It has the formal name The Master and Wardens and Brethren and Sisters of the Guild or Fraternity of the Blessed Mary the Virgin of the Mystery of Drapers of the City of London.

Over one hundred Lord Mayors have been members of the company; the first, Henry Fitz-Ailwyn, progenitor of the Earls of Arundel, was a draper.

Amongst the royalty who have been members of the company, three had not been expected to become a monarch at the time of their admission to the company but were later crowned: Other well-known members have included Prince Frederick, Duke of York and Albany (aka The Grand Old Duke of York), Sir Francis Drake, Admiral the Viscount Nelson, The Marquess of Ripon and Grinling Gibbons.

It has maintained long-standing close ties with Kirkham Grammar School near Preston, Lancashire, founded in Tudor times.

The Company founded two girls' schools: in Llandaff and Denbigh, Wales, using the endowment of Welsh merchant Thomas Howell, who bequeathed a sum of money to the foundation.

It administers charitable trusts relating to relief of need, education and almshouses; it provides banqueting and catering services; and it fosters its heritage and traditions of good fellowship.

The company has owned the site since 1543, when it purchased the London mansion of Thomas Cromwell, of Austin Friars, from King Henry VIII.

[7] These rooms are also available for hire[8] and have often been used for film locations, including for The King's Speech, GoldenEye, The Lost Prince and Agent Cody Banks 2: Destination London.

[9][10] Groups may book a guided tour of Drapers' Hall; a donation to the company's charitable work is requested.

The silver collection includes an ancient Celtic decorative collar found on the Londonderry estate and pieces of the company's own silverware from the 16th century onwards.