John Ferguson (Ferguson bequest) facts for kids

John Ferguson (born 1787, died 1856) was a Scottish businessman. He was also a kind person who gave a lot of money to good causes. He started something called the Ferguson Bequest Fund.

Early Life and Growing Wealth

John Ferguson was born in Irvine, Ayrshire, Scotland, on February 28, 1787. His father, William Ferguson, was a shipmaster. His mother, Mary, came from a family named Service. Some of her relatives were money lenders.

John went to school in Ayr. For a while, he worked in a bank. He then traveled to America to help with family business. After four years, he came back to Scotland. In 1810, he settled in Irvine with his mother.

How the Family Became Rich

John's family became very wealthy over time. His mother inherited a lot of money from her brother and then from her father. Later, two more of John's uncles passed away. One uncle left £200,000 in 1828. Another uncle left £400,000 in 1842. These uncles seemed to focus only on making money.

John Ferguson was very smart with money. He knew a lot about the money market. He used his skills to make the family's fortune grow even bigger. By the time he died, his wealth was over £1.2 million. This was a huge amount of money back then!

The Ferguson Bequest Fund

John Ferguson was a quiet person. He never married. For the last few years of his life, he lived mostly by himself. He wanted to use his wealth to help others. He talked with his close friends, Mr. John Henderson and Mr. Matthew Montgomery, about his plans.

He decided to use a large part of his money to create a special fund. This fund is known as the Ferguson Bequest Fund. He set aside £400,000 for this purpose.

What the Fund Supports

John Ferguson wanted the money from the fund to help with religious and educational activities. The fund was meant to support churches and schools. It helped build new churches and keep existing ones running.

The fund specifically helped different Protestant churches in Scotland. These included the Church of Scotland, the Free Church, the United Presbyterian Church, the Reformed Presbyterian Church, and the Congregational Church. The money was first used in specific areas like Ayrshire and Lanarkshire.

Scholarships for Students

The Ferguson Bequest Fund also created scholarships. These scholarships help students who want to go to Scottish universities. There are six scholarships, each worth £80 per year. Students can hold these scholarships for two years.

These scholarships are for students who are excellent in different subjects. There are scholarships for classical studies, mathematics, and philosophy. Students who have finished their university degree (M.A.) or are about to finish can apply. A group of trustees manages the fund and makes sure it helps people as John Ferguson intended.

Later Life and Legacy

John Ferguson signed his will in Glasgow on September 22, 1855. Soon after, his health started to get worse. It is said that he asked a friend to calculate his total wealth. When he heard it was nearly £1.25 million, he couldn't believe it was so much.

John Ferguson died on January 8, 1856. He was almost 69 years old. His lasting legacy is the Ferguson Bequest Fund. This fund continues to support religious and educational causes in Scotland, just as he wished.