The Old Glenalmond Club Scholarship and Bursary Fund
Annual report and financial statements for the year ended 31 July 2025
Scottish charity number SC014091
The Old Glenalmond Club Scholarship and Bursary Fund
Contents
| Page | |
|---|---|
| Charity information | 1 |
| Trustees’ report | 2-4 |
| Statement ofTrustees’ responsibilities | 5 |
| Independent examiner's report | 6 |
| Statement offinancial activities | 7 |
| Balance sheet | 8 |
| Notestothefinancialstatements | 9-14 |
The Old Glenalmond Club Scholarship and Bursary Fund
Charity information
| Key officers ofthe Club/Trustees | John Gordon (Chairman) |
|---|---|
| David Sibbald (Secretary) | |
| David Thomson (Treasurer) | |
| Mick Brewis | |
| Independentexaminer | David TaylorCA |
| Henderson Loggie LLP | |
| The Vision Building | |
| 20 Greenmarket | |
| Dundee | |
| DD1 4QB | |
| Investment managers | Brooks Macdonald Asset Management Limited |
| Hobart House | |
| 80 Hanover Street | |
| Edinburgh | |
| EH2 1EL | |
| Address | c/o Director of Alumni Relations |
| Glenalmond College | |
| Perth | |
| Perthshire | |
| PH1 3RY | |
| Charitynumber | $C014091 |
4
The Old Glenalmond Club Scholarship and Bursary Fund
Trustees’ report
The Trustees present their annual report and financial statements of the Fund for the year ended 31 July 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Fund’s Constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
The Fund information set out on page 1 forms part of this report.
Structure, governance and management
Founding document
The Constitution was recorded in the Books of Council and Session on 27 March 2006.
Trustees
The Trustees at the date of this report and throughout the year were:
John Gordon (Chairman) David Sibbald (Secretary) David Thomson (Treasurer) Mick Brewis
Appointment of Trustees
The power to appoint new Trustees rests with the Trustees in office.
Trustee induction and training
The Trustees have considered a policy on Trustee induction and training prior to new Trustees being approached. This includes awareness of a Trustee’s responsibilities, the governing document, administrative procedures, and the history and philosophical approach of the Fund. A new Trustee receives copies of the previous year’s financial statements, minutes of Trustees’ meetings and a copy of the OSCR leaflet “Guidance and Good Practice for Charity Trustees”, if appropriate.
Key management personnel
The Trustees consider the Board of Trustees to be the key management personnel of the Fund, in charge of directing and controlling the Fund and running and operating the Fund on a day-to-day basis. All Trustees give their time freely and no Trustee remuneration or expenses were paid in the year.
Trustees are required to disclose all relevant interests and in accordance with the Fund’s policy withdraw from decisions where a conflict of interest arises.
Risk management
The principal risk faced by the Fund lie in the performance of investments. The Trustees consider variability of investment returns to constitute the Fund’s major financial risk. This is mitigated by retaining expert investment managers and having a diversified investment portfolio.
Related parties
The Old Glenalmond Club is open to all former pupils of the College. The key officers of the Club are as noted on page 1. The Club has two funds. The Ordinary Fund supports the activities of the members and the Scholarship and Bursary Fund provides scholarships to College pupils.
2
The Old Glenalmond Club Scholarship and Bursary Fund
Trustees’ report (continued)
Related parties (continued)
The Trustees of the Scholarship and Bursary Fund are also the principal officers of the Ordinary Fund.
A loan of £67,608 from the Ordinary Fund was outstanding at 31 July 2025 (2024 - £66,570).
Objectives and activities
Objectives of the Fund
The key objective of the Fund is to provide scholarships to support the education of Glenalmond College pupils.
Grant making policy
The Trustees have continued their policy 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.
Achievements and performance
Report of the activities of the Fund
During 2024/25 the Fund provided annual general scholarships of Enil (2024 - Enil) as the payment made in 2021 reflected full year fees up to the year 2024/25.
During the year, the fund provided a donation of £nil (2024: £400,000) to Glenalmond College as part of the Craigclowan merger. Using these funds, the school will provide 2 full scholarships/bursaries in the Old Glenalmond Club’s name for 10 years.
Financial review
The results of the year are set out in the statement of financial activities showing net income of £76,690 (2024 — £308,467 net deficit).
The Fund received investment income of £7,620 (2024 - £14,159) during the financial year, and a £55,719 donation (2024 - £25,000) was received from Old Glenalmond Ordinary Fund.
The investments of the Fund have a fair value of £443,989 (2024 - £361,184) and there are net current liabilities of £58,683 (2024 — £52,568) held by the Fund, resulting in net assets of £385,306 (2024 - £308,616).
Investment policy
In accordance with 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.
The Trustees investment policy is geared towards a balanced return between capital and income. In the year to 31 July 2025 capital values have increased by 23% (2024 — decreased by 46%).
