It was founded by Michael Harper, a Church of England priest who experienced what charismatics and Pentecostals termed the Baptism of the Holy Spirit, a religious experience accompanied by speaking in tongues. Between July 1964 and its voluntary dissolution in 1980, Fountain Trust sponsored several conferences, meetings and publications, involving leaders such as Brethren Bible teacher Arthur Wallis and theologian Thomas Smail of the Church of Scotland, who became director in 1975. The first of five biennial international conferences under the auspices of the trust was held at Guildford, England in 1971.
In 1966 the Trust set up Renewal magazine, which for several decades was the leading magazine for charismatic Christians in the UK. In recent years it has merged with Christianity magazine. The Trust also published a supplement entitled Theological Renewal three times a year.
The archives of the Trust are now with the Donald Gee Center for Pentecostal & Charismatic Research at Mattersey Hall.