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Alexander Reid was a physician in London who died around 1640, and W. Alexander Burnett was an indweller and agent in Edinburgh, probably connected with the family of Burnett of Leys. Reid's will and Burnett's mortification were amalgamated in 1893 under the Educational Endowments (Scotland) Act 1882 (45 & 46 Vict., c. 59), and were thenceforth administered by the School Board of Banchory-Ternan, the minister of the parish and the proprietor of the estate of Leys. Though the endowments had previously applied only to pupils at Banchory-Ternan Central Public School, the amalgamated fund now provided four annual bursaries, based on competitive exams, for pupils attending any public or state-aided school in the parish. The last meeting of the trustees was held in 1918, but the endowment was in fact transferred to the school board in 1911.
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