The Dulwich Schools Trust
The principal activity of the Trust is the operation of preparatory schools at Dulwich, London and at Cranbrook, Kent. The objects of the charitable company are the advancement of education by the provision and conduct of schools in Dulwich and Cranbrook for boys and girls and by ancillary or incidental educational activities and other associated activities for the benefit of the communities.
Financial health, per its FY2025 accounts
The accounts state that the Group reported a net operating loss of £1,300,256 for the year ended 31 August 2025, driven by significant financing costs and educational expenditure. The Trust holds a deficit on free unrestricted reserves of £9,720,292, though it maintains substantial total funds of £38,194,310 and relies on bank loans to fund capital projects. The Trustees and auditors confirm the financial statements are prepared on a going concern basis with no material uncertainties identified.
What the accounts disclose
“The Trust’s reserves policy is to maintain its free unrestricted reserves at a minimal level given the confidence it has in its continuing income stream from the Schools” — page 7
“During the year £52,500 (2024: £49,992) was paid to MJ Tiplady for consultancy related to the Trust's property portfolio”
“During the year £52,500 (2024: £49,992) was paid to MJ Tiplady for consultancy related to the Trust's property portfolio and £942 (2024: £676) for expenses for travel. The payments are permitted under the Trust's governing document.”
“and £616,059 (2024: £616,060) from The Dulwich School Cranbrook.”
“During the year £52,500 (2024: £49,992) was paid to MJ Tiplady for consultancy related to the Trust's property portfolio and £942 (2024: £676) for expenses for travel. The payments are permitted under the Trust's governing document.”
“and £616,059 (2024: £616,060) from The Dulwich School Cranbrook.”
“During the year £52,500 (2024: £49,992) was paid to MJ Tiplady for consultancy related to the Trust's property portfolio and £942 (2024: £676) for expenses for travel. The payments are permitted under the Trust's governing document.”
“and £616,059 (2024: £616,060) from The Dulwich School Cranbrook.”
“During the year £52,500 (2024: £49,992) was paid to MJ Tiplady for consultancy related to the Trust's property portfolio and £942 (2024: £676) for expenses for travel. The payments are permitted under the Trust's governing document.”
“and £616,059 (2024: £616,060) from The Dulwich School Cranbrook.”
Structured financials (annual return, FY ending 31/08/2025)
Trustees
- DAVID HOWARD NELSONchair
- Andrew Crow
- George William Stanton Masters
- Jean Lovett
- Nacho O'Leary
- Robin Kennedy Black
- THOMAS MICHAEL DURIE
Income and spending
| Financial year end | Income | Spending |
|---|---|---|
| 31/08/2025 | £24.6m | £25.9m |
| 31/08/2024 | £23.7m | £24.6m |
| 31/08/2023 | £22.6m | £22.4m |
| 31/08/2022 | £22.4m | £20.7m |
| 31/08/2021 | £21.2m | £20.5m |
Common questions
Is The Dulwich Schools Trust financially healthy?
Per its FY2025 accounts: The accounts state that the Group reported a net operating loss of £1,300,256 for the year ended 31 August 2025, driven by significant financing costs and educational expenditure. The Trust holds a deficit on free unrestricted reserves of £9,720,292, though it maintains substantial total funds of £38,194,310 and relies on bank loans to fund capital projects. The Trustees and auditors confirm the financial statements are prepared on a going concern basis with no material uncertainties identified. Its FY2025 accounts were audited by HaysMac LLP.