The lodge was named after William Cowper and John Newton, who together penned 348 hymns, including Amazing Grace. Together, Cowper and Newton left a lasting legacy through their hymns and their respective contributions to literature and social reform. Their lives were intertwined through their work and friendship, each influencing the other in significant ways.

Local brewers and millers formed the lodge; their Masonic meetings often reflected this 'appreciation' of final ales. Local sign writers connected to the nearby breweries created the original lodge banner. It was replaced in 1995 with a near exact replica. R.W.Bro., the Reverend Canon Richard Tydeman, who was known for his masonic literary skills and had experience in crafting masonic regalia, agreed to create the banner at commercial rates but only charged for the materials, donating any surplus to the Grand Charity.
The banner was completed by Canon Tydeman and he was invited to consecrate it at a regular meeting of the Cowper & Newton Lodge in Olney in 1997. The Provincial Grand Master of Buckinghamshire, R.W.Bro. Eric J. Deung, was present at the ceremony. During the dedication, Canon Tydeman pointed out a fault in the original banner design where the colour on the rear of a scroll was inaccurately depicted. Although he attempted to correct this, he ultimately followed the original design as it appeared visually better.
This banner holds special significance as it is the only one that Canon Tydeman had the pleasure of both making and consecrating himself. The Lodge regards the banner as a masonic treasure, a testament to the craftsmanship and dedication of one of the most prominent masons
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