Spence Bursary
The reverend John Spence (1880-1866) established the Spence Bursary at the University of St Andrews. He gave £1,000 respectively to Dundee Royal Infirmary respectively and £12,670 to the University of St Andrews and the University of Edinburgh. His Trust Disposition and Settlement dated 23rd November 1866 codified the terms of bursaries of no less than £50 per annum at St Andrews, which were to be awarded after examination and were also open to students at the University of Edinburgh. They were to promote the education of deserving students and the vacancies were advertised by the Dundee Advertiser and the Scotsman newspapers. Within the Deed, Spence stipulated that the funds ought to be invested
… in the purchase of any of the Government funds in the United Kingdom or India, or heritable or real property of feu-duties or annual rents in Scotland, or stock of the Bank of England, or stocks or shares of any Indian railway guaranteed by the Indian Government, or debentures or debenture stocks or preference, or guaranteed stocks of any railway of the UK…
Amongst others, Spence named John Tulloch, theologian and Principal of St Mary’s College, as executor of his will, as well as a nominated trustee of The Spence Trust. In 1882, the fund became the Spence Bursary Trust, and it has been merged into the modern Lapsed Bursaries fund.