Common Good Fund (Aberdeen)
   HOME

TheInfoList



OR:

A Common Good Fund is a fund held by a
local authority Local government is a generic term for the lowest tiers of governance or public administration within a particular sovereign state. Local governments typically constitute a subdivision of a higher-level political or administrative unit, such a ...
in
Scotland Scotland is a Countries of the United Kingdom, country that is part of the United Kingdom. It contains nearly one-third of the United Kingdom's land area, consisting of the northern part of the island of Great Britain and more than 790 adjac ...
, consisting of property that previously belonged to a
burgh A burgh ( ) is an Autonomy, autonomous municipal corporation in Scotland, usually a city, town, or toun in Scots language, Scots. This type of administrative division existed from the 12th century, when David I of Scotland, King David I created ...
. The fund may include both
movable property Personal property is property that is movable. In common law systems, personal property may also be called chattels or personalty. In civil law systems, personal property is often called movable property or movables—any property that can be m ...
(money or objects) and
heritable property In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, refers to parcels of land and any associated structures which are the property of a person. For a structure (also called an impro ...
(land and buildings), and is legally distinct from other assets owned by the local authority. The funds have their origins in the 11th century, when the first burghs were established by royal charters that granted them certain lands, rights and privileges. The (c. 19), which remains in force, required that this property "be observed and kept for the common good of the town". The use and sale of Common Good is restricted by law, and the proceeds from these assets is retained in the relevant Common Good Fund. The income of a Common Good Fund is required to be used for the benefit of the inhabitants of the burgh to which they belong. Since re-structuring of local government in 1975 and again in 1996, it is often not clear which property now comprises the Common Good of the former burghs. The Community Empowerment (Scotland) Act 2015 required all councils to establish and maintain a register of property which is held by the authority as part of the common good. According to land campaigner and former MSP
Andy Wightman Andrew Dearg Wightman (born 1963) is a Scottish Independent politician, who served as a Member of the Scottish Parliament (MSP) for the Lothian region from 2016 to 2021. He was elected as a member of the Scottish Greens, but resigned from the ...
there are 196 Common Good Funds across Scotland.


Aberdeen

Aberdeen's Common Good Fund is a fund to benefit the people of
Aberdeen Aberdeen ( ; ; ) is a port city in North East Scotland, and is the List of towns and cities in Scotland by population, third most populous Cities of Scotland, Scottish city. Historically, Aberdeen was within the historic county of Aberdeensh ...
,
Scotland Scotland is a Countries of the United Kingdom, country that is part of the United Kingdom. It contains nearly one-third of the United Kingdom's land area, consisting of the northern part of the island of Great Britain and more than 790 adjac ...
. It was created as a result of
Robert the Bruce Robert I (11 July 1274 – 7 June 1329), popularly known as Robert the Bruce (), was King of Scots from 1306 until his death in 1329. Robert led Kingdom of Scotland, Scotland during the First War of Scottish Independence against Kingdom of Eng ...
granting the city's Great Charter in 1319, after they sheltered him during his days of outlaw. In 2005, the value of the fund was £31 million. Along with the Great Charter, Bruce gave Aberdeen the Forest of Stocket (now the
Mid Stocket Midstocket is an area of Aberdeen, Scotland. It is named after the Forest of Stocket, a gift from Robert the Bruce to the people of Aberdeen in 1319. The income from the forest land formed Aberdeen's Common Good Fund A Common Good Fund is ...
area of the city), in return for a yearly rent. As a result of the finances generated from the forest, the Common Good Fund was created to benefit the people of the city. Later, the lands of Cruvie (now Woodside) and
Rubislaw Rubislaw is an area of Aberdeen, Scotland. It is located in the area between Queen's Road and King's Gate, including Rubislaw Den North and South. It is close to Rubislaw Quarry and the Rubislaw Playing Fields used by Aberdeen Grammar Schoo ...
were also granted to the people with the whole becoming known as the
Freedom Lands of Aberdeen The March Stones of Aberdeen are boundary marker stones encircling the land owned by the Scottish royal burgh, dating from before 1525. In the 1300s Robert the Bruce granted the Royal Burgh of Aberdeen unusually strong rights over the burgh its ...
. The fund helped to create
Marischal College Marischal College ( ) is a large granite building on Broad Street in the centre of Aberdeen in north-east Scotland, and since 2011 has been the headquarters of Aberdeen City Council. The building was constructed for and is on long-term lease fr ...
by giving land to
George Keith, 5th Earl Marischal George Keith, 5th Earl Marischal (c. 1553–1623) was a Scottish nobleman and Earl Marischal. He succeeded as earl on 7 October 1581, upon the death of his grandfather, William Keith, 4th Earl Marischal. Early life George Keith was the s ...
to help him build the institution; it helped the people during the 1640 plague and also gave funds to
Aberdeen Art Gallery Aberdeen Art Gallery is the main visual arts exhibition space in the city of Aberdeen, Scotland. It was founded in 1884 in a building designed by Alexander Marshall Mackenzie, with a sculpture court added in 1905. In 1900, it received the art ...
, the Central Library,
Aberdeen Royal Infirmary Aberdeen Royal Infirmary is the largest hospital in the Grampian area, located on the Foresterhill site in Aberdeen, Scotland. ARI is a teaching hospital with around 900 inpatient beds, offering tertiary care for a population of over 600,000 acr ...
and the purchase of
Hazlehead Park Hazlehead Park is a public park in the Hazlehead, Aberdeen, Hazlehead area of Aberdeen, Scotland. 180 hectares in size, it was opened to the public in 1920, having formerly been the estate of Hazlehead House, home of William Rose, shipbuilder. I ...
. In recent times it has been used to provide the elderly with tea dances and a festival for older people. It is also used to help charity as has been a substantial contributor to the Instant Neighbour Trust in the past.


See also

*
Sovereign wealth fund A sovereign wealth fund (SWF), or sovereign investment fund, is a state-owned investment fund that invests in real and financial assets such as stocks, Bond (finance), bonds, real estate, precious metals, or in alternative investments such as ...


References

History of Aberdeen Economy of Aberdeen Local government in Scotland Burghs {{Aberdeen-stub