The club was formed in 1857 and is the oldest surviving football club of any code in Scotland,  and the second oldest rugby union club in continuous existence in the world, behind Dublin University Football Club (founded 1854).
The club's founding date (1857) and its status as the oldest surviving football club in Scotland make it a significant historical entity within Scottish football. It is also recognized as one of the world's oldest rugby union clubs, ranking second only to Dublin University Football Club.