The institute was founded in 1976 through grants from the Baring Foundation, the Esmée Fairbairn Trust, the Gulbenkian Foundation, the Isaac Wolfson Foundation, the Monument Trust, and the Pilgrim Trust, and continues to finance itself through income from its work and its endowment fund.
The scheme, originally funded by the Pilgrim Trust, was taken over by the newly formed Council for the Encouragement of Music and the Arts, forerunner of the Arts Council of Great Britain.
The Pilgrim Trust Lecture was a lecture supported by the Pilgrim Trust, organised by the Royal Society of London and the National Academy of Sciences.
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The mill featured in the wartime series of paintings Recording Britain, painted by S.R. Badmin in 1940.
He held a number of chairmanships, including the Committee on Finance and Industry in 1929-31, the Canadian Royal Commission on Banking and Currency in 1933, the Pilgrim Trust from 1935–52, the Political Honours Committee from 1935–52, the court of the University of London from 1929–43, and the BBC Advisory Council from 1936-46.