21 Dec 2009
Update from Tom Smith on the Mackinnon Macneill Trust
Following the sale of the school and grounds in December 2004, the proceeds were invested through Cazenove Capital Management of London.
The Trustees decide to use the income to award scholarships to young people about to begin a University/College career. Scholars would require to live in / be connected to, the areas of benefit of the west coast and islands of Scotland, be intending to read subjects most closely aligned to the original Deed and to be deserving of financial help. Applications would also be welcomed from young people with a connection to Keil School. It was further decided that any award would be made annually for each of the successfully completed course years.
The first scholarships were awarded in the summer 2006 and the Trust will witness its first group of honours graduates in 2010. Many of these young people have received £2,000 for each of the 4 years although a number of £1,000 awards for Merit were also given.
The Trustees continued to offer scholarships in the following 3 years and at present the Trust is assisting 53 students with a projected 2009/10 outlay of £84,500.This is likely to increase in the future as more students are embarking on 5 year courses but will stabilise at perhaps £100,000 pa.
In the summer of 2009 the Mackinnon Macneill Trust agreed to link with the James Clerk Maxwell Foundation to offer a prestigious scholarship to a gifted scientist. The first recipient was a young lady from Lochgilphead High School who was accepted to read Physics at Cambridge University.
The Trustees receive many Christmas cards and emails throughout the year from grateful students and they are delighted to be able again to offer financial support to ‘deserving highland lads ( and lasses)’.
Tom Smith (Clerk)
Very relieved to hear that the proceeds of the sale of the land at Helenslee is being put to charitable causes. There is always a suspicion that when a private school is closed by the Trustees, there is some self interest acting here.
Have to say that with my son’s private education now costing over £8k per term (for a day boy and before extras) it is always concerning to hear that Universities now seem to be positively discriminating against applicants from private schools. It therefore follows that the decision of the Trustees to award grants and bursaries to young folk with West Coast/Highland connections to assist with further education now seems both remarkably sensible and prescient.
Martin Russell
December 28th, 2009 at 4:40 pmpermalink