The Sidney Myer Charitable Trust was established by the will of Sidney Myer, who died in 1934, leaving a portion of his estate for the benefit of the community. Myer's will was proved at £922,000. The most famous philanthropic funding by the Sidney Myer Fund was for the construction of the Sidney Myer Music Bowl in the Kings Domain, Melbourne in 1958, which is named in his honour.
In 1959, the Trust was renamed The Sidney Myer Fund and Sidney’s sons, Baillieu and Kenneth Myer along with their sisters Neilma Gantner and Lady Southey established The Myer Foundation, with both funds being closely administered. The Fund and Foundation are been supported by four generations of Myer family members. Carrillo Gantner AO, grandson of Sidney Myer through Sidney's daughter Neilma Gantner, is Chairman of the fund,  while Martyn Myer AO, Sidney's grandson through Ken Myer, is president of The Myer Foundation.
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