3
The Old Glenalmond Club Scholarship and Bursary Fund
Trustees’ report (continued)
Reserves policy
The Fund is an unrestricted fund represented by a portfolio of investments and cash balances. These are managed ona part-discretionary 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 meet any commitments they may undertake. Capital and revenue balances are retained primarily to meet significant requests for financial assistance and stock market risks. The Trustees have established a policy whereby the unrestricted reserves held by the Fund should amount to 3 months of the unrestricted reserves expended, which equates to £1,771 (2024 - £2,295) in general funds. The level of free reserves held at 31 July 2025 was £385,306 (2024 - £308,616).
Future strategy
As the Fund is predominantly a grant giving charity and has no material ongoing commitments the current cost of living crisis has not materially affected the Fund’s operations as yet. However the Trustees are mindful both of the potentially increased needs of many traditional beneficiaries and the potential decrease in future investment income and will manage the Fund’s affairs in a manner that will ensure the Fund’s ability to achieve its charitable objectives in the medium to long term can be met.
Going concern
Given the level of investments held and planned expenditure going forward, the Trustees consider that there are no material uncertainties about the Fund’s ability to continue as a going concern.
Approved by the Trustees
David Thomson Trustee oxen) 2026
4
The Old Glenalmond Club Scholarship and Bursary Fund
Statement of Trustees’ responsibilities
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 Accepted Accounting Practice).
The law applicable to charities in Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state 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 Trustees are required to:
-
e — select suitable accounting policies and then apply them consistently;
-
e observe the methods and principles in the Charities SORP;
-
e make judgements and estimates that are reasonable and prudent;
-
e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Fund will continue in business.
The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the Fund and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Fund’s constitution. They are also responsible for safeguarding the assets of the Fund and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
5
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The Old Glenalmond Club Scholarship and Bursary Fund
Balance sheet at 31 July 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Investments | 7 | 443,989 | 361,184 |
| Current assets | |||
| Debtors | 8 | 1,008 | 984 |
| Cash on deposit | 9,683 | 14,943 | |
| 10,691 | 15,927 | ||
| Current liabilities | |||
| Sundry creditors | 9 | (69,374) | (68,495) |
| Net current liabilities | (58,683) | (52,568) | |
| Net assets | 385,306 | 308,616 | |
| The funds of the Fund: | |||
| Unrestricted funds | |||
| Capital | 10 | 322,846 | 252,684 |
| Income | 10 | 62,460 | 55,932 |
| 385,306 | 308,616 |
The notes on pages 9 to 14 form part of these financial statements. Approved by the Trustees and authorised to be signed on their behalf on 2.\2. 2026.
==> picture [91 x 36] intentionally omitted <==
----- Start of picture text -----
\2J\ tory.
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David Thomson Trustee
8
The Old Glenalmond Club Scholarship and Bursary Fund
Notes to the financial statements
1 Accounting policies
Fund information
The Old Glenalmond Club Scholarship and Bursary Fund is a charity registered in Scotland. The principal address is Glenalmond College, Perth, Perthshire, PH1 3RY.
Basis of preparation and assessment of going concern
The financial statements are prepared under the historical cost convention as modified by the revaluation of investments and include the results of the Fund’s operations as indicated in the Report of the Trustees, all of which are continuing.
The financial statements have been prepared in accordance with applicable accounting standards and the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
The Fund constitutes a public benefit entity as defined by FRS102.
The Trustees consider that there are no material uncertainties about the Fund's ability to continue as a going concern.
The financial statements are prepared in sterling, which is the functional currency of the Fund. Monetary amounts in these financial statements are rounded to the nearest £.
The following is a summary of the significant accounting policies adopted by the Trustees in the presentation of the financial statements.
Income recognition
All income is recognised once the Fund has entitlement to the income, it is probable that the income will be received and the amount of income can be measured reliably.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Fund; this is normally upon notification 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 notification by our investment advisor of the dividend yield of the investment portfolio.
9
The Old Glenalmond Club Scholarship and Bursary Fund
Notes to the financial statements
- 1 Accounting policies (continued)
Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Fund to that expenditure, it is probable that a settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to allocation of support and governance costs.
Irrecoverable VAT
The Trust is not registered for VAT purposes and all VAT incurred is therefore irrecoverable.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
Allocation of support costs
Support costs include costs related to the independent examination and are allocated 100% to income.
Raising funds
Raising funds consist of investment management costs.
Charitable activities
Costs of charitable activities include scholarship grants paid and support costs as shown in note 5.
Scholarships
Scholarships authorised to be paid in respect of the accounting year or future years are provided for in the financial statements.
Investment policy
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Fund does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the Fund is that of volatility in equity markets and investment markets due to wider economic conditions, the attitudes of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
10
The Old Glenalmond Club Scholarship and Bursary Fund
Notes to the financial statements (continued)
1 Accounting policies (continued)
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 to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities.
