Little is known of the early years of the legacy. This bequest was administered by the Corporation of London in around 1460 and a small college was founded next to Guildhall Chapel, also using the library facilities in the chapel. Despite the fact that this continued for over 70 years, the earliest certain evidence of the existence of Carpenter's Children can only be traced back to 1536, and thus it is not clear who these boys were, what they were taught and where they lived. In 1547, under the Chantries Act the Guildhall Chapel and Library were forfeited. The funding for the four boys was also discontinued. The Corporation of London remained in control of Carpenter's estate and accounts from the next 300 years show that the money continued to be spent on children's benefits such as providing new coats to every child or providing them with access to education.