The group who founded the school in 1585, included Sir Thomas Cokayne (or Cockayne), High Sheriff of Derbyshire and Thomas Carter of the Middle Temple, London. Sir Thomas Cokayne granted £4 a year out of his lands towards the maintenance of the school. He is often credited as the founder of the school; this is due to his Lordship of the Town of Ashbourne and the fact the school took his family's coat of arms. The original building still exists today.