The establishment of the College was funded principally by the Bishop Barrow Trust, originally set up in 1668 to provide education in the Isle of Man. When founded in 1833, the College opened its doors with only 46 boys. The shield in the centre of the College's coat of arms is that of Bishop Isaac Barrow. The school was named after King William IV, who is said to have been asked for a financial contribution and to have offered the founders "my most valuable possession, my name".