The Trustees of the Rayne Foundation at the time of their benefactions to the collge were the Rt. Hon. Lord Tangley, K.B.E., LL.D.; Sir Edward Gillett, PP.R.I.C.S.; Sir Alexander Killick, C.B.E., D.S.O., M.C.; E. L. George, F. C.A., and Air Commodore F. M. Milligan, O.B.E., A.F.C.
These benefactuions started with an oral promisein Decmeber 1963 of £500,000 payable over ten years.