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The Society, established in February 1772 on the initiative of James Neild, jeweller, of London, drew its first funds from the proceeds of a sermon preached in the Charlotte Street Chapel, Pimlico, by the Rev. William Dodd (later notorious for his trial and execution for forgery). William Wilberforce was one of its early supporters. The Society was popularly known as the Thatched House Society' from its regular meeting place, The Thatched House Tavern in St James's Street.
The Society was at first concerned with London prisons only and the greatest number of debtors relieved came from them, but by the 1780s prisoners from gaols in other parts of the country were also being assisted. Neild was troubled about the bad state of the prisons and the minutes contain reports of visits of inspection as well as names and numbers of prisoners assisted.