Winchester College referred to by pupils, former pupils and others as "Win: Coll:", and is more widely known as just "Winchester". Winchester College was founded in 1382 by William of Wykeham, Bishop of Winchester and Chancellor to both Edward III and Richard II, and the first 70 poor scholars entered the school in 1394. In the early 15th century the specific requirements was that that scholars come from families where the income was less than five marks sterling (£3 6s 8d) "per annum"; in comparison, the contemporary reasonable living for a yeoman was £5 "per annum". It was founded in conjunction with
Winchester College the Office of Fair Trading ("OFT"). All of the schools involved agreed to make penalty payments totalling three million pounds into a trust designed to benefit pupils who attended the schools during the period in which fee information was shared. The OFT offered both Winchester College and Eton a fifty percent reduction in their penalties in return for their full cooperation with the investigation. However, Jean Scott, the head of the Independent Schools Council, said that independent schools had always been exempt from anti-cartel rules applied to business, were following a long-established procedure in sharing the information with each other,