The trustees of the Beaumont Trust, administering funds left by Barber Beaumont, purchased the site of the former Bancroft's School from the Drapers' Company. On 20 May 1885 the Drapers' Court of Assistants resolved to grant £20,000 "for the provision of the technical schools of the People's Palace." The foundation stone was laid on 28 June 1886 and on 14 May 1887 Queen Victoria opened the palace's Queen's Hall as well as laying the foundation stone for the technical schools in the palace's east wing.