RADA was founded on 25 April 1904 by actor-manager Sir Herbert Beerbohm Tree, at His Majesty's Theatre in the Haymarket, West End. In 1905, RADA moved to 62 Gower Street, and a managing council was set up to oversee the school. Its members included George Bernard Shaw, who later donated his royalties from his play "Pygmalion" to RADA, and gave lectures to students at the school. In 1920, RADA was granted a Royal Charter, and in 1921, a new theatre was built on Malet Street, behind the Gower Street buildings. HRH Edward, Prince of Wales opened the theatre. In 1923, John Gielgud studied at RADA for a year. He later became President of the academy, and its first honorary fellow. 1924 saw RADA's first government subsidy, a grant of £500. The Gower Street buildings were torn down in 1927, and replaced with a new building, financed by George Bernard Shaw, who also left one third of his royalties to the academy on his death in 1950. The academy has received other government funding at various times throughout its history, including a £22.7m grant from the Arts Council National Lottery Board, which was used to renovate its premises, and rebuild the Jerwood Vanbrugh Theatre.