In 1921, Frederick Gordon Pearce (Then principal of Mahinda College, Galle.), D.T.W. Rajapaksha Ralahami and Sir R.S.S. Gunawardana established the “Buddhists Society”. On 1 May 1923, the Buddhists Society opened a school named Parakramabhahu Vidyalaya, in a rented building on Main Street, Matara. Parakramabhahu Vidyalaya’s motto was “May I be a true Buddhist”. Hewabowalage Yasapala was the first student. Parakramabhahu Vidyalaya was shifted to the “Saram Mudali Walawwa” which was donated by C. A. Odiris de Silva, with the new name of “Rahula College”.