Since these former officers did not have enough private capital to fund the colonisation, their involvement was subsidised by the twelve great guilds. Livery companies from the City of London were coerced into investing in the project, as were City of London guilds which were granted land on the west bank of the River Foyle, to build their own city on the site of Derry (renamed Londonderry after them) as well as lands in County Coleraine. They were known jointly as The Honourable The Irish Society. The final major recipient of lands was the Protestant Church of Ireland, which was granted all the churches and lands previously owned by the Roman Catholic Church. The British government intended that clerics from England and the Pale would convert the native population to Anglicanism.