King William's College was founded in 1833, funded principally by the Bishop Barrow Trust (established in 1668 to provide education on the Island), and opened its doors that August with 46 boys; its chapel followed in 1835. The school takes its name from King William IV, who is said to have offered its founders "my most valuable possession, my name" when asked for financial support. On 14 January 1844 fire destroyed most of the college buildings, including the library and its contents, with only the Vice-Principal's house surviving; the college was rebuilt to a revised design soon after. It remains a co-educational independent school today, occupying its site near Castletown Bay.