responslbllltles The Trustees are responsible for preparing the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Ac¢epl8d Accounting Pra¢licel. The law appliGabl8 to charities in Scotland requires the Trustees to prepare financial slalements for ea¢h financial year which give a true and fair view ol the slate of affairs of the Fund and of the incoming resources and application of resources of the Fund for that period. In preparing these financial statements, the Trusiees are required to-. select suitable accounting policlès and then apply them Wnslslent', observe the methods and prinaples in the Charities SORP.. make judgements and estimates th8t are reasonable and prudenl., slate whether applicable accounting standards havo been followed. SkJbj2cl lo any material departures disclosed and explained in the financial stalem8nts,' and prepare the financial statements on the going concern basis unless it is inappropri818 to presume that th6 Fund will continue in business. The Trustees are rasponsible for keeping accounting records that disclose with reasonable accuracy at any lime the financial posi1Son of the Fund and ènable them to ensure Ihat the financial statements ¢omply with the Charities and Trustee Investment Iscollandl Act 2005, the Charities Accounts (Scollandl Regulations 2006 las amended) and the provisions of the Fund's conslilulion. They are 81$0 responsible lor safeguarding the assets of the Fund and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities.
The Old Glenalmond Club Scholarship and Bursary Fund Independenl examlngrfs report to the Trustees of The Old Glenalmond Club Scholarshlp and Bursary Fund I report on the financial slalements of the Fund for the year ended 31 July 2024, which are sel out on pages 7 to 14. This report is made to the Trustees, as a body, accordance with the terms of my engagernenl. My work has been undertaken lo enable me lo report my opinion sel out below and for no other purpose. To the fullest extent permitted by law I do not accept or assume resFx)nsibility lo anyone other than the Trustees, as a body, for my work or for this reporl. Respective responsibilities of the Trustees and Examlner The Fund's Trustees are responsible for the preparation of the financial statements in a¢¢ordance with the temis of the Charities and Trustee Investment {Scollandl Act 2005 and the Charities A¢¢ounts IS¢ollandl Regulallons 2006 (as amended). The Fund Trustees Consider that the audit requirement of Regulation 10111 lal to Icl of the 20Q6 Accounts ReguLglions does not 8pply. 11 is my SpOnsIbl11ty lo examine the financial slalemenls as required under section 44111 Icl of the Act and to slate whèther particular matters have come to rny allenlion. Basis of Independent Examiner's Statement My examination is carried out in accordance wllh Regulation I l of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the Charity and a comparison of the finan¢ial s18lements presented with those records. It also in¢ludes consideration of any unusual ilems or disclosures in the financial statements, and seeks explanations from the Trustees concerning any such mallers. The procedures undertaken do not provide all the evidence that would be required in an audit. and consequently I do not express an audit opinion on the view given by the financial stalemenls. Independent Examinerf$ Statement In the course of my examination, no matter has come lo my attention: which gives me reasonable cause lo believe that, in any material respèct, the requirements to keep accoLJnting re¢ords in accordance with Sectk)n 44131 lal of lh& 2005 Act and Regulatlon 4 of the 2006 Accounts Regulations, to prepare financial stalernonls whlch accord wllh th& accounting records and Comply with Rulatn 8 of the 2006 Accounts Regulations have not been met.. or to which, in my opinion, allenlion should be drawn in order lo enable a proper understsnding of the financial statements lo be reached. ner Henderson Loggie LLP Chartered Accounlanls The Vision Building 20 Greenmarkal Dundee DD14QB 22 April 2025
The Old Glénalmond Club Scholayship and Bursary Fund Balance Sheet at 31 July 2024 2024 2023 Note Fixed assets Investments 361,184 669,258 Current assets Debtors Cash on deposit 874 14.408 14,943 15,927 15,282 Current liabilities Sundry creditors {68,4951 167,4571 Net Current Ilabllities 152,5681 152,1751 Nat assats 308,616 617,083 Tho funds ofthe Fund: Unreslricled funds Capital Income 10 10 252,684 55.932 574,242 42,841 308,616 617,083 The notes on pages 9 to 14 form part of these financial statements. Approved by the Twslees and 8uthorised lo be signed on their behalf on 2025. Truste2
