The Old Glenalmond Club
S¢holarship and Bursary Fund
Annual report and financial statements
for the ￿aren￿ed 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 inte￿stS 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 Un￿rtaInlieS 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
R￿ulat￿n 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 rella￿y.
Interest on funds held on deposit is included when re￿Ivable 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 SChola￿hIp 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 examina￿On 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 finan￿al 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 Inv￿lment
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.
Cr￿ltOrS 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