In the year 1911 when this school was registered as an Assisted School there were 325 students on roll. The first Principal was Mr. Thomas E. Gunarathne.
The land for the school was donated by the Rankoth Viharaya while the buildings were constructed out of public funds. The school was managed by a Board of Management and funds for the running of the school were met by philanthropists and the general public.
Due to the rapid expansion of the College the Rankoth Viharaya premises become congested and there was the necessacity to re-locate the College. The Manager of the Board of Management tried to relocate to Walaw Waththa in 1942, where Sri Sumangala College is presently located. When this failed, the management decided to shift the college to Nalluruwa. The first old boy of the college, Walter Salgado, donated the land for the main buildings and M. C. Fernando donated about 2 1/2 acres to be used as the playground of the college.