London School of Economics
The London School of Economics was founded in 1895 by Beatrice and Sidney Webb, initially funded by a bequest of £20,000 from the estate of Henry Hunt Hutchinson. Hutchinson, a lawyer and member of the Fabian Society, left the money in trust, to be put "towards advancing its [The Fabian Society's] objects in any way they [the trustees] deem advisable". The five trustees were Sidney Webb, Edward Pease, Constance Hutchinson, William de Mattos and William Clark.
City of London School
The act gave the new school an annual budget of £900 (around £107,348.28 in 2016) from the bequest while the governors of the City of London Corporation School, who still wanted to implement their original idea, gained nothing, only retaining the old workhouse income. Both Hale and the Corporation of London were also eager to create this second school, which the governors of the City of London Corporation School had proposed. Despite their efforts, the other school was not founded until 1854, as the Freemen's Orphanage School, in Brixton with Hale as chairman. The Freemen's Orphanage School still exists today as the City of London Freemen's School in Surrey.