Colston is widely revered as one of Bristol's biggest benefactors. In his day he endowed many of the city's educational institutions, almshouses and hospitals and restored a number of churches. Until 1992 there were three charities in existence that had been set up by Edward Colston, The Colston Society, The Dolphin Society and the Anchor Society, and even today his memory is celebrated every November on "'Colston's Day". However, more recent information on the source of his wealth casts a shadow over his legacy.
There are two schools in Bristol which were closely linked with the Society of Merchant Venturers. They are, Colston's School (for boys) - now Colston's Collegiate and Colston's Girls School. The first was founded and endowed by Edward Colston in 1708 and the later was founded in 1891. The Colston's Girls School have their own homepage which gives an insight into the Merchant Venturers.