The Old Glenalmond Club Scholarship and Bursary Fund Notes to the financial statements Accountlng poli¢ios Fund infomiation The Old Glenalmond Club Scholarship and Bursary Fun(5 is a charity registered in Scotland. The principal address Is Glenalmond College, Perth, Perthshire. PH 13RY. Basis of preparation and assessment of golng concèrn The financial statements are pr&p8red under the historical cost convention as modified by the revaluation of investments and includ& the results of the Fund's operations as indicated in the R8port of tha Trusloes, all of which are continuing. The financial statements have been prepared in accordance with appllcable accounting standards and the Stslemenl of Rtscommended Practice.. Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Siandard applicable in the UK and Republic of Ireland IFRS1021 and tho Financial Reporting Standard applicable in the United Kingdorn and Republic ol Ireland {FRS1021, the Charities and Trustee Investment (Scollandl Act 2005 and the Charities Acoounts Iscollandl Regulations 2006 las amended). Th8 Fund constltsjtas a publSc benefit entity as defined by FRS102. The Trustees consider that there are no material uncertainties about the Fund's abllily lo continue as a going coneern. The financial slalemenls are prepared in sterling. which is the functional currency of the Fund. Monetary amounts in these financial slalemenls are rounded lo the nearest £. The following is a summary of the significant accounting wlicies adopted by the Trustees in the presenlalion of the financial statements. Income r8cognltion All income is recognised onc& the Fund has entitlemanl to the income, il is probable that the income will be received and the amount of income can be measured rellay. Interest on funds held on deposit is included when reIvable and the amount can be measured reliably by the Fund,. this is normally upon nolificalion of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon nolifioation by our investment a(Jvisor of the dlvidend yield of the investment portfolio.
The Old Glenalmond Club SCholahIp and Bursary Fund Notes lo the flnanclal statements Accountlng policles {continuedl Expendlture recognltlon Llabllilies are recognised as 6xpendilure as soon as there is a legal or conslruclive obligation ¢ommitting the Fund to that expenditure, il is probable that a settlement will bts required and the amount of the obligation can be measured reliably. All expendittjre is accounted for on an accruals basis. All expenses induding support costs and governan Costs are allocated or apportioned lo the applicable expenditure headings. For morè infomiation on this attribLJtion ref8r lo allocation of support and gov8mancè costs. Irrecoverable VAT The Trust is not registered for VAT purposes 8nd all VAT incurred is therefore irrecoverable. Irrecoverable VAT is charged against the expenditure headin9 for which il was incurred. Allocation of support costs Support costs include costs related to the Independent examinaOn and are allocated 100% to income. Raising funds Raising funds consist of investment fnanagemenl costs. Charltabla activitiès Costs of charit8ble activf(ies include scholarship grants p8id and support costs as shown in note 5. Scholarshlps Scholarships aulhorised lo ba paid In re8pe¢t of the a¢counling y88r or future years ara provided for in the financial stalemenls. Investment poll¢y Investments are a fomi of basic financial instrument and are initially recognised al their transaction value and subsequently measured at their fair value al the balance sheet dale using the closing quoted market pri. The statement of financial activities includes the net gains and losses arising on rovalualion and dlsposals throughout the year. The Fund does not acquire put options. derivative5 or other complex financial inslrumenls. The main form of finanal risk faced by the Fltnd is that of volalilily in equity markets and investment markets due lo wider economic conditions. the alliludes of investors lo Invlment risk, and changes in sentiment Concerning equities and within particular sectors or sub sectors. 10
The Old Glenalmond Club Scholatship and Bursary Fund Notes to the financial statements Icontinuedl A¢counting policies {continuedl Realised gains and losses All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and fair value if acquired subsequent lo the first day of the financial year. Unrealised gains an losses are calculated as the difference bebMeen the fair value al the year end and their carrying value. Realised and unrealised investment gains and losses are corllbined in the statemenl of financi818Ctlvilles. Debtors Other debtors are recognised at the settlement amount duo. Cash at bank Cash al bank includes cash held in a deposit or similar a¢¢ounl. CrltOrS and provlslons Creditors and provisions are recognised whare the Fund has a present obligation rosulling from a past event that will probably result in the transfèr ol fLJnds to a third p8rty and the amount due to settle the obligation ¢an be measured or estimated reliably. Creditors and provisk)ns are normally r6cognls8d at their selllemenl amount. Financial instruments The Fund only has financial assets and financial liabilities of a kind that qualify as basic financ*al inslmmenls. Basic financial instruments are initially fycognised al transaction value 8nd subsequently mèasured at their settlement value. structurg Unrestri¢ted fLJnds are general funds which are available for use al the discretion of the Trustees in furtherar¥ce of the general objectives of the Fund and which have not been designated for other purposes.
