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.