Debtors
Other debtors are recognised at the settlement amount due.
Cash at bank
Cash at bank includes cash held in a deposit or similar account.
Creditors and provisions
Creditors and provisions are recognised where the Fund has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.
Financial instruments
The Fund only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Structure
Unrestricted funds are general funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Fund and which have not been designated for other purposes.
11
The Old Glenalmond Club Scholarship and Bursary Fund
Notes to the financial statements (continued)
| 2 | Donations | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Donation from Old Glenalmond Ordinary Fund | 55,719 | 25,000 | |
| 55,719 | 25,000 | ||
| 3 | Investment income | 2025 | 2024 |
| £ | £ | ||
| Dividends and interest | 7,596 | 14,049 | |
| Tax recoverable | 110 | arr | |
| Tax recoverable written offas time expired | (86) | (167) | |
| 7,620 | 14,159 | ||
| 4 | Raising funds | 2025 | 2024 |
| £ | £ | ||
| Investment management fees | 5,992 | 8,112 | |
| 5,992 | 8,112 | ||
| 5 | Charitable activities | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Donation to Glenalmond College | - | 400,000 | |
| Governance costs (note 6) | 1,092 | 1,038 | |
| Bank charges | - | 30 | |
| 1,092 | 401,068 |
There were no commitments outstanding at the year end in either year.
12
The Old Glenalmond Club Scholarship and Bursary Fund
Notes to the financial statements (continued)
| 6 | Governance | costs | |||
|---|---|---|---|---|---|
| 2025 | 2024 | ||||
| £ | £ | ||||
| Independent | examination | fees | 1,092 | 1,038 | |
| 1,092 | 1,038 |
Trustees remuneration No Trustees received any remuneration or expenses in either of the two years ended 31 July 2025.
The Fund has no employees.
| 7 | Investments | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Fair value of investments at 31 July 2024 | 361,184 | 669,258 | |
| Add Purchases |
242,167 | 133,515 | |
| 603,351 | 802,773 | ||
| Less Sale proceeds |
(179,797) | (503,142) | |
| 423,554 | 299,631 | ||
| Net realised (losses)/gains | (563) | 33,362 | |
| Net unrealised gains/(losses) | 20,998 | 28,191 | |
| Fairvalue of investments at 31 July 2025 | 443,989 | 361,184 | |
| Historical cost of investments at 31 July2025 | 379,759 | 311,567 | |
| Holdings in excess of5% fairvalue | 2025 | 2024 | |
| £ | £ | ||
| T Rowe Price Funds US Smir Cos Eqty IDS 2 GBP | 24,024 | 19,315 | |
| Vanguard Funds Pic FTSE 100 Ucits EtfGBP DIS | 26,966 | 18,864 | |
| Gemcap Investment Atlantic House Defined Rtns | - | 18,491 | |
| Man UK ICVC Mg Undervald Asts Prof D | 22,740 | - | |
| SSGA Spdr Etfs S&P 500 | 23,633 | - | |
| Fidelity Investment Funds IDX Wid RS | 27,498 | - | |
| 8 | Debtors | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Tax recoverable | 1,008 | 984 | |
| 13 |
The Old Glenalmond Club Scholarship and Bursary Fund
Notes to the financial statements (continued)
9 Creditors
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|||||||||
|---|---|---|---|---|---|---|---|
|2025|2024|
|£|£|
|Sundry|creditors|
|Old|Glenalmond|Club|Ordinary|Fund|67,608|66,570|
|Henderson|Loggie,|independent|examiners|fee|2025|1,092|-|
|Henderson|Loggie,|independent|examiners|fee|2024|-|1,038|
|LEI|fee|2020|78|78|
|LEI|fee|2022|78|78|
|Investment|managers|fee|518|731|
|69,374|68,495|
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|||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|The|loan|from|the|Old|Glenalmond|Club|Ordinary|Fund|is|interest|free|and|repayable|on|demand.|
|Net|assets|reconciliation|
|Capital|Income|Total2025|Capital|Income|Total2024|
|£|£|£|£|£|£|
|Investments|391,128|52,861|443,989|320,141|41,043|361,184|
|Debtors|-|1,008|1,008|-|984|984|
|Cash|on|deposit|-|9,683|9,683|-|14,943|14,943|
|Less:|Creditors|(68,282)|(1,092)|(69,374)|(67,457)|(1,038)|(68,495)|
|322,846|62,460|385,306|252,684|55,932|308,616|
|Financial|instruments|
|2025|2024|
|£|£|
|Carrying|amount|of|financial|assets|
|Financial|assets|measured|at|fair value|through|profit|and|loss|443,989|361,184|
----- End of picture text -----
10 Net assets reconciliation
11 Financial instruments
Carrying amount of financial assets
Financial assets measured at fair value through profit and loss comprise of listed investments.
14