The Old Glenalmond Club Scholarshlp and Bursary Fund Notes lo the flnan¢ial Statements {continuedl Donatlons 2024 2023 Donalion from Old Glenalmond Ordlnary Fund 25,000 25,000 25,000 Investment Incomg 2024 2023 Dividends and Interest Tax recoverable Tax r8COVorable written off as time expired 14.049 277 {1671 12,544 317 11961 14,159 12.665 RalsSng funds 2024 2023 Investment management fees 8,112 8,610 8,112 8,610 Charitable activities 2024 2023 Donation lo Glanalmond College Governance costs Inole 61 Bank charges 400,000 1,038 30 1,144 401,068 1.144 There were no commitments outstanding al the year end in either year. 12
The 01(J GlÈnalmond Club Scholarship and Bursary Fund Notes to the financlal statements Icontinuèdl Governance costs 2024 2023 Independent examination 2024 1.038 1,144 1,038 1.114 Trustees remuneratlon No Trustees received any remuneration or expens85 in either of the years end8d 31 July 2024. The Fund has no employees. Invastments 2024 2023 Fair value of inv8stmenl8 al 3t July 2023 669.258 679,968 Add Purchases 133,515 115,317 802,773 795,285 Less Sale proceeds 1503,1421 1111,3521 299,631 683,933 Nel realised gains Nel unrealised gainslllossesl 33,362 28,191 745 115,4201 Fair valug of Investments at 31 July 2024 361,184 669,258 Historical cost of investments 8131 July 2024 311,567 587.960 Holdlngs In excess of 5Y(* falr valu• 2024 2023 T Rowe Price Funds US Smlr Cos Eqty IDS 2 GBP Vanguard Funds PIC FTSE 100 Ucits Erf GBP DIS Gemcap Investment Atlanti¢ House Defined Rlns Man UK ICVC Mg Und¢rvald Asts Prof D 19,315 18,864 18,491 33,537 44,456 Dobtors 2024 2023 Tax recoverable 984 874 13
Tha Old Glenalmond Club Scholarshlp an(1 Bursary Fund Notes lo the financial st8tements (continued) Credltors 2024 2023 Sundry creditors Old Glenalmond Club Ordinary Fund Henderson Loggie, independent examiners fee 2024 Henderson Loggie. independent examiners fee 2023 Henderson Loggie, independent examiners fee 2022 LEI feg 2020 LEI fee 2022 Investment managers fee 66,570 1,038 64,656 990 924 78 78 731 78 78 731 68,495 67,457 The loan from the Old Glenalmond Club Ordinary Fund is inl8rest free and repayable on damand. 10 Net assets re¢onciliation Total 2024 Total 2023 Capltal Income Capltsl Income Investments Débtors Cash on deposit 320.141 41,043 984 14,943 361,184 984 14.943 640,555 28,703 874 14,408 669,258 874 14,408 Less-. Creditors (67.4571 11,0381 168.4951 166,3131 (1,1441 167,4571 252,684 55,932 308,616 574,242 42,841 617,083 11 Flnancial instrum¥nts 2024 2023 Carrying amount of financlal assets Financlal assets measured at fair value Ihrough profit and loss 361,184 669,258 Financial assets meas¥Jred al fair value through profll and loss comprise of Ilsled investments. 14