In 1987, after consultations with the Principals of tertiary institutions in Sydney and Newcastle that provided courses in the visual arts (especially painting, drawing and print-making), the Trustees decided to advertise the first grants for 1988. The original institutions served were Sydney College of the Arts, College of Fine Arts , Macarthur College of Advanced Education, Nepean College of Advanced Education and Hunter College of Advanced Education.

These are now part of the University of Sydney, University of NSW, University of Western Sydney (two campuses) and Newcastle University (which now includes a Central Coast Campus), and all offer degree programmes in the visual arts. Heads of Art Departments of the original five Colleges were most co-operative in helping to design guidelines and procedures for the selection process.

Selection is based upon quality of application including the submission of a case for need and of examples of the artist’s works. Revenue generated by Trust capital, after allowance for inflation, determines the number and size of grants each year.

Over the period 1994-8, the original five institutions were extended to ten by the addition of Southern Cross University, University of Wollongong , The National Art School, the Design Faculty of the National School of Dramatic Art and Charles Sturt University .

By 2006, the Trust has given grants totalling $166,450 to 260 art students, ranging from $250 to $2,000 each. In several cases the grants have enabled talented students who would have “dropped out” because of financial hardship, to finish their studies. The William Fletcher Trust is now on a firm footing. In 2002, the Trust decided to raise the minimum value of the grants to $1,000-00. Hence, from 2002, there have been fewer but larger grants awarded each year.