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The Tower Hill Improvement Fund was set up in 1934 to improve the area around Tower Hill. A major influence in the foundation of the Fund was Rev P B ("Tubby") Clayton who, together with Dr B R Leftwich published Pageant of Tower Hill which advocated the removal of certain unsightly buildings from the area. The first president of the Fund was Viscount Wakefield of Hythe. The inaugural meeting of the Fund was held in December 1933 and an office was opened at 29/30 Trinity Square in January 1934. In 1937 the Fund was refounded as a charitable trust and was renamed the Tower Hill Improvement Trust.
The Trust demolished various buildings to make way for gardens and open public spaces. It also established a beach at Tower Hill (opened July 1934; closed 1971). The Trust is now known as the Tower Hill